Boomers Downsize To Save Money
For many baby boomers, the latest trend to declutter and downsize makes sense, saves money, and simplifies life. But for the vast majority of these homeowners, sorting through years of accumulated possessions and surrendering their flat-screen TVs in every room can be overwhelming.
The challenge to downsizing and decluttering is our attachment to the things we’ve accumulated. They once defined us, the unforgettable moments of our lives, and now provide a sentimental link to our past, making it difficult to let go. So we end up with boxes upon boxes of our children’s academic and sports memorabilia from kindergarten to college sitting in our closets or spare rooms, taking up valuable space, gathering dust.
Boomers who have down-sized say that it was the best decision they made. Life for them has become much simpler and they have more money in their pockets. Consider the advantages to living the “less is more” lifestyle:
1. You Save on Home Costs
Simply stated, a smaller home equates to a smaller mortgage. The benefit of decluttering and getting rid of unnecessary things is that you can comfortably and more economically live in a cozier home. If you do the math, you may be surprised how much your stuff is costing you. For example, if your home is 3,000 square feet and your mortgage is $2,000 per month, you are paying .67 cents per square foot. If 900 square feet of your home is used to house stuff, you are wasting $603 per month for storage.
2. You Reduce Household Monthly Expenses
Downsizing will reduce monthly expenses such as utility bills, taxes, and home owner’s insurance costs. For many boomers, a smaller home requires less maintenance, and less work and worry.
3. You Experience Better Quality of Life
Many older boomers are willing to give up their spacious homes with sweeping views in exchange for a maintenance free, simpler lifestyle. They have experienced the thrill of buying their dream home and registered thousands of miles carpooling their kids to school and activities. Now as empty nesters they are free to enjoy an unfettered lifestyle close to theaters, coffee shops, restaurants, doctors, and stores.
New condominium developments in the Ala Moana and Kakaako area are creating vibrant communities promoting a work, live, play lifestyle and will soon be hubs for active boomers.
As many boomers become empty nesters they enter an exciting new chapter that presents fresh challenges and possibilities. Simplifying their surroundings to complement their lifestyle can be gratifying and liberating.
Join Engel & Völkers for a free seminar on senior and boomer housing options.