Why are so many Boomers looking to buy larger homes?
If you pick up the business page of any local paper, you’ll see that the memory of the recent recession is finally starting to fade. Indeed, you don’t have to look any further than the improved employment figures and increase in consumer spending numbers as signs that our nation is once again moving in the right direction.
Furthermore, while you might think that Americans in general might still be somewhat wary about purchasing new — and bigger homes — what with the memory of record foreclosures, a dearth of new construction and plummeting home prices so fresh in their minds, this isn’t actually proving to be the case.
Consider the results of a recently released survey of over 2,000 people by the real estate website Trulia designed to gauge attitudes about upgrading to a new home:
- 43 percent of respondents indicated that they wanted a “somewhat” or “much” larger home than their current home.
- 60 percent of respondents under the age of 35 wanted a bigger home.
- 26 percent of Baby Boomer respondents wanted a bigger home.
While the finding concerning respondents under 35 might not be incredibly shocking given that they likely have young families and could use more space, experts indicate that the finding concerning Boomers is actually very surprising.
That’s because the conventional line of thinking was that Boomers would be inclined to downsize given their now-empty nests and the fallout from the recent recession on their retirement accounts.
Why then are such a large number of Boomers looking to purchase bigger homes?
Some of the theories advanced include Boomers wanting more space for kids and grandkids to visit, looking to take advantage of good deals or simply wanting more space for their own active lifestyles.
Whatever the reasoning, it’s important for anyone of any age to understand that purchasing a home can prove to be a relatively complex process, especially the closing. Accordingly, those looking to make this major investment should strongly consider consulting with an experienced legal professional who can help ensure that all documents are executed completely and that everything is in compliance with state law.