A Real Estate Reality Check for Suburban Baby Boomers

Dear Boomers,

Occasionally, a reality check is in order.  As your friendly residential broker, here’s one thing you might not want to think about, but you should.

 

The kids are grown. They’ve flown the coop and left behind an empty nest, double-wide fridge and three car garage. You love your four bedroom home and yard, and cherish the memories, furniture, trophies and “stuff”.  But be honest: the house requires more attention, money and love than you’re willing to give.

You look outside and see a lawn that needs mowing, leaves that need raking or a walk that needs shoveling, and that’s just the routine maintenance. What about the roof that’s already been patched three times? The CAC that no longer hums? The cutting edge kitchen, circa 1998? These things, plus escalating property taxes, utility bills and gas prices have put a strain on the love affair with your half-empty house.  And the commute to The City, which once seemed so easy, now crimps your style. Who has the energy to remain awake for the entire 10:00 news, never mind staying after work for an 8:00 pm Broadway show?

It’s time to reconsider what a house in the suburb means and <GASP> investigate other options.

What are your choices? Enroll in Sunset Village, FL – A Tranquil Setting for Retirement? <Gasp again!>  Breathe, Boomers.  Let’s look at three more realistic options.

#1--Stay Put: Why mess with a good thing?

The path of least resistance might be a fine choice for a while, but it’s not a long-term solution. The harsh reality is that a house in the suburbs can be a cruel environment for aging people.  Ask anyone who cares for elderly parents.  Stairs and isolation rob Seniors of their independence.  While agile and mobile now, one day we will all be one slip from disaster.

If you’re unhappy about maintaining your home and questioning whether this lifestyle will suit you in a few years, move now while you’re young enough to do so on your own terms.

#2--Downsize: The Suburban Condo

 Less house, less maintenance, same familiar lifestyle. Not bad.

 Not perfect, though. Some suburban condos have age-restrictions, and the lifestyle is not for everyone. One of my clients, Monica Gold, dismissed this option, citing “the pre-fab, ‘Disneyland’ aura and the absence of anyone under the age of 55”.

She also identified another drawback of suburban life: dependence on driving. Driving becomes more difficult and dangerous with age, first at night and then at any time.  Refusing to give up the car keys until it is too late can have horrific consequences.

The tension between safe-yet-isolated and independent-but-at-risk is not an easy one to resolve.

#3--Boomer Disneyland: The Big Apple

Baby Boomers are saying good-bye to yards, mowing and gardening staff, and hello to sophistication and … Central Park!

Steps away are theater, dance and music.  Restaurants galore, and they all deliver.  Shopping of all types.  Lectures.  Museums.  Classes.  The best medical care in the world. Fresh Direct, prepared gourmet foods and a grocery store on every block, most with fresh flowers.

The building handyman.  Someone to accept packages.  Continuous busses and trains 24/7, without the stress of someone else’s schedule.  Spontaneously hailing a taxi by casually lifting an arm rather than dialing, holding, and waiting.  Convenience and service are the name of the game. Complete lifestyle change. Paradigm shift.

What will you sacrifice, you ask?  Truth be told: probably space.  Junior will need to do something with his 8th grade science project, and you’ll probably unload the “stuff” in the attic. You’ll get used to just one or two bathrooms; with one tuchus you can sit on only one toilet, right?

You’ll probably ditch the car.  Good riddance to that monthly payment, maintenance and auto insurance; hello Zip Car.  Do keep your Easy-Pass, though, because those toll lines are ridiculous, especially at $12 a pop.  While you’re at it, exchange your commuter train ticket for a Metrocard.

But forget the sacrifices.  Look at your long-term gain in lifestyle, autonomy, and thriving social opportunities.

So, dear Boomers, just as many young families choose to flee The City for space and schools, empty nesters choose the urban lifestyle to stay “Forever Young”.

Something to think about.