y parents' generation may have coined the phrase “you’ll carry me out of this house in a box." This was a generation that was proud to be homeowners - they didn’t move around like we do today. The general sentiment in the ’50s was to buy a house and live there until you die - not a bad plan if you ask me.
Is home ownership a privilege?
Modern buyers tend to buy the smallest amount of space they need, expecting to move with each major life event: getting a new job, getting married, having a baby, then downsizing and eventually letting go of the house you grew up in. Homeowners today are just as proud maybe even prouder than the generations before. Many view homeownership as much as an investment as it is a privilege as the cost of housing is at an all-time high.
Some of our parents are looking forward to saying goodbye to the house
For my generation (born in the ’70s), saying goodbye to the house we grew up in is coming up more and more as our parents age. Some of our parents are looking forward to this time of anticipated freedom; to finally give up the big family home, to spend more time travelling, or simply less time doing yard work. Some still have every intention of “being carried out in a box”. There's no right or wrong answer – this is a highly personal decision.
Adult children want to be included in decisions on the family home
Many children of ageing parents feel they should be consulted in the decisions on the house they grew up in or when it’s time to sell the family home. You're probably just as connected to the house as the actual legal owners (your parents). But sometimes, you’ll have to come to terms with the fact that letting it go might not be a decision you have any control over.
Passing down the family home to the next generation
We are also starting to see an emerging trend of children who choose to keep the family home, especially in single-child families. The cost of housing has spurred an economic need similar to what we have seen in other countries for centuries; landowners pass down the family estate from generation to generation.
If it's time to talk downsizing, give us a call. We have the experience you can trust when it comes to such a big decision.