Just because the kids have all flown the coop, not all empty nesters are choosing to downsize their homes. While many enjoy the freedoms that come with less space to keep clean and less maintaining many baby boomers are actually upsizing their retirement homes.
A recent survey By Merrill Lynch showed that 3 out of 10 retirees are actually deciding to opt for larger retirement homes than the houses they raised their family in. The reasoning behind this varies from having room for grown children and their families move in to having more entertaining space for friends and family.
While it may seem contrary to the popular belief upsizing after the kids are out of the house is becoming more and more common. Grandma and grandpas house tends to be the place for families to come together and spend time. While there may not be children living at home anymore people want to have the available space to have their families stay especially during the holidays and over the summer.
Another reason that some choose to move up instead of down is that a home is a great investment. Typically, in Utah and other areas home values are increasing every year. This means that while they are enjoying more space they are also building equity that can be used if the home is sold later or left to their heirs. Generally, this is the case for their old house as well and many profit from the sale of the family home to assist in the purchase of the retirement home.
So, whether they are moving up to enjoy their golden years or to entice the family to spend more time with them baby boomers are increasingly increasing the square footage of their homes after retirement. To take a look at your retirement home picture contact a mortgage loan specialist and get your plan started today.