When it comes to changing house sizes, most tend to think of downsizing.
Once your children have left the house and you reach retirement age, you'll need less square footage, right?
Not quite! New research shows that Boomers are choosing to upsize instead of downsizing.
In fact, 45% of adults age 50 to 60 who plan to move in the future prefer a home that is at least the size of their current residence. Additionally, 22% will be looking for a bigger space!
So, why is this happening?
The answers are multi-faceted, but they all hinge on one common focus: quality of life. Let's take a look at a few of the top reasons why this shift is happening.
Accommodating Family Members
When you have more room in your home, you can naturally allow a greater number of loved ones to spend time inside.
While most people tend to think of multi-generational homes in terms of mother-in-law suites and bonus rooms, the reality is that expansions are not designated for aging family members alone.
In fact, 29% of Gen Xers plan to upsize their next home to accommodate their older parents. And the pendulum is also swinging in the other direction. Today, it isn't uncommon for senior adults to buy bigger homes with the goal of allowing more room for their grandchildren to visit, play and stay.
Another member of the family who can benefit from the extra room to run around?
Four-legged friends.
An upsized home also offers pets more space to roam around, especially if the yard is also super-sized.
Earning Retirement Income
Another one of the main reasons to get a bigger house? Doing so could mean opening up new career opportunities.
From bed and breakfasts to hobby shops, there are myriad ways to earn income right at home, but most of these pursuits require a designated work spot that smaller homes might not offer. You don't want to work on your at-home business from your bedroom, but if it doubles as your office, that might be your only option.
While anyone can benefit from a side job or a flexible career that keeps them closer to home, this is an especially attractive perk for recent retirees looking to start their next venture. For instance, someone could upsize their home and use the extra rooms to host out-of-town guests, showcasing their home on a vacation rental marketplace and choosing the specific dates they want to entertain.
If you upsize, you can reserve a specific part of your new home for your side gig or small business. This is a great way to stay busy, engage with others, and earn money, all at once.
Affording a Higher-Tier Home
For people who can afford to upsize, a larger home also means they have access to a greater number of amenities and finer furnishings than they had before. For instance, extra storage space means more room for tools and toys, while oversized kitchens and higher ceilings add instant homeowner appeal.
This might also mean choosing to move into a community that, in addition to more spacious houses, also offers additional benefits to members, such as a workout center, swimming pool, hiking trails and more.
Many people have worked their entire lives and are finally able to spend the money required to upgrade their property. This financial shift can happen for a variety of reasons. For instance, they may have fewer expenses now that their children have grown. At the same time, some of the bigger expenses may no longer be a worry.
Easier to Entertain
It can feel impossible to move freely in a too-cramped home. The lack of space becomes glaringly apparent when you're entertaining others. From intimate dinners with friends to large-scale children's birthday parties, there are many gatherings that are simply easier to plan and host with room to spare.
If an upsized home is in the budget, this can make social events easier. The best part? It designates your home as the central activity hub, so you're always in the middle of the action.
Starting a New Phase of Life
Are your college-aged students starting online classes at home? If so, this is a new season of life that will require extra quiet space, as well as additional places to set up and study. While it can be difficult to focus in a small home, a larger spot will have more rooms and a greater number of places to retreat.
Yet, this is only one of the signs that its time to upsize. There are other phases of life that can shift your focus and rearrange your priorities. For instance, when you enter retirement, you might decide to devote more time to your hobbies.
Do you want to add a craft room or personal gym to your home but there's lack the space? What about a "she-shed" or a dedicated spot for your photography interests? While you could consider renovating a spare bedroom or backyard spot into such an oasis, it's infinitely easier to transition into a move-in-ready spot with plenty of room to move around.
Are you interested in upsizing your current home? If so, we can help you build the newer, more spacious home of your dreams.
At Brightland Homes, we believe happiness starts at home, and we’re here to help you find the perfect house for you and your family. Fill out the form below today, and we'll get started.
