As the bulk of the baby-boomers enter their senior years, many will be close to outright ownership of their homes. This could provide them with an opportunity to free up funds or provide equity to pursue personal interests. One such pursuit might be to modernize their home and make it more functional and convenient, either to enhance its resale value before downsizing, or to accommodate life changes such as mobility challenges in later years. For example, a stair-lift installation and wheelchair access at doorways and under countertops can extend the duration of independent living for seniors who want to remain at home as they become more elderly.
Another interest might be to maintain ownership of the family home for the next generation. In such cases, if the residence is large enough, creating a separate living quarter could provide an economical solution for both the older and younger family members. Creating what is often referred to as a “granny apartment”, typically requires municipal approval, although some municipalities tend to be flexible when it comes to accommodating family members. Of course, downsizing remains the logical choice for many retirees who are ready to make a lifestyle change that reduces their living space.