Are you getting ready to retire? Retiring is an exciting yet nerve wracking time in a person’s life. Or perhaps you’re looking to work for a few more years. No matter how you are looking to spend your golden years, there is a lot to consider. For example, have you and should you consider downsizing? Downsizing is when you move into a space that is smaller than where you currently live. Some people downsize from a big house to a smaller one or to an apartment or senior living complex. So, let’s get down to it! Should you consider downsizing in your golden years? Keep reading to find out!
Benefits of downsizing
There are many benefits of downsizing. One of the most obvious benefits is that you will save with fewer expenses. You’ll save money on your mortgage, utility costs, and insurance. Maintenance and upkeep on the home will be costs that you can cut back on, as well.
While downsizing, you can go through any unused items in your home and get rid of them. Your space will feel more organized and cleaner. Any items you’ve kept over the years that have accumulated will be decluttered.
You can spend more time focusing on activities you want to do. With less money going to bills and maintenance on your home, you’re free to pursue more hobbies you like to do. You will even have a chance to pick up new hobbies and skills!
If you downsize, you can also sell your home and move to anywhere else you’d like to! Maybe you’ve always wanted to move to an international country or move to another state, now you have all the freedom to. Relocating gives you the opportunity to explore new things and opportunities during your golden years.
Downsizing comes with some great amenities, as well. If you move to a townhome or a condo, these living spaces have amenities such as maintenance upkeep. Living spaces like these also sometimes have gyms, pools, and community activities.
Disadvantages of downsizing
Just as there are benefits of downsizing there can also be some disadvantages. Factoring in these disadvantages will help you to clarify and give you peace of mind when it comes to deciding if downsizing is for you. One of the disadvantages of downsizing is the cost of selling a home. Selling a home has many moving expenses. Whether it be home repairs you need to make, closing costs, moving costs, etc. These expenses can add up quick.
You may be sold on the idea of buying into a condo or apartment instead but remember that those can have fees, as well. There are fees for covering your trash, utilities, and maintenance. As well as sometimes a deposit. Sometimes there are Homeowner’s Association fees that will be involved with an apartment or condo.
You may begin to miss your old home more than you thought. After living in a home for many years, there are so many memories built up in that place. Your home may have been where you raised your family, hosted family and friends, and made renovations. You may not even realize it until it’s time to move that there is a strong emotional tie. Afterall, there’s no place like home.
You will likely not have as much space and/or privacy when you downsize if you move into an apartment, condo, or smaller home. If you move into a condo or apartment, you are very close to your neighbors and don’t have that same sense of privacy. If you downsize into a smaller home, you may feel like you do not have enough space.
Is downsizing for you?
After taking into consideration all the benefits and disadvantages of downsizing, is downsizing for you? Downsizing is a personal choice that each person must make in their golden years. Perhaps the amount of work to downsize to get some less expensive maintenance and mortgage bills are worth it to you. Perhaps they are not, and the disadvantages outweigh for you. Whatever you choose, think it out and decide what is best in your situation!