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As people who’ve downsized describe to me the process they went through, many say they either considered or actually experienced the “rent for a while” option. The real estate market may be entering its typical end-of-year lull, but it’s expected to slide into high gear in early 2018. It will likely be a sellers’ market, which means that if you’re considering downsizing but don’t know where to move, and your house sells quickly, you may put undue pressure on yourself to find the perfect (or perfectly suitable) smaller new home.
Of course, some people know exactly where they want to move after downsizing and they find the perfect place near their kids and grand kids, to their favorite vacation spot, or to the mountains. But others are indecisive, emotionally attached to their “old way of life” (even if they hate yard work and worry about keeping the big place maintained), or overwhelmed with the idea of downsizing.
When the idea of downsizing sinks in and you’re committed to it, rest assured that it’s safe to put the big house on the market and start the process. There are Professional Organizers to help you, charities ready to take your items and haulers to deliver it, estate sale professionals to empty the house after you’ve moved into the rental (or stored what won’t fit but which you can’t separate yourself!), and apartment and condo rental managers happy to help you find a temporary — or permanent — home.
The number of baby boomers who are choosing to rent more permanently has increased significantly; between 2009 and 2015, the number of renters in the 55+ age group increased by 28% compared to 3 percent growth in the number of renters in the under-35 group (according to census data analyzed by RENTCafe, the apartment search engine). The trend is expected to intensify as boomers seek fun, hip, urban lifestyles near where they raised their children, or near where their children have moved. Other boomers look for laid-back college towns or resort-style communities near the beach.
“A lot of people like the convenience and ease of renting,” according to Phillip Salem, an agent at Triplemint in New York. When they’re not competing for the same properties, millennials and boomers in many communities (my own included) are mixing and mingling. This is true especially with “younger” boomers (55-65) and “older” Millennials (early 30s).
The downsizing process is a big headache, sure, but it’s also a huge relief to know that once you make the decision to downsize from the big house in the suburbs where you raised your children (or if you’re forced to downsize because of divorce or a career change), there are many options for next steps.
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