When it’s just you and your partner, it seems simple and natural to live in a small space. However, when it’s time to retire and you’re both spending more time at home, you might start to notice that the place can feel a little cramped and you might need a bigger place to accommodate for a growing family and your changing lifestyle! Traditionally, baby boomers have been known to downsize, but new market trends reflect that they’re shaking this habit and upsizing. A survey conducted by the Demand Institute shows that baby boomers are actually interested in the idea of upsizing.
Keeping the family together is important, and is a key reason that baby boomers are upsizing. With grown-up kids, partners, grandchildren and pets, you want to have a space that is large enough to accomodate the whole family when they visit. When members of the family are settled in different cities, the parents’ big house often becomes the meeting place, especially during holiday season. As you get older, you may want to start travelling less to places that are further away, and when you have a bigger home, you can get everyone to come to you! With space for the whole family, you’ll have a great space to entertain in!
The cost of renting may mean that many parents are faced with the possibility of their children living with them throughout their twenties. A 2014 study found that adults aged between 18-34 were the group most likely to stay with their parents, rather than by themselves or with a partner. Where many millennials feel that their rental costs could be better put towards saving for a house deposit, they are staying in the family home for longer. Upsizing is a good way to accommodate for this, especially if the house is feeling particularly small once the kids return from university.
It is also a possibility that after many years of working hard, struggling, providing and making sacrifices for their children, baby boomers simply just want to upsize because they want a fancier house that they can enjoy spending time in. They might want to just spend their retirement living stress-free and enjoy the local amenities and luxuries they might not have had a chance to when they were working. Retirement should be about making choices that will make you feel more comfortable. And for some, this can definitely mean upsizing!
Whatever your reason for upsizing, get in touch with the team at iBuildNew on 1800 184 284 or book a call for free expert advice on building the home that’s right for you!