Should You Consider Downsizing for Retirement?
From the time you start working, retirement becomes this elusive goal that you’re looking forward to. If you’re like most, you’re probably creating a mental list of things you want to do when you retire and have the time from a very young age. If you had to create a picture of what retirement looks like, what would it include?
Downsizing for retirement becomes a pretty serious consideration after looking around and seeing the empty space that is no longer filled with family as you get older. It can be tough, though, to make the decision to downsize-especially if the home you live in holds a lot of great memories. There are great benefits to moving someplace that doesn’t need as much upkeep, and we’re going to talk about them below.
Downsizing Can Make More Financial Sense
If you own a home, you know the monthly costs can add up quickly. Mortgage payments and taxes, utilities, and then add on a housecleaning service and yard maintenance if you’re not able to do them yourself. But why are you paying to heat and cool a 3000 square foot house when you’re not using the entire house?
Downsizing in retirement often means getting more bang for your buck, especially if you’re moving to a luxury retirement community packed with resort-style amenities and activities.
Destress Your Retirement Life
Having extra boxes and overfilled closets around your home can be stressful, especially in your retirement years. Most people in the United States are really good at keeping things just to keep them and rent out extra space to accommodate everything.
You’re going to have to declutter at some point and pass some things on. If you’ve been looking for the excuse to make your move, downsizing in retirement is probably the best one out there. As you go through your home, and maybe storage unit, make piles of things to take to your kids’ homes (one for each child), a stack of family treasures to offer to family and friends, and another place for items that can be donated to a local shelter. You’ll feel great passing on what you’re no longer using.
When your life isn’t crammed with stuff, you have more space to worry about which activities you’re going to choose for the day in your new active senior living community.
Cash Out the Equity in Your Home
If you’ve been following recent real estate trends, you’ve seen the real estate market growth over the past year. Fueled by low interest rates, low inventory, and a desire to live where they want, there is a shortage of available homes on the market. Homes are under contract in a matter of days and are often selling above list price.
This hot market for sellers means it could be a great time for you to downsize for retirement and cash in on the equity from your home. Any money left over could be used to fund your new retirement living lifestyle, travel you’ve been wanting to take, or even the car you’ve always wanted to drive.
Before listing your home, interview several real estate agents to get a better idea of what your home could sell for, compare that to your outstanding mortgage to see what the inflow of funds would do for your retirement.
Better Quality of Life
When you downsize for retirement, you’re not just hoping to save money but to improve the quality of your retirement life by eliminating a point of stress.
Home maintenance takes up quite a bit of time. Have you ever thought about all of the hours each week you spend cleaning and taking care of your house? Scrubbing bathrooms and trimming plants can take hours that you could spend doing something more fun.
Spending your retirement life in an active senior living community comes with perks like optional cleaning services to save you time, on top of more reasonably sized spaces to maintain yourself. If you’re looking for an easy way to increase your social life, you’ll also discover a multitude of community events and activities to partake in.
A recent study noted that seniors who live alone end up spending seven to 10 hours by themselves every day when they live alone. Loneliness can have an impact on mental and physical health. Regular, meaningful interaction with others can help ward off loneliness.
Most homes aren’t equipped to handle the accessibility concerns that can happen as we age. Doorways are too narrow, stairs become a fall risk, bathrooms aren’t equipped to handle those with mobility concerns. Retrofitting a home can be costly and messy. Downsizing to a resort-style senior living community means having a home designed with aging seniors in mind.
Live in independent living or add on assisted living services as situations arise where you need a little extra help with everyday tasks.
Add Flexibility to Your Lifestyle
When you downsize for retirement, you gain flexibility in your life. You’re not worrying about leaving your home for too long on an extended trip. Plus, you’ll have the equity from your house instead of worrying about another potential housing market crash that can leave your home underwater.
Active senior living communities provide a lifestyle that isn’t restricted by your home. You get resort-inspired living and activities, plus the freedom to travel worry-free.
Discover More Time for You
What do you want to do during retirement? If your ideal retirement involves paying for costly home repairs or hours spent on yardwork, owning a home is a great option. If the retirement you envision is filled with more time for visiting friends and family, taking on new hobbies, and learning new things regularly, downsizing for retirement is a great option for you.
Having more time in retirement gives you the ability to focus on better physical health, better mental health, and reaching your goals. Spend your extra hours doing what you want to do instead of managing your home.
Downsize to a Luxury Retirement Community
When you’re ready to make the jump to the retirement lifestyle you deserve, schedule a tour with LivGenerations Agritopia. Nestled in a local-favorite neighborhood filled with farm-to-table restaurants and community gardens, our community provides hotel-inspired amenities and gourmet dining that’s good for you. We look forward to showing you what luxury senior living can do for you.
Looking for more reasons to downsize in retirement? Check out this news article!