The eldest members of the baby boom generation were born shortly after World War II and are now approaching their 70’s. Generally healthier and more financially stable than previous generations, Baby Boomers have the benefits of an expanding range of housing and lifestyle choices available for their retirement years. Here are some options:
- Renovate: Statistics say that more retirees want to stay in the family home as long as possible. As a result, major upgrades may be necessary to accommodate changing needs. These renovations could range from adding bathroom grab bars and replacing doorknobs with levers, to providing wheelchair access and installing stair lifts.
- Resize: A new home could be in order – sometimes smaller to eliminate stairs, reduce maintenance and increase savings; sometimes larger to accommodate adult children and grandchildren.
- Change locations: A suburban neighbourhood may no longer be suited to many seniors’ needs. They may consider a location that requires less driving and easier access to doctors, shopping and entertainment.
- Expand: For those financially and physically capable of taking advantage of market opportunities, a secondary purchase such as a cottage or other recreational home and/ or income producing property could be a consideration.