Retirement is a time to relax, travel, and spend time with your loved ones. It is also a great time to evaluate how and where you want to spend the next few years. If you are an empty nester and it is just you and perhaps a significant other, you may come to think that you do not need as much space as you used to. Maybe there is not a need for a two-story home anymore.
Your large home may have unforgettable memories over the past years, but when you retire, you have other costs to consider and may want to make that rent money last a little longer. Ask yourself, is there a need for that extra space in your home anymore? To help you decide, keep reading to find a list of some of the reasons to downsize after you retire.
1. Save Money
For some people, saving money may be the only reason they need to hear. Retirement is a time where you want to make your money stretch. Downsizing can save money in many ways. It can lower your utility bills, maintenance requirements, and rent payment.
If you downsize from a bigger home to a smaller one, you can sell furniture and items you will no longer need. Selling some of your home’s items can put some extra cash in your pockets. Calculate how much you spend on your home right now with rent, utilities, and other factors that may be attributed to your home. See if you are comfortable with what you are spending or if you are interested in looking around to downsize for a lower price.
2. Minimize Cleaning Time
Downsizing means less space in your home to clean. You may have unnecessary stuff in your house that makes cleaning a hassle. As some people age, they will not want to keep up with the housework of a large home. If housework stresses you out, that is an excellent reason to make the downsizing switch. You may not want to think about sweeping, vacuuming, or mopping large areas of space if you don’t have to.
3. Ease of Navigating the Home
Downsizing into a smaller square footage home calms the ease of navigating around it. For example, downsizing into a one-story vs. a two-story home saves the ease of not having to go up and down the stairs. Moving into a home where the living room, kitchen, and master bedroom are all close together will make it easier to locate things you need and not go on a goose hunt for them.
4. You Plan on Traveling
If you plan on saving money so you can travel, downsizing can save you some extra cash. Many seniors choose to travel during their retirement. With so much free time and fewer responsibilities, you have time to go anywhere you want. Maybe you’ve wanted to go on a European tour for a few years; retirement is the time to make that trip! Traveling can be pricey, so to save a little bit more cash, you can investigate downsizing into a home with less expensive rent. If you’re not going to be home all the time, why pay so much for rent?
5. You Own too Much Stuff
Is there too much stuff in your home? Do you walk around and bump into things? Perhaps you have collected items through the years, and it’s piled up more than you thought. When you downsize, it allows you to sell or get rid of everything you do not need. Most people, when they move, do not want pack to up and carry a whole bunch of stuff into another home. It is tedious, heavy, and if you get someone else to move it, it can be expensive.
Downsizing is a big decision to make; there is a lot to think about when it comes to deciding if it is the right choice for you or not. Ask yourself if the reasons above are enough for you to downsize. Also, consider your budget and what you pay now for your current home and decide if downsizing will save you any money in rent. These are questions you will want to focus on to determine if downsizing is for you or not.