The idea goes against the grain but some people want to retire to a bigger home when they retire.
We hear about downsizing all the time. Various blog articles on retirement tackle about what to do to initiate your move to a smaller living space, how to renovate the area to make it much more adequately tailored to life in the old age, etc. But have we actually ever thought about the possibility of moving to a bigger home when we retire?
So how about upsizing?
Given that you’ve done great in your retirement savings and have stashed enough money to fund your golden years, rewarding yourself of years of freedom and peace after decades of hard work, moving into a bigger living space is actually more common among seniors than we think.
And it makes sense. If you have the money, why not improve your lifestyle, right?
Many retirees want to make the best out of their golden years taking care of family. That’s one of the main reasons why they choose to upsize, most likely to cater to kids and grandkids, if that makes the experience worthwhile. Retirees from the Baby Boomer generation are well-known for their familial affinity; it only makes sense for them to choose an experience that is close to their personal values and generational history.
But of course, those who do choose to upsize don’t always move out of their homes. Instead, some of them invest in improving their current living spaces. According to the Joint Center of Housing Studies at Harvard, senior homeowners make up the bulk of demand in renovations, with expenditures of homeowners aged 55 and above predicted to grow by 33 percent in the next eight years.
Upsizing, although a wonderful choice, also comes with more responsibilities that an older homeowner needs to consider before considering so. Maintenance is one, and probably the most glaring. Are you able to shoulder all the extra cost that comes with a bigger living space? Can your savings cover it? What is the primary purpose of your upsizing? Do you think you will get home care in the future, or move into a senior care facility? The benefits should outweigh the cost, else it may not be wise to spend thousands of dollars on an expansion that you will only enjoy for a couple of years.
At the end of the day, it’s your choice. But remember that your new-found freedom entails new responsibilities. Be wise and consider your options – whether to downsize, upsize, move, or age in place – thoroughly so you can make the most out of your retirement years.