Approaching one’s retirement years can be a very exciting time. You’ve made it through your work years, you’ve raised a family, the kids have left the nest, and you’re finally ready to enjoy more time at home and doing the things you’ve been waiting your whole life for. However, you may find that your current home does not fit your new lifestyle. It’s too big, too much to maintain, and too expensive. If that is the case, it may be time to think about downsizing to a smaller home that will better suit your lifestyle.
Determine What You Need in a Home in Retirement
If you’ve been living in your home for many years, it can be challenging to make a significant life change like selling your home. Your current home is full of memories, and your neighbours have become close friends, which can make it hard to leave. But you may recognize that as you’re getting older, it is getting more difficult to maintain a large home with a yard, leaving you with little time and energy to enjoy your retirement lifestyle.
For those approaching retirement, the number one reason to consider downsizing is to be closer to loved ones, friends or relatives. Downsizing could allow you to move closer to a child living in another city of province, or live someplace that is more easily walkable to amenities nearby, or find a smaller and more cost-efficient home that frees up some money to take that trip you’ve always dreamed of.
The bottom line: If you believe that downsizing will help you live a life that is easier on your health and more enjoyable for your retirement years, then it’s time to consider what your next home will look like for you.
Save Money by Downsizing to the Right Home
There are many practical reasons that downsizing can be a wise choice for your retirement years. A smaller home means that your monthly bills will be lower, because you’ll use less energy to heat and cool your home. You won’t have to spend as much time cleaning and maintaining the house and yard, leaving you more time to do the things you want to do.
If you have the money upfront, you don’t necessarily have to sell your home. Your current home can be rented out to provide an extra source of income, giving you more than enough income to pay for your new home and enjoy an additional source of income.
The ideal home for your retirement years should be affordable, easy to maintain, and safe from intruders and potential accidents. Staying safe in your home while living your retirement years stress-free can help you live a long, happy life.
Stay Organized While Downsizing
Once you’ve decided to downsize, be prepared for a lot of work initially. You’ve built a whole life in your current home, and you don’t need to sort through everything in one day. Give yourself time to carefully consider what you want to bring to your new home and what you want to leave behind.
You’ll have to go through all your possessions to determine what needs to be kept and what can be given to loved ones, donated to a local thrift store, or thrown away. Be ruthless – your new home will not be able to accommodate everything that you currently own, so you need to get rid of the items that are less important to you.
Consider renting a storage space during the moving process if it is helpful. It may be that the moving dates don’t quite line up, or you need a little bit more time to sort through your possessions, so a storage facility could be beneficial while you transition to your new home.
Once you have packed up and moved, your new home will be ready and waiting for you to decorate it and make it yours. You may find that some oversized items may not properly fit in your new home, so feel free to treat yourself to new pieces you love. There are many ways to make a smaller home work for your lifestyle.
If you are newly retired and looking into the possibility of downsizing your home, talk to a real estate agent today. They will walk you through the process of downsizing and make it as easy and stress-free for you as possible while you move into this new phase of your life.