How to Decide on the Right Home Size After Retirement
After retirement, just how much space do you think you will need in a home? This week’s Ask The Broker video discusses the key questions you should ask yourself when deciding on what size of a home you really need after you retire.
Today’s question: What size home do you really need when you retire to Delaware? The question I have sometimes is, “Do Baby Boomers ever downsize?” Well, I guess, that can depend on how you live and where you live now. If you’re living in a very large home on over five acres of land, then downsizing to you could mean 3,000 square feet with a finished basement and three-car garage. But for most of us, something in the neighborhood of 2,000, 2,200 square feet, three bedrooms, two to three baths, maybe a den or an office that’s separate, and certainly some room for storage. That’s important. But for most people, that’s going to be plenty of space.
I’m often surprised at the size home some of our clients end up buying, and especially when they go for new construction. Because when we’re looking at new homes, we’re looking at model homes and they are tricked out. They have absolutely everything. They’ve got that finished loft, which has its own bedroom probably and another bath. They may have a finished basement with a party room and a wet bar, and media room and an exercise room. Do you really need all that? You are probably buying a home in a community that has a clubhouse, probably has some kind of a fitness center and a pool, so I don’t think you’re just going to be hanging out at home.
But, as when I go to my favorite boutique, I know when you see the new homes with all the bells and whistles, you’re thinking, “Oh, I must have it,” so I understand.
Do you really need that fourth bedroom?
I’m telling you that no matter how many grandchildren you have, they’re not all coming at the same time, they’re not coming every weekend, except for maybe Christmas and July 4th weekend. And they are not coming to see you because you’re giving them their own bedroom. They’re coming to see grandma and grandpa and they’re going to say, “Can we go to the beach?”
Ask yourself how much room do you really need?
The bigger the house, the more stuff you’re going to bring, the more you’re going to fill it up. Think about the cost of packing, shipping, storing, filling up space instead of getting rid of it so that when you move, you can relax, enjoy your life, and not have to worry about all that stuff. So just something else to think about when you’re planning to relocate at retirement. We’re here to help. Any questions, you know you can email me, Broker@ActiveAdultsRealty.com, and we look forward to seeing you here in Delaware real soon.