Baby Boomers Are Downsizing: How to Cope with the Crisis

Baby Boomers are slowly downsizing, but a new crisis is arising in the housing industry since few Millennials want their homes, particularly big and outdated ones. According to a recent report, the housing demand from younger generations is inadequate to fill the void left by the crowd of departing older owners. Overall, seniors are projected to exit more than 21 million homes over the next two decades. As they exit their huge homes and downsize, there is going to be massive investment implications across the country. So, what can you do to cope with the challenges of baby boomer downsizing?

Aging in Place vs. Downsizing

Many baby boomers wish to retire by the age of 60 and settle closer to their children or grandchildren, but finding affordable houses to downsize to is a huge challenge. As a result, there is always a tug of war between staying put or downsizing. So, which is the better option?

According to a 2018 Survey of Home and Community Preferences, AARP revealed that 76 percent of Americans aged 50 and above prefer to remain in their current homes, and 77 percent would wish to live in their current neighborhood for as long as possible. On the contrary, just 59 percent of older Americans envision the possibility of staying in their community, either in a smaller home within the area (13 percent) or in their current home (46 percent).

Baby boomer downsizing is faced with several challenges as many boomers enter their golden years with substantial mortgage debt. Much of the mortgage borrowing is carried by households with no pension and below-median incomes and assets. This is perhaps the reason why many baby boomers opt to remain in their current homes. Other factors, such as living in familiar territories, retaining home equity, or a lack of affordable housing options, may also drive the decision to stay put.

Aging in place, on the other hand, can be harder to achieve if the home isn’t equipped to meet the future needs of the boomers. There is a close linkage between housing and health care, and making your house accessible for in-home health care is of paramount importance. However, this can be a big challenge in lower-density areas with limited transportation and accessibility to medical practitioners.Organizing and packing for a downsizing boomer

The Solution!

As a baby boomer stuck in this dilemma, there are multiple options you could explore to cope. They include:

1- Tapping Equity to Stay Put

Mobility and health issues are the biggest retardants for seniors looking to stay in their current homes. You may need amenities such as bathroom grip bars, wheelchair ramps, walk-in showers, and wider doorways and hallways. However, such home improvements can be costly. Fortunately, if you own your home outright or have adequate equity, you can borrow some cash against your home’s equity to help pay for the modifications. Some of the best options to consider include home equity loans, home equity lines of credit (HELOC), VA financing, and reverse mortgage.

2- Tapping Equity to Stay in your Community

The increasing shortage of affordable housing coupled with skyrocketing mortgage rates creates a significant barrier to baby boomer downsizing. However, higher rates create a huge mobility barrier to all cadres of the society, including the millennials. If you have significant equity in your current home, you have an upper hand in competing for smaller, less expensive houses, thanks to the inflated appreciation.

Instead of trying to relocate to more expensive neighborhoods to be closer to family, you can look for a smaller home within your community and tap into your current home’s equity to raise funding.

3- Thinking Outside the Conventional Housing Box

In many communities, the limited housing options complicates everything for baby boomer downsizing. Surprisingly, some older folks are devising more creative solutions that buck tradition. According to an AARP survey, adults aged 50 and above are today open to new housing alternatives. To be precise, 32 percent prefer home sharing, 31 percent are open to building an accessory dwelling unit, while 56 percent prefer living in villages that provide services that support aging.

Whether your aim is to gain companionship or attain economic viability, you can think outside the box and opt for unconventional housing solutions. The “Golden Girls” system of roommates is one example of shared-housing arrangements that are gaining steam. As the affordable housing crisis continues to brew, unconventional solutions are increasingly becoming less taboo and more accepted.

Another alternative is to build an accessory dwelling unit that suits your senior needs. An accessory dwelling unit is simply a smaller, secondary building that attaches to your primary home or situated on the same lot. Think of it as a mother-in-law suite or granny flat that offers a livable solution for seniors. It’s a great option if you wish to age in place while generating extra rental income from your main house. However, check with your local zoning or building authorities if it’s possible to get approval for an accessory dwelling unit in your region.

Final Thoughts

Whether your plan is to downsize or stay put, housing expenses will undoubtedly play a critical role in your overall retirement plan. It’s important to craft a financial plan for retirement. Talk with a financial advisor or a mortgage lender to figure out what options will help you live comfortably without jeopardizing your retirement income. Other than affordability and having a comfortable place to call home, baby boomer downsizing should be informed by accessibility to family, doctors, hospitals, transportation, and social amenities.

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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5 Mistakes to avoid when moving

Mistakes to Avoid When Moving

Are you looking to move out of your existing home and into a new one? If so, you are faced with the massive task of packing up all of your belongings and having them moved to your new location. This can be a very frustrating process that can make you want to pull your hair out in the end. But all hope is not lost. Today, we are going to go over some moving mistakes to avoid that will help your next move to go as smooth as possible. If you are a real estate agent, these tips will also help your clients so make sure to pay close attention to the information below.

Five Moving Mistakes to Avoid

1. Hiring the wrong moving company: This can be a huge mistake and you might not even realize you have made it until it is too late. Not all moving companies are the same and some will take you for a ride. To ensure that you are dealing only with a professional moving company, do your homework. Ask to see references from past clients and check to see if they are both licensed and bonded for your protection.

2. Packing too much stuff: Over the years, most homeowners build up a lot of things. Many of these items that we collect we simply never use. When preparing to move, you A happy family fully pack waiting for the movers to take the last boxshould ask yourself, “Do I really need to take everything with me?” Most of the time the answer is no. A great way to de-clutter and only take the items you need is by hiring someone to help you. A professional de-clutter expert can come in and help you weed out those unused items. You can then give them to a charity of your choice and get a nice tax deduction.

3. Forgetting to label your boxes: This is a common mistake that many people make while moving. The hurry to move can make you forget to label boxes and when you get to your new home, it can make things really confusing. To save time after the move, make sure to label each box with what’s inside and which room the movers should place it in.

4. Waiting too long to schedule your move: Especially during the summer months, many moving companies and truck rental companies will be incredibly busy. If you wait too long to schedule your move, you might find yourself out of luck. Make sure to schedule your move at least a few weeks before the moving date. This will allow you time to plan and ensure that you will have the help you need come moving day.

5. Not having enough insurance for valuable items: Depending on your homeowner’s policy, your more valuable items might not be covered completely. Fine art and other valuables that are easily broken will need to be completely insured to protect your investment. Before your move, make sure to make a list of all your higher valued items and shop around for full coverage insurance.

Hire a Professional Moving Company

Moving can be a difficult task, but when you are prepared and have the right moving team on your side, your move can go much smoother than you thought possible. To find out more about how Silk Touch Moves can take the stress out of moving, contact us today!

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Keeping it Simple

Here is how simple we make moving to a new location. Just 4 steps: De-clutter, Pack, Unpack, Organize:

You’ve decided to make a change, or change has been thrust upon you. Working with the Silk Touch team will get you on track, and keep you on track from the beginning (starting with those junk drawers?) to the end (beds made, towels hung).

Silk Touch Moves and Relocations uses a proven 4-step formula to guarantee the best move ever. Since the physical part of moving is based on weight and volume, the Silk Touch team saves you money while we spend one day, or several:

  • to de-clutter
  • sort, donate or discard
  • unnecessary and/or
  • unused items and artifacts.

Packing and move coordination are part of the system. On the other end, the Team unpacks, and then organizes, the contents of home or office – clothes folded and hung, kitchen/common spaces organized, packing materials removed.

Here’s how it works:

Needs Assessment:

  • Do you need to de-clutter before you move? (most people do!)
  • Mover
  • Shred company
  • Electronics and technical move management
  • Packing materials
  • Measure interior spaces at new space (drawers, closets, etc.) for post-move organizing supplies

Clutter Assessment

  • Complete tour of the home or office
  • Open all drawers, cupboards, closets, examine areas beneath beds/furniture
  • Schedule de-clutter dates with Silk Touch team at least 2 weeks before packing dates

Packing Days:

  • All packing materials ordered and delivered day before packing begins
  • Depending on size/scope of project anticipate 1-3 packing days with Silk Touch team
  • Boxes labeled according to load-on to the truck and according to load-into the new space

Moving Day 1:

  • Starts when Team leader meets movers at old space to ensure truck is packed according to unloading plan
  • Team leader follows moving truck to new location
  • Silk Touch team meets movers at new space within 2 hours of movers’ arrival (to give time to start unloading)
  • Team begins unpacking

Unpack and Organize Days 3-4-5 (as needed):

This is where the magic happens!
Silk Touch team organizes your belongings into drawers, cupboards, kitchen area, closets, etc. using your supplies or supplies purchased during the Needs Assessment phases.

  • Beds are made,
  • linens put away,
  • kitchen is organized,
  • clothing is folded and hung,
  • office is set-up
  • packing materials are gone.

Like it never happened. Only now it is better!