Authored by Libby Howell, a.k.a. “Gamma,” Grandparent.info
A reduced mortgage payment, less home upkeep, and a simpler way of living are just a few of the many benefits of downsizing in retirement. For some, the cons of downsizing could include costly moving fees and a whole lot of stress and worry as you get your current home ready to sell and look for a new place to live. To help you decide whether downsizing is right for you — and for some tips on finding the right home for your golden years — read on!
What to Consider Before Downsizing
Before deciding whether to downsize your home in retirement, keep these considerations in mind.
- Discover seven unexpected perks of downsizing in retirement, like less stress and a home with greater accessibility.
- Find out how much you can earn selling your current home by using a home value estimator.
- When determining how much you can spend, consider how much you can put down and your monthly expenses.
Find a New Place to Live
If you’re going to downsize in retirement, these resources will help you to find the perfect home to grow older in.
- Research some of the most affordable places to retire.
- Hire an experienced and trustworthy real estate agent to assist you in selling your current home and finding a new place to live.
- If you’re interested in apartment living, visit sites like Rent.com and filter Tempe apartments by price, number of bedrooms and bathrooms, and more.
- Compare your other housing options, such as a retirement, independent living, or assisted living community.
Plan a Hassle-Free Downsize
As you get ready to move out of your current home and into your new house, condo, or senior living community, these tips will help to take some of the stress out of this oftentimes overwhelming process.
- Make a checklist at least two months before moving day and check each item off as you complete it.
- Declutter each room in your home.
- Search for local movers, compare customer reviews, and meet with several potential companies before making a decision.
Downsizing isn’t right for every senior, but it could be a great option for you if you live in a home that’s too big and you’re looking for less space and fewer bills in your Golden Years. By downsizing in retirement and moving into a smaller, more affordable home, you’ll live more simply as you grow older — and you’ll save money in the process.