Many Boomers tired of waiting for the real estate market to improve to sell their homes might want to consider making a move now. The housing market appears to be stabilizing and home sales are picking up. And, while owners may not get as much for their homes as they would have several years ago, they won’t pay as much for a new place either.
So if you’re ready to make a move, here are 10 downsizing tips: Have a plan. Think about what kind of lifestyle you want. Do you prefer an urban setting? Or do you need a yard? Do you want to be part of a community that offers lots of activities and amenities such as golf courses and swimming pools? Or are you a more independent type who seeks out opportunities on your own? “Investigate a lot of different options,” suggests Renee Funk, president at the Relocation Company, a Chicago-based firm that helps move empty nesters. If you’ve raised your family in the suburbs and don’t want to leave, Funk recommends looking at the newer condominium buildings now commonly found in many suburban downtowns, near shops and restaurants. These buildings can provide a similar lifestyle to the city while staying in the suburbs,” says Funk.
Consider a short distance move. Not everyone wants to move to a warm-weather destination, such as Florida. Many downsizing Boomers would rather stay here. Take Ruth and Don Mattison. They sold their 4,400-sqaure-foot house in south suburban Mokena and bought a house at the active adult community Shorewood Glen in Shorewood. Their son, a firefighter, and daughter-in-law and their three children live nearby. The Mattisons like to help out with the kids when their son is on duty. So they stayed near their family, but got rid of the big house and all the chores. At the new house, the landscape work and snow shoveling is taken care of for them.