With millions of baby boomers in the midst of or nearing retirement, there is a wealth of information out there about finding the right retirement strategy -- when to retire, where to retire and how to make the most of retirement. While there is no one right answer, one fact remains constant for the majority of boomers -- one of their largest investments is their home and most likely they have built up a lot of equity over the years.
The decision to take advantage of that equity is one way to boost retirement income. By buying a smaller, less expensive home, money is freed up for travel, hobbies, a new home-based business or additional savings for the future. And, with a new home, the cost and time involved with general upkeep, maintenance and repairs are greatly reduced, leaving homeowners with more time and money to pursue other interests.
Downsizing to a new, less expensive home isn't necessarily as easy as it sounds in today's hot real estate market, which is why many are turning to factory-built housing. Today's factory-built houses are a far cry from what boomers may recall. Benefiting from advances in technology and construction methods, homes built in a factory can incorporate all the amenities homebuyers are looking for while generally costing less per square foot than homes built on site.
The ability to get a custom home without the custom price is especially attractive to a generation that has been defined by its individualism.
"Flexibility in factory-built home design allows a homebuyer to add features that can truly enhance lifestyles," said Grover Tarlton, vice president of marketing for Champion Enterprises, "whether that's a designer kitchen, computer room, exercise room, home theater or all four.
"As a boomer myself, I know that it's all about options and affordability," continued Tarlton, "from building on the property of your choice -- whether that's in your hometown or 500 miles away -- to building in less time and for less money than a traditionally built home."
Buying a new home, while still a sizable investment, can make good financial sense. And moving to a home designed with lifestyle enhancing features and costing less each month can be the foundation of a sound retirement strategy. (NAPSI)
Guidelines: Please keep your comments smart and civil. Don't attack other readers personally, and keep your language decent. Comments that violate these standards, or our privacy statement or visitor's agreement, are subject to being removed and commenters are subject to being banned. To post comments, you must be a registered user on toledoblade.com. To find out more, please visit the FAQ.