The Unexpected Benefits of Retirement Downsizing
Your golden years are on the horizon. You want to enjoy your retirement, but a large home may be holding you back from making your dreams come true.
You probably don’t need all of that space, and you want to get the most out of these precious years – take a look at this quick overview of the benefits of downsizing your home as a senior.
Biggest benefits of downsizing
- An immediate influx of cash
After selling your home, you will have enough cash to pay off debts, afford a vacation, and move into a smaller home. Nothing beats having some extra money to spend!
- An opportunity to relocate
Are you tired of your town or city? Do you ever wonder what it would be like to live somewhere else? Downsizing will give you the opportunity to start a new life. Wherever you choose to live, you can make new friends and set out on exciting adventures that were never possible in your old neighborhood.
Retirement will give you plenty of time to pursue your dreams, so you should get creative and really think about all of the new experiences that you want to try when deciding on a location.
- Better safety and accessibility
As some people age, they become less mobile and more prone to injury. Because of this, a large home may not only become inaccessible and difficult to maintain, but it may also pose a hazard to your health.
A smaller property will be much easier to manage, and you can choose a home with accessible features so that you never have to worry about your safety.
- More time
How much time does it currently take you to clean and maintain your home? Do you want to maintain a massive landscape for the rest of your life?
You would probably rather have fun and explore the world around you in your golden years. A smaller home means less maintenance and more time to spend however you’d like.
- Lower expenses
Utility bills usually go up every year, so heating and cooling a large home can be incredibly expensive. You won’t need to use nearly as much energy to stay comfortable in a smaller home.
Moreover, you can search for a home with efficiency upgrades to reduce your costs even further. With these savings, you’ll be able to spend more money on travel, dining, and other exciting things.
- A chance to declutter
How many boxes do you have in your attic? When was the last time you dug into the back of your old wardrobe? Do you even know what’s in there? Downsizing will force you to take inventory of all of your possessions.
Since you won’t have as much space to work with, you’ll be incentivized to get rid of all of the items that don’t add value to your life.
Factors to consider when downsizing
- Selling your current home
Sometimes, a home will sell as soon as it’s listed. Others take years. If you want to sell your home, then you should think about some of the practical details. Will you work with a realtor, sell to a private party, or accept a cash offer from a reputable real estate company?
Each method has its pros and cons, so you must consider how much time you’re willing to spend selling the home, the lowest offer that you’d accept, and other important factors.
- How much space you will need
Downsizing has its perks, but you don’t want to move into a home that’s too small for your needs. When determining how much space you want, you should take your lifestyle into account. Do you have a hobby that might require a garage or an extra room?
Do you and your spouse like to entertain guests? Living in a home that is too small will be frustrating, so it’s a good idea to be realistic about how much space you need.
Why you should plan carefully
Moving can be expensive. While you can save a lot of money in the long run by downsizing, it’s still a big investment of your time and money.
You have plenty of time to mull over the details. Check out a few different places and come up with a list of criteria for your ideal retirement community. On top of that, everyone in your household should be on the same page. Otherwise, you may find yourself in conflict with your spouse or other family members.
Enjoy a more comfortable retirement by downsizing
As you grow older, you might find that you don’t need so much space in your home. By moving to a smaller property, you can save money and make the most out of your retirement.
However, like all big decisions in life, you shouldn’t be impulsive about downsizing. You have plenty of time to plan, so you must make sure to think long and hard about all of the important details before making any decisions.
As a resident of any Springpoint Life Plan Community, you’ll not only enjoy spacious, maintenance-free independent living apartments, cottages, or villas with all the amenities, you’ll have the comfort of knowing your plan for future senior care is secure. Come discover the right lifestyle for you!
