The Real Estate Freedoms of Retirement

Retirement comes with a side of freedom.

With retirement, comes the freedom to do what you wish. Want to travel? You don’t need to request any time off from work. Want to take up golf? You have all day to practice driving the ball. Retirement gives all sorts of freedoms, including when it comes to buying a home. Because there are no longer any restrictions on needing to live in a certain place, retirees can choose to live wherever they want.

As a working individual you’re confined to the demands of your daily life. You might choose a place of residence due to the proximity to a certain school for your kids, or perhaps a short commute to the office. As a retiree, you no longer have to keep these restraints in mind.

According to a study conducted by Merrill Lynch, the shift in mindset occurs on average at the age of 61. This finding indicates that the baby boomers have the most freedom when it comes to real estate.

In fact, the study found that 4.2 million of these baby boomers have found new places to take up residence in the last year. The main reasons for moving seem to be being closer to family, and to downsize their home to reduce expenses.

While downsizing may seem attractive, it’s often not the case. It may seem that without the responsibilities of having children at home, baby boomers would want a smaller home, but the study found quite the opposite. Nearly half of baby boomers reported moving into a larger home. The logic behind investing in a larger home being that family will come and want to stay with them when they visit.

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