For many people, the personal circumstance undergo drastic changes between the ages of 50 and 60. Yet the transition from an active working life into retirement has opportunities in store along with the challenges. People in their prime tend to have more financial latitude. It affords them the liberty to spend more on hobbies, travels abroad and activities involving the family. Moreover, these so-called best agers often seize the chance to reorganise their personal circumstances and to secure their wealth at the same time. This happens to be a view that the majority of 300 respondents between the ages of 50 and 65 shared when polled by the IW German Economic Institute in Cologne.
You Are Never too Old for Homeownership
Few of the best agers participating in the IW survey were convinced by the often cited argument that it hardly pays to invest in real property at an advanced age. This response is explained by the fact that many lacked the financial wherewithal to think about homeownership when still young. As often as not, it is not until later in life that the dream of owning a home becomes a viable proposition for them. Most of the property owners among the poll respondents intend to keep living in their homes, whereas the majority of tenant respondents said they would consider homeownership in the coming years.
Opportunities for Change, and Lofty Aspirations
For many best agers, buying a home is a great occasion to reconsider their current living environment and perhaps to exchange it for another. Those who spend a major part of their lives in the inner city may wish to relocate to a greener neighbourhood in the outskirts. Inversely, people who grew up in the countryside may like the idea of exploiting the amenities of an urban environment as they are getting on in years. Around 80 percent of the 50- to 65-year-olds who live in major cities today intend to keep doing so.
Best Agers Expect a Lot
Another thing the survey revealed was that the expectations in living standards tend to rise with advancing age. For nearly half of the interviewees, must-have features include a balcony, a patio or a garden. Just as important to most is having easy access to public transportation as well as having shopping venues and healthcare services near at hand. Setting high standards, however, can make it necessary to move. And moving can turn out to be a lucky strike: Changing your environment is simply the best way to discover new things and to meet new neighbours. A new residential setting is also the perfect opportunity to buy handsome furniture and to pick a new interior design. Regardless of age, there are always the aspects of ensuring financial security and building wealth, and these may well be the key arguments for buying residential real estate.