Many people begin to think about downsizing after reaching the age of 50. Mainly because by this time kids have grown-up and may even have moved out of the house. The house may seem too big now with a lot of chores to attend to. It may make perfect sense to get a smaller place now and not worry about the many tasks that come with owning and maintaining big house. It’s not uncommon that many people spend 80% of the lives in 20% of the house. Below are some benefits of downsizing:
More money in the bank: Smaller house costs less in terms of mortgage and utility expenses. You can save that money to boost your retirement savings.
Saving money on repairs: If you have decided to move to an apartment or rental property, repairs are paid by the owner of the property.
Flexibility: Renting provides flexibility in the sense that you can try different places to live before deciding on your favorite one.
However, downsizing may not be a really simple process and there are several issues to consider before making a decision.
55+ Active Communities: The question you should ask yourself if you are looking for a smaller house or are willing to move to an apartment. Depending on your health, if you are physically active and would like to have many amenities nearby, there are 55+ active communities in many areas which provide the residents with ton of sporting activities and entertainment.
Apartment: If you don’t want much physical activity due to a health condition and limit the chores that are associated with owning a home such as lawn care, home maintenance issues etc. , living in apartment can be really good choice.
Assisted Living Facility: These facilities allow peers to live in close proximity and offer meals, housekeeping assistance and activities for residents. Most of them also provide memory care for individuals with Dementia or Alzheimer’s.
Nearby Amenities: If you have an area in mind, look at how far are the shops, medical facilities and other places for socializing.
Tips for selling your home
• Many people choose to also sell their furniture along with the house so they don’t have to worry about moving them. It also adds value to the house and gives a chance to the seller to add some money in their pockets.
• If your furniture is really outdated, it’s best to not sell it along with the home.
• De-clutter your house to make it more attractive.
• Another low cost option is to purchase slip covers to give new life to the sofas.
• Make sure every room in the house addresses a purpose.
• A spare room with junk will not help in selling a home.
• A fresh coat of paint can work wonders.
What to look for in your new place?
Think about many years ahead when deciding on a new home for yourself and your partner.
• Bed and bath facilities on one level. (most important)
• Wider hallways.
• Fewer steps to front entrance.
• Low maintenance.