Making the decision to move from your family home is not an easy one to make. Yet, the benefits that you can receive from downsizing your home as part of your retirement is hard to ignore. In this article, we discuss the considerations to keep in mind when downsizing your home as part of retirement.
Moving To A Smaller Home: Is It The Right Option For Your Retirement?
Many retirees look at the possibility of downsizing their home as they begin to age. Although for many the thought of leaving the home that they raised their family in is a difficult one, staying in a space that is too large for your retirement needs may not be ideal either. Whether you have concerns about your ability to maintain your current house as you age or are looking to save more for your retirement fund, downsizing your home could be the perfect option for you.
If you are considering moving to a smaller and more manageable property, there are a number of factors that you should take into consideration. Most importantly, you must be sure what your reasons for moving are. It is recommended that you set yourself financial and lifestyle goals that you would like to achieve while downsizing. For example, if you wish to save on monthly mortgage payments keep this in mind when buying a new home. Or, if you being close to your family is important then let this help you determine the right location.
The Pros And Cons Of Downsizing Your Home As A Retiree
Moving during retirement is a massive undertaking and one that shouldn’t be done without the proper planning. Like with all big life decisions, there will be a list of pros and cons for downsizing your home as a retiree.
Many individuals find that the hardest aspects of downsizing a property include loss of space for storage or entertaining, the stress of moving and inevitably the emotional aspect of leaving behind your family home. This is a big change and will require time to get used to which is often off-putting for some individuals. While this is all part of the downsizing process, it is the benefits that will make it all worth it.
There is no denying that moving to a smaller property in your retirement years will help you save financially. By reducing or eliminating your mortgage, this will free up a great deal of flexibility in your monthly budget. Many retirees use these extra savings to travel, take up a new hobby or simply spend more time doing activities with their family.
Downsizing your home will also make home maintenance and upkeep a lot more manageable which is important. As we age, our bodies will begin to slow down and our mobility can be affected, making the cleaning of a bigger property more difficult and time-consuming. A smaller home can also feel more cosy and comfortable as the years go by leading to a simpler way of living.
How To Make Sure Your New Home Is Accessible
When looking to move to a smaller property, many retirees forget to consider their future accessibility needs. It is important to ensure that you will be safe in your new home as you age. Consider looking at a one-floor property to prevent any fall risks when walking down a staircase. Or, determine whether the door frames in the house would be large enough for a wheelchair to go through them.
Planning correctly for your future and taking accessibility considerations into account when buying a new property will help you to ensure that your new home will be appropriate and safe as you age. A safe and accessible home can do wonders for helping you enjoy your later years to the fullest.
Aging In Comfort: Enjoying Your Retirement Years
Downsizing your home can provide many financial and lifestyle benefits that will help you enjoy your retirement years to the fullest. Although it can be hard to say goodbye to a family home that you have loved for years, the downsized property is a new chapter for even more happy and exciting memories.