Deciding whether to renovate, or just relocate to a brand new home?
Apparently, it may be more complicated than we thought.
In her New York Times article, Renovation vs Relocation in Retirement, Harriet Edleson reports that a Merrill Lynch and New Age study finds our decision hinges on a couple key factors: It's our financial and emotional values that steer our thoughts on downsizing and renovating.
And those values? They change according to our age group.
Between the ages of 55-64 it's an even split--half of survey responders felt their decision to renovate or relocate was financially driven, the other half, emotional. Yet from 65-74, 56% said emotions dictated that decision.
And at 75 or older, that emotional factor tips to 63%.
The report then goes on to share a few fascinating fun facts worth noting about our demographic:
1. Baby boomers spend more on renovating their homes than any other group...(BTW, that's not just baby boomers, it's also true those of us in phase three, late 40's on up through the 70's)
2. We represent a whopping 47% of the home renovation market----that's $90 billion annually. You heard it right....$90 billion!
3. And as the 55-66 or older group approaches retirement "they often want and can afford more comfort".
That's valuable information for the housing industry.
And for us boomers-empty nesters-phase three-ers? It's just another reminder that we're right on track....redefining downsizing, retirement, home and lifestyle just as we planned it!
Edleson's helpful guidelines and insightful commentary are well worth a look if you're considering a big change in the near future, so take a look.