As one of the country’s leading voices in multi-family developments, Igor Krivoruchko has helped countless baby boomers downsize their homes while upgrading their lifestyle. He shares some of the most notable indicators that boomers should seek out multi-family housing options with readers below.
Igor Krivoruchko specializes in developing multi-family units and is recognized as an industry leader for his state-of-the-art facilities. He’s followed growing trends in the real estate industry for decades and has learned the intricacies behind people’s need to downsize or convert to multi-family housing.
“The American Dream with the house and the yard and the picket fence is outdated,” says Igor Krivoruchko. “People are choosing to opt-in for the resources and unique perks of multi-family housing, including many retirees such as baby boomers who are glad to accept less responsibility at home.”
The boomer generation generally refers to those people born between the end of the 1940s and the beginning of the 1960s. They make up a tremendous portion of the American population with some statistics stating as much as 20%. As this generation begins to retire, Igor Krivoruchko believes many have started to realize the pros of investing in multi-family real estate. Besides meaning less immediate responsibilities at home, these properties offer a more practical and affordable approach to living.
For those baby boomers still wondering if multi-family properties are right for them, Krivoruchko shares three signs they should downsize their homes and leave the life of the yard and the picket fence behind.
You’re on a Tighter Income
Inevitably, retirement means budgeting and relying on a predictable but typically lower salary. If you’re a boomer looking to cut back on spending, downsizing your home (and ultimately the cost of upkeep) will have a significant impact on your savings. 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 Finished with Maintaining
“Keeping up a large home is a full-time job in itself,” says Igor Krivoruchko. “The regular maintenance required to make a home look nice inside and out is time-consuming and very costly.”
Homeowners usually must dust, vacuum, mow their lawns, wash the sides of their houses and much more. Living at a multi-family complex usually comes with the added bonus of maintenance crews who do all the hard work for residents.
Your Nest is Empty
Once the last child has moved out and the empty bedrooms exceed the occupied ones, things can feel lonely for homeowners. In addition, the work and upkeep likely don’t come with as much gratification as they 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.
“If you’re a boomer, there’s never been a better opportunity to downsize and cash in on the exciting and low-key lifestyle of multi-family housing,” says Igor Krivoruchko. “There are multi-family developments springing up in most cities across the country right now.”