The Benefits of Downsizing Your Home in Retirement
For most people, there’s often a lot that needs to be done to make sure they’re all ready for retirement. Finances are often the biggest thing, but they’re far from the only item on the list. In many cases, downsizing the home makes the list too. That can be tough, given all the memories and experiences you’ve had in your home up to that point, but there are some real benefits from doing so.
The Benefits of Downsizing Your Home in Retirement: Less Space to Clean
Getting around gets harder as you get older. So does bending down. Both of those are things that you have to do a lot when you’re cleaning your home. If you’ve had a bigger home and downsize to a smaller home, there should be less space that needs cleaning. Fewer rooms to clean can mean less time spent cleaning and more time spent on anything else you want to put it towards. Just make sure you downsize your belongings too. You won’t do yourself any favors if you clutter up a smaller home with too many things.
Buy Your Home in Cash
Most homebuyers have to take out a mortgage in order to pay for a house. If you’ve built up equity in your home and intend to sell it to downsize, you could have the unique opportunity to buy your new home with cash. Buying your home with cash means you don’t pay interest for a loan. It also means that you won’t be spending money every month on a mortgage. All that money can go to, well, anything else you want it to instead. Want to travel or spend time on favorite hobbies? Retirement could be the perfect opportunity to do just that.
The Benefits of Downsizing Your Home in Retirement: Lower Ongoing Costs
Smaller homes cost less all around. Any mortgage you have should be less expensive, if you have one at all. They should cost less to heat and cool. Property taxes and homeowners insurance will likely cost less too. Then there’s the maintenance. With a smaller house, you have less that needs to be maintained. You’ll still have to keep up on regular home maintenance, but it should be more manageable in terms of time and money spent, and on the quantity of it.
Many people look forward to retirement as an opportunity to finally enjoy time with loved ones and to slow down for a change. It’s a great chance to simplify your life in all sorts of ways, including the home in which you live. If you find that your home is going to be more than what you need in retirement, downsizing it is definitely worth considering.
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Steelbridge Realty LLC is a Licensed Real Estate Brokerage that utilizes cutting-edge marketing techniques and data-driven Real Estate solutions in today’s ever-changing environment. Our group of professionals have decades of experience and have navigated through many business cycles. Our diverse background gives us the tools to guide people towards successful decisions.