6/12/2014 - Baby boomers confident retirement home will be the best
Whether they enter the home as-is or are planning on having it renovated, a substantial number of baby boomers anticipate that their retirement home will be the best one of them all, according to a recent survey.
Performed by Wakefield Research on behalf of Better Homes and Gardens Real Estate, the poll found that more than half of boomers - 57% - expect to move out of their current home once they enter retirement. Of these, once they find the residence that they'd like, 7 in 10 said they foresee it being the best of any previous place they've owned.
"This mindset shows us that, for Boomers getting ready to retire, there's more to it than solely saving money in the bank," said Sherry Chris, president and CEO of Better Homes and Gardens Real Estate. "To have the utmost confidence in their retirement plan, this generation is actively planning a comprehensive lifestyle plan, taking into account the type of home and community they want to live in, as well as the option of continuing to work or taking advantage of travel and entertainment opportunities."
Additionally, approximately 1 in every 4 boomers indicated that they also intend to have a second residence, one that, ideally, they'll utilize on vacations or for special events, the poll found.
Just how content retirees will be with their home may ultimately depend on how it's designed. In a recent separate poll commissioned by remodeling firm Houzz, approximately 90% of respondents said that a well-designed house affected their happiness.
For those who plan on buying a new home or modernizing their current one, a homeowners insurance update may be in order. Please speak to your local Selective agent to determine if this is the case and what options that are available to you to ensure you have the protection you deserve.