If you are approaching retirement age, chances are you are considering about your home that whether or not to downsize after retiring. Many retired couples want to hold onto their homes for nostalgic purposes without realising that it may be in their best interest to downsize instead.
What Is Downsizing?
Downsizing is when you buy a smaller home than the one you currently have. It is often a decision made by those who now have an empty nest, are struggling to deal with the upkeep of their home or are finding the related costs hard to deal with.
There are many benefits to downsize your home after retiring.
You Can Relocate To Your Dream Location
Some people downsize to be near family, but others think to live in a warmer climate, have better resources, or be near where they want to live. For these peoples, downsizing is the realization of the desire to move to a place they’ve dreamt of living their entire life.
Maintenance, Upkeep And Repair
Downsizing means having less to take care of, repair, maintain, and upkeep. As you head toward retirement age, you also head toward another season in your life – one where you obviously age.
As you age, your body changes. Whether or not you want to admit it, you are not able to do as many things as you did before and not as quickly. The possibility for injury exists in this scenario, as well.
If you are downsizing in after retirement life, it means you can choose a property that will be better suited to your needs as you get older. Instead of having to contend with your stairs, limited accessibility or a considerable garden requiring maintenance, you can pick a property that can easy to maintain for you.
Sometimes older folks will experience ringing in the ears or dizziness, and the last place you want to place yourself is on top of a ladder fixing something or changing a light bulb.
There Is Financial Benefits
Having less to repair, maintain, upkeep, and fix means putting more money into your pocket. It stands to reason that if you are spending time fixing things, you are also spending money.
Are you thinking of downsizing to lower your expenses, save money and invest?Reasons To Downsize After Retiring
Owning a home means having to have extensive homeowners’ insurance, paying taxes, and possibly having a second mortgage. By downsizing, you diminish many of those things to a fraction of the cost of owning a home.
Lawn maintenance, snow shovelling, and taxes are sometimes included in your monthly maintenance fees if you purchase a townhome or condominium. By downsizing, you are selling a home that is worth much more and buying a smaller space. This is a cost-effective way to save money. By eliminating the expenses of homeownership, you also save money every month.
Everyone Love Freedom
Downsizing offers you the freedom to come and go as you please. Often neighbours of your townhouse or cooperative community will be more than willing and able to watch your place, care for your pets, and gather your mail while you travel. Bartering to return the favour is a great way to have your pet cared for while you are away, and will save you money as well.
Final Words On Reasons To Downsize After Retiring
Knowing that snow, grass, sprinkler systems are taken care of when you are away is a great way just to pick up and go on a spontaneous travel adventure without a whole lot to worry about.
So, as you can see, downsizing is a great way to save money, have less responsibility, and enjoy more freedom than ever before.