The home you bought to raise your family in was probably just the right size. However, as you head into retirement it might be that the home is too big. This is where the issue of downsizing comes into play. Downsizing is all about making your living environment manageable while maintaining your quality of life.
Are you ready to downsize?
You might be if any of these things are happening:
Upkeep is a Struggle
Maintaining your home is not just about mowing the lawn and tending to the garden every week. Those are important tasks but so is keeping up with all the other repairs. The older the home, the morel like things will start needing to be replaced. That can mean everything from the roof to the HVAC systems. Getting out now can prevent you from using up a good portion of your retirement savings on those big renovations and repairs.
The Kids Have Move Out
A big home works great for a big family. Ironically, the goal of all parents is to raise their kids so that they can move out on their own. When that happens, the home can feel really big and empty. If your kids live close by, then there is no need to keep their rooms open for overnight stays. If they’re farther away, then maybe you should think about visiting them for special occasions!
Space Isn’t Being Used
How many rooms in your house are being actively used? You might have a second living room or a home office that simply aren’t needed. Why pay for rooms when they’re not in use?
It is Retirement Time
Retirement means depending on your retirement savings. It also means taking it easy. You should stay active in retirement but that should mean fixing the house. Downsizing can set you up in a home or community where all the maintenance is taken care of for you. Wouldn’t that be nice?
Navigating the Home Is a Challenge
A big home usually means stairs. Those can simply become hard to navigate the older we get. You don’t ever want to get to the point where you aren’t sleeping in your own bed because you can’t climb those stairs.
Your downsize move can put you in a neighborhood where there are eateries, shopping, and museums all within walking distance. It can also provide you with the kind of financial nest egg that will have you embracing retirement without worries.