Over the years, Igor Krivoruchko has built a solid reputation in real estate development, especially in multi-family real estate where he’s become an authoritative voice on the subject. Below, he shares a few critical signs that boomers should downsize their homes and look to multi-family developments instead.
Igor Krivoruchko helps boomers improve their lifestyles and find more excitement while shedding some of the traditional responsibilities of owning a home. For decades, he’s specialized in multi-family units and has been recognized as a national leader in the field. Krivoruchko is dedicated to building only the most state-of-the-art facilities that provide plenty of benefits to those looking to move over from single-family homes.
“As adults, our goals used to be finding the perfect job that could help us afford our own home in a nice neighborhood with a yard and fence,” says Igor Krivoruchko. “Today, adults’ priorities have shifted to less responsibilities at home and more opportunities for adventure. Even older generations like the baby boomers are looking to leave single-family homes behind.”
Boomers, born between the 1940s and the 1960s, make up a tremendous amount of single-family home buyers today and in the recent past. In total, they make up nearly a fifth of the country’s entire population. This generation has already retired (or else are very close to retirement) and are looking for a change of pace.
Igor Krivoruchko believes multi-family housing like apartment communities and condominiums are the answer. Apart from meaning less immediate responsibilities at home, these types of properties offer a more practical and affordable approach to living, with plenty of streamlined resources that draw in new residents all the time.
Below, he shares three signs boomers should downsize their homes and leave the life of the yard and the picket fence behind:
Money is Tighter than Before
Living through retirement means cutting back on spending due to the limited checks received throughout the year. If money is tight, boomers should understand that selling their house not only puts funds back in their pocket, but it can save them exponentially each month. They won’t have to budget out the cost to keep up a home or improve components. Plus, at multi-family complexes, there’s a good chance that water bills are covered, electric bills will be lower, lawn care will be included, and free maintenance will be available on-site.
You’re Fed Up with Maintenance
Homeowners usually must dust surfaces, vacuum floors, mow lawns, wash the sides of their houses, apply paint, repair gutters and a lot more. Living at a multi-family complex usually comes with the bonus of maintenance crews who do all the hard work for residents. Today, boomers don’t have to waste time and funds making their homes look good inside and out.
The Kids Live Elsewhere
Things can feel lonely for homeowners after their kids move out and the house seems a lot bigger and less used than before. In addition, the work to upkeep the home probably doesn’t come with as much gratification as it used to. This is the perfect time for boomers to transfer over to a smaller unit in a multi-family complex, which feels more suited for retiring couples or empty nesters than larger homes do.
“Boomers have plenty of multi-family units to choose from today, and the cost of upkeep and living from month-to-moth is undoubtedly a more affordable option for retirement at such locations,” says Igor Krivoruchko.