Baby Boomers Are Downsizing: What This Means For The Real Estate Industry

Baby boomers are currently the wealthiest generation across the nation. Aged between 54 to 73, they have years of hard work and the savings to prove it under their belt. Most baby boomers are beginning to be grandparents, as the baby fever spark is re-ignited among their millennial children. This places most boomers at a stage in their lives where they are seeking both comfort and peace. Often, this means downsizing.

Downsizing your home after retirement isn’t only a way to save money it also prevents the strangeness of living in an empty house. It isn’t uncommon for parents to depress a little once they have become empty nesters; the constant reminder of absence is present every time they walk past certain rooms. If your children have left your home and you’re wondering whether you should move to a modern little flat or a smaller townhouse, you are not alone. Baby boomers downsizing is a global trend. Here’s what this means for the real estate industry.

Boomers Are Putting Their Homes Up For Sale

There are plenty of reasons to put your home for sale, but money is often the most significant motivation. Boomers are aging, and this usually means more bills. Boomers across the country have average savings of $152,000; however, 45% of baby boomers have none at all. This can be alarming, as medical expenses and children’s tuition begin to pile up for most adults around retirement age. For baby boomers, pensions and other retirement income often pale in comparison to the wages they have just relinquished.

Once boomers reach the average US retirement age of 62, they’ve likely paid off their mortgage. However, their home itself might have become their biggest bill.

With plumbing and roofing having limited lifespans, it isn’t uncommon for boomers to face challenging remodeling expenses early in their retirement. This can be highly disparaging, considering they have probably spent years paying off their homes. What better way to reward yourself for years of disciplined spending, budgeting, and scheduled bank payments, than cashing out on your most expensive bill? Boomers downsizing allows them to reap the fruits of years of financial responsibility while shifting the burden of remodeling projects to new buyers. A Clear Path A+ Accredited from the National Association for Senior Move Managers

Boomers Are Going Back To Renting

Renting is, to many, the lesser appealing alternative to a home purchase. However, for baby boomers, rent is often the logical option, because it doesn’t require the long-term contract mortgages entail. Rent also does not take a huge chunk from their savings all at once; if anything, it seems sensible, particularly when renting out their own homes provides them with a stable monthly income.

With the urbanization of towns across the country, condos and townhouses are being erected everywhere. This availability of choice makes downsizing for boomers appealing, especially when their rental provides added services, such as 24/7 security and/or elevators.

A Solution For The Housing Supply Shortage

While smaller dwellings are being built everywhere, there is a shortage of detached homes around the country. It has become increasingly difficult for many millennials to find a home fit to witness the growth of a family, because boomers are encouraged to stay in their homes as long as possible and only sell once it has peaked in value.

This approach isn’t exactly beneficial to the real estate industry; not only does it minimize commission earnings, but it also makes the American Suburb Model less appealing. Suburbs were once the symbol of the American dream; the white picket fence would witness a child’s first step, or their first time on a bike. However, suburb populations are getting older, which can be a deterrent to younger prospective home buyers.

A Finishing Word

Boomers are the most financially powerful demographic in the country. Therefore, many markets, including the housing industry, are dependent on their spending. Encouraging boomers’ downsizing is welcoming an increase in the housing supply, which may benefit American welfare as a whole. By moving into smaller homes, baby boomers are passing the mantle to the younger generations who are as avid as they were to find the space to create new family memories.

If you’re a baby boomer looking to downsize by selling your home, you can be certain that this is one of the most financially exciting times for you to do so.

Relocating your home office

Has your business outgrown your home office? When should you consider relocating your home office?

It can be quite rewarding for startup businesses to work at home because it’s a good way to save on expenses. Not only do you save money on rent, utilities, office supplies and personnel expenses, but since you don’t have to commute, you save on fuel and vehicle maintenance. However, the business could grow to an extent where you need more space, but how can you tell if it’s the right time to move?

Reasons to Consider Relocating Your Home Office

  • You Need More Employees

When you need to hire employees to work at your office, you may not want them entering your home every day. Depending on your business, it could be possible to have them work remotely, but for some, supervision may be crucial. For this reason, if your business has grown and you want to have employees working in the office while you are away, it’s time to think about relocating out of your home.

  • You Are Running Out of Space

As your business grows, you might be forced to accumulate inventory or technology to enhance your operations. If you find your home office space is getting smaller by the day, then it’s time to consider other options. You could rent a storage space for your product inventory, if that is your only concern. However, if you need to upgrade equipment, such as an industrial printer, and it’s larger than the space available at your home office, you’ll need to move.

  • Present a Professional Appearance

For businesses where clients need to visit the office before they decide whether to purchase your product, renting an office space can help to improve your business image. The more professional your business looks, the more moving with the help of a certified professional organizer like Regina Lark can ease the stress of any moveattractive it will be to customers, and therefore earn more money. If the estimated increase in the customer base or sales is higher than the expenses incurred when renting an office space, relocating might actually help your business to grow.

Finding a reason and deciding to relocate your home office can be quite straightforward, but when it comes to deciding where to relocate to, well, it may not be easy. Here are a few tips:

  • Proximity to Your Home

If you can find an office space close to home, you’ll save a lot of time by having a short commute. The more time you spend commuting to work, the less time you have for work. However, if your clientele is location-specific, you may need to strike a balance on the distance.

  • Consider a Shared Office

You can save on rent and curb any loneliness by opting for an open office. In this situation, you share the office cost with others, as well as employees, such as the receptionist. The opportunity for community conferences can also come in handy.

  • Hire a Moving Company

Since your home office is a source of income for the household, you need to give it the utmost attention when moving out. With the heavy and sensitive equipment around the office, such as desks, electronics, computers, printers, and books, it’s always a good idea to hire a reputable moving company. This will ensure that all of your items are handled with care, and that what would have been an overwhelming experience goes smoothly.

Upon moving, be sure to notify your clients that you’ve changed your address. You can do this by email, phone, with business cards, or put it on your website.

Good luck in your new office!

Use these top ten tips form organizing before a move from certified professional organizer Regina Lark to remove stress from a moving.

 

Relocating Your Business

Businesses move for a variety of reasons, and moving can often be a logistical challenge, with unexpected pitfalls. There are many approaches to take when uprooting your company, but certain tenets remain the same. You should always be realistic about what you can afford, do your homework, and plan until you cannot plan anymore.

Whether you are moving to accommodate growth, to save money, or to be closer to your market, these steps will help you stay on track:

Assessment

Prior to moving, make an inventory of everything you have. Highlight items you plan to keep, and decide where these items should go. Before you uproot your business, write a list of requirements for your new location. This includes taking into consideration things like price per square foot, lease terms, build-out costs, and space for growth.

It is important to have the essential supplies before moving day. Be sure to have:

  • Duct tape/Packing tape
  • Professional quality boxes of differing sizes
  • Bubble wrap
  • Packing peanuts
  • Markers
  • First-aid kit
  • Utility knife

Declutter

The cost of moving items is based on weight and volume; sorting through your items to weed out nonessential items now will save money later. You may donate or discard anything you deem expendable. Here are some places to start:

Items that are no longer suitable: Anything you have not used in a while, outdated items, and things you have replacements for.cluttered-desk

Expired items: This pertains mostly to food, but can also apply to items like cleaning supplies; check the expiration date on anything that has one!

Items still packed: if you still have items packed from your last move, then you do not need them.

Books and Magazines: as any reader can tell you, these items are like trophies. But what is the use of an outdated magazine from 10 years ago? If you have to ask, it goes in the trash!

Different items have different disposal requirements. The type of item, its condition, and reusability, will determine these requirements. Here are some key ways to properly dispose of unwanted items:

Burning/Shredding: Anything with your name, address, and social security number should be destroyed. This is the only way to ensure any identity theft or fraud will not result from your move.

Selling: Craigslist and eBay are excellent places to list your unwanted items.

Donation: Ask your family, friends, and neighbors to help themselves to any items you are not taking with you, or reselling. The Salvation Army or another local charity may accept office supplies or other items.

Packing

Once you have everything decluttered, it is time to box it up. You should have all packing materials on-site, and ready, the day before. Depending on the size of your business, this process can take anywhere from 1-3 days, so plan your work schedule accordingly. Be sure to label everything properly; this streamlines the unpacking process. Once you are packed up, it is time to move into your new space!

Moving a business requires more planning than actual production. With the proper tools, game plan, and extra hands, you should have no problem establishing yourself in a brand new space!

We can help! Call Now (213) 798-4748

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• The Must-Have supplies for Moving Day

Whether you are moving across town or across the country, moving can be stressful. As a matter of fact, it’s rated as one of life’s most stressful events. However, you can reduce the stress of the ordeal by being prepared and equipped with the following must-have supplies for moving day:

Duct Tape and Packing Tape

Preparing and finishing a move using an organizer makes life worth celebrating

The joy of having the right supplies

There are at least 1001 uses of duct tape, but when you are moving, the possibilities are endless. The most common use of tape is to prevent your belongings from spilling out of containers. However, you can write on duct tape and even use it to prevent certain items from shifting during the move. Make sure you don’t cut corners and choose a lesser-known name brand. Use high quality duct tape to secure your belongings and always keep it handy.

Boxes, Boxes, and More Boxes

When moving, you will undoubtedly need boxes of varying sizes. However, not all boxes are created equally. Make sure you choose professional-quality boxes in convenient shapes and sizes. Look for:

  • Moving kits that have a predetermined mixture of supplies and boxes
  • Picture frame and mirror boxes that are exclusively designed to keep fragile keepsakes safe
  • Dish boxes that are heavyweight and highly durable, designed for fragile items
  • Wardrobe boxes are ideal for your jackets, coats, suits, dresses, and trousers. Many wardrobe boxes are designed to support clothes hangers, so unpacking is a cinch.
  • Large boxes are great for large items, such as bedding and other lightweight bulky items
  • Medium boxes are excellent solutions for toys, gadgets, and knick-knacks
  • Small boxes are perfect for heavier items, like books

Bubble Wrap

Protect your keepsakes and keep fragile items safe by carefully wrapping them in this protective material. Bubble wrap will protect your delicate items from the jolts and jostles common with any move. Make sure to keep the bubbles faced in and to seal the ends of the bubble wrap with a piece of tape.

Packing Peanuts

In addition to your bubble wrap, packing peanuts can be the difference between broken delicates and a successful move. Pack your belongings snugly around your packing peanuts to keep them in place. While some people choose to use newspaper, the ink can rub off and destroy items.

reduce, reuse, recycle word cloud on a vintage blackboard

Markers

As one of the most versatile packing supplies, markers are highly useful for labeling boxes, but you will surely find a vast range of additional uses. As a result, always keep your markers handy because they are only useful if you can easily find them.

First-Aid Kit

When it comes to moving day, bumps and bruises are as common as frustrations. As a result, you should always keep your first-aid kit handy. You never know when someone might slip, pull a muscle, get a serious scrape, or become injured in another way. By keeping a first-aid kit handy, you will generally be ready for whatever the arduous move throws at you.

Utility Knife

Keeping a knife handy at all times is a relatively good everyday practice. However, when you are moving, a utility knife is a must-have item. You can use it to cut rope, tape, or cardboard during the packing and unpacking.

Contact Silk Touch Moves for a Silky Smooth Move!

Even the most comprehensive list of must-have moving supplies won’t cover everything. Undoubtedly, the most important must-have supply for moving day is experience, and the professionals at Silk Touch Moves bring decades of it. Trust Silk Touch Moves to manage every facet of your move while you manage more pressing matters.

Contact Silk Touch Moves for a silky smooth move today!

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