Rightsizing, A Way to Live Your Life to the Fullest
By lb50 on October 30, 2017
By Sarah McMeekin–
According to a study by FreddieMac, by 2020, more than 5 million adults over the age of 55 plan to rent their next residence. Why? Because moving to a maintenance-free home can both reduce living expenses and free up funds to be invested in other areas of life.
In recent years, rightsizing has emerged as a major trend. What is rightsizing? It is the idea of empty nesters and retirees to living a simpler life and breaking free from the costly and time consuming responsibilities of home ownership, to allow for prioritization of new experiences and lifelong passions. In turn, producing a richer life.
Rightsizing can be a daunting task, here are three factors to consider when rightsizing your life:
- Trade Space for Experiences: Many empty nesters don’t utilize the majority of rooms in their homes that were once used to raise a family. Therefore, they find themselves paying, and caring for space that is unlikely to be needed. The higher your housing cost, the higher your expenses are across the board. Cutting such expenses is equivalent to creating retirement income, that can be better invested in new experiences.
- Select a Space That Enhances Your Life: Rightsizing creates a simpler, more convenient life. Select a space that makes your life convenient in ways that you appreciate. Some community-based living options offer enhancements such as walkability to local restaurants, retail, and attractions; social engagement; and the opportunity to pursue current passions or discover new ones, and ultimately create the life you want.
- Experience Freedom from Limitations: By investing in a rental property, empty nesters can experience freedom from limitations and better own their time. There’s more flexibility associated with renting, allowing for spontaneous adventures and long vacations that were once only a dream.
The new wave of 55+ individuals is unlike any generation that came prior, they are more active, engaged, and open to new adventures and experiences, making them less attracted to the concept of the traditional retirement community.
With this change in behavior, developers need to reassess their approach to 55+ communities and reimagine them to cater to empty nesters and retirees that are looking to begin a new chapter of their life. Thoughtful, tailored, amenities, such as a community gardens, private pet spas, workshop studios, and moving and storage services, make the transition seamless while making life simpler.
This forecasted real estate trend will be manifested in the development of communities around the country that target those seeking to live in cared-for homes that allow them to simplify and enhance their lives with adventure, experiences, convenience, and comfort. Furthering the belief that this age demographic shouldn’t slowdown in retirement, but rather own their time and gain the freedom to explore their interests.
Sarah McMeekin is the Property Manager at Canvas Valley Forge, a property of The Bozzuto Group.
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