What Baby Boomers Are Looking for in a Home

In the next several years, many Baby Boomers will begin to think about retirement.  Over half of the Boomers considering retirement are planning on relocating to a new home, while the remainder are staying put.  You may think that those moving to a new location would be going to a more mild climate like Florida or California, but where they are going will surprise you.

Many retiring baby boomers are looking forward to moving into low-maintenance homes with smaller yards and less landscaping to look after.  This makes it easier for them to travel without the worry of upkeep while they are gone.  Having a low-maintenance home does not mean that they want to move into a retirement community, however.  These modern retirees want to be able to mingle with people of all ages.

Most of these retirees want to stay within the vicinity of their current home. Staying connected with their friends and family is one of the main reasons they want to stay close to where they are living now. They don’t want to lose the familiarity they have with local restaurants, shopping and hangouts.

Those who are staying put in their current home are considering remodeling.  Since many of them have already paid off their mortgages, opting to renovate makes sense to them.  Some of the changes that boomers are making to their current homes are new carpeting or wood floors, kitchens, bathrooms and insulated windows and doors

Because the mortgage rates remain low, many boomers feel that purchasing a new home just before retirement is feasible.  They should make sure that they are able to afford a mortgage for the long haul or should consider making a larger down payment in order to keep their payments low.

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