Retirement is part of life that you work so hard to get to. but it also comes with its challenges. It can be emotionally taxing to look around your large family home that holds so many memories and see that your kids are all off on their own with their families making memories. Financially you can be left with a very large mortgage and higher monthly bills and maintenance costs due to a home that is larger than you need. Downsizing your home can be an en excellent way to start fresh and remove some of these challenges. It can be a very rewarding change with some great benefits for you. Let's take a look at why you should downsize your home in retirement
A smaller home will have less space to care for. This means your mortgage will be less expensive and your utility bills will be as well. There will be less for you to maintain and as a result, your home insurance rates will be lower too. A smaller home will cost you less in its initial purchase price but also in the long run of caring for the home.
Reed Melton, Bend Oregon Realtor says, "One of the hardest parts of returning is that your income may be a bit tighter than you expected. If you downsize then you might be able to gain a large profit from the sale of your home even while purchasing a smaller home. If you buy a smaller home within a community that offers amenities you are looking for too, you may save on what you had been paying for in regards to your fitness center or even transportation."
A smaller home will generally come with a smaller property tax bull. This all depends on where you live and the current tax rates but you can save a considerable amount of money by purchasing a smaller home.
"A smaller home will come with less maintenance for you," says Michael Friedmann in Catskills Real Estate. "This is regarding the outside and inside of your home. There will be less to clean. less maintenance means you will have more time to enjoy this phase of life without worrying about the upkeep of your property as much. There is a lot of stress that comes with maintaining your home and smaller square footage will greatly relieve you of that stress."
Location is really important as you age. Your physical and social needs change over time and by downsizing you can move yourself to a location that provides you with your needs and keeps you close to your family. You can move across town or even to a different state if you desire. Location is important and making sure you are near your desires and needs is very valuable as you downsize.