• May 27, 2024

Retirees are Sizing Up, Rather Than Down

Upon retirement, and an empty home, the next logical step would be to downsize to a smaller house to preserve your cash flow as well as to generate some extra money during retirement. However, many retirees have been upsizing rather than following conventional wisdom. Why is this happening? There are numerous reasons ranging from providing an extra space for a growing family to indulging the riches of their golden years.

Many retirees live with their adult children. They also consider the fact that they want a large enough space to accommodate their grandchildren and comfortably fit everyone over for the holidays. As a result, retirees place their money into obtaining more square feet. While the luxury of having more overhead sounds pleasant, it can quickly eat away at someone’s cash flow with all of the added costs put together.

It isn’t rare for a retiree to take care of their mom or dad under their roof. By upsizing, they’ll be able to accommodate their loved ones and keep them under close watch. To help their aging parents, many retirees opt for homes that have a more safe structure so they can navigate around without the worry of injuring themselves.

Finally, upsizing has its perks. There’s more space to do whatever you want with it and you finally get to live the lavish life that you dreamed of. Many retirees leave their jobs with the mindset that they get to enjoy everything that they missed out on – and that means the large purchase of a new home as well.

Bio: Realty ONE Group was founded by Kuba Jewgieniew, a former computer engineer that revolutionized the real estate industry with the introduction of his real estate brand.