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)