7 Reasons You Should Consider Downsizing for Retirement
At whatever age you decide to retire, chances are you've been looking forward to this moment for a long time. Now that the time is finally here, are you making the most of it?
Many Americans seriously consider downsizing for retirement. If you find yourself living in a house that's too big with a bunch of stuff you don't need, downsizing allows you to transform your life into a more enjoyable, simplified experience.
After decades of living in the same house, , the decision to downsize isn't one you make overnight. It takes a lot of time and thinking about what you want, how you want to spend your time, and what makes the most sense financially for you.
Are you wondering why you might want to downsize as you approach retirement? Let's take a look at seven compelling reasons.
1. Financial Benefits of Downsizing for Retirement
It's incredibly costly to own and maintain a home, especially if you have a mortgage on the home. If you are living in a house that you initially bought for a big family that is now all grown up, you could significantly reduce your monthly costs by downsizing. In addition, downsizing could free up any equity currently tied into your home, giving you extra money for your retirement savings or unforeseen medical expenses.
Whether you are deciding between luxury retirement communities or RVs to travel the country in, you can end up with more money to put towards enjoying your retirement.
2. Eliminate Sources of Stress
Most Americans accrue a lot of things over the years. Our garages, storage units, and basements are packed full of stuff that we probably haven't thought about in years.
When you downsize, it's an opportunity to relieve yourself from the burden of too many physical belongings. You'll discover just how freeing it is to declutter and keep only the things you want and need. When you clean out the clutter, you'll realize just how much more headspace you have.
Pass on childhood memory boxes to your kids – they'll get a kick out of going through their old stuff and will decide what's important to them. Family treasures that are packed away can be given out to friends who will continue to enjoy them. Anything you're ready to get rid of that isn't getting passed on can be donated or sold in a garage sale.
Downsizing is a path to organizing your life. Being organized can significantly reduce your stress, allowing you to fully enjoy your retirement.
3. Take Advantage of the Current Real Estate Market
In many places in the US right now, home prices are up and they're selling within days. Due to low interest rates, historically low inventory, and an increase in people relocating, the market is currently most beneficial for sellers.
Depending on your location, you might find that the listing prices for homes are shockingly higher than they were even a few years ago.
Consider reaching out to some real estate agents to ask them how much your home might sell for in this market. They might even already have potential buyers in mind. It's possible that you could turn your equity into cash during this hot market and put that money to better use.
4. Improve Your Quality of Life
Downsizing isn't just about saving money. It's also about improving the quality of your life in retirement.
Do you ever think about how much time you spend maintaining your home? The dusting and mopping thousands of square feet, scrubbing three or more bathrooms clean, and worrying about appliances breaking take up a lot of your precious time. What would you do with a couple of extra hours a week? Would you spend it with family or friends, or maybe discover a new hobby?
According to a recent study, retirees spend seven to 10 hours by themselves when they live alone. Moving to a luxury retirement community gives you the option to socialize and find new friendships as well as new activities to keep you engaged.
Additionally, residing in a luxury senior living community gives you more time by providing optional cleaning services. Plus, you'll find group activities, new classes, and gourmet dining that's healthy and delicious.
5. Live in an Accessible Home
As we grow older, it can get more difficult to manage everyday tasks. The house that you have lived in for many years might become more problematic when you need assistance to move around. Narrow stairs, dark hallways, small door openings, and slick bathrooms can be challenging to move through and a fall hazard.
Downsizing to a luxury retirement community means having the option to partake in independent living or assisted living services when you need extra assistance with everyday tasks like bathing or going to the bathroom.
6. Embrace Flexibility
One of the major benefits of downsizing is that it gives you way more flexibility. You don't have to spend time worrying about whether the housing market will crash, and you'll end up underwater on your mortgage. You won't have to keep putting off your travel plans because you're worried about leaving your big home unoccupied for too long.
When you choose a luxury senior living option, you aren't tied down by your home. At independent living facilities, you get to enjoy all of the comforts of home without ever having to think about maintenance.
7. Take Back Your Time to Focus on What You Care About
Do you want to spend your retirement mowing the lawn or spending your hard-earned money on a roof repair? There's a good chance that isn't your ideal picture of retirement.
Downsizing is a ticket to your own time. Whatever your interests and priorities are, downsizing will allow you to shift your focus towards them by freeing yourself of your too-big house and your too-plentiful possessions.
You'll have more time to engage in physical activity to keep yourself healthy, more time to spend with children and grandchildren, and more time to finally work on that project you've wanted to work on for decades. Have you always wanted to do some traveling? If so, downsizing can help make that dream a reality.
Downsizing For Retirement: Is It Right For You?
If you're considering downsizing for retirement, come discover what luxury retirement living can do for you. Making a change in your living situation as you approach retirement can feel like a significant shift. However, by downsizing, you can access levels of enjoyment, peace, and comfort that might be pretty difficult to obtain otherwise. You can find more benefits to downsizing for retirement in this news article here!
Are you interested in the luxury senior living options in Scottsdale? Schedule your personal tour here!