4 Benefits of Downsizing Your Home When You Reach Retirement
By Anica Oaks
Retirement is a fresh start. It’s your time to do all the things you always wanted to do but didn’t have time for because you were working or raising a family. But if you’re living in a big house filled with stuff, you may find you’re just as tied down as ever. Here are four benefits of downsizing your home when you reach retirement.
A smaller home means less expenses. If you go from owning to renting, you eliminate property taxes and maintenance and repair expenses. You’ll also lower expenses by foregoing homeowners insurance for renters insurance. Monthly expenses like electricity will also be lower in a smaller place. This all means you’ll have more money to travel or do other things you want to do.
Taking care of a large home takes time. There’s cleaning and regular maintenance. There’s repairs to the roof, foundation, and other parts of the house. There are more bills to pay, which also takes time. If you want to save money on homeowners insurance or other expenses, it takes time to shop around and research your options.
If you move into a smaller home, you’ll spend less time cleaning. If you rent an apartment, you’ll let go of maintenance and repair duties so a property manager can handle them instead. This all gives you more time to enjoy your retirement.
More Privacy Yet More Security
If you live in a large home, and you fall or someone breaks in, no one may know you’re in trouble. On the opposite end of that spectrum, you may find that family and friends often invite themselves to stay with you when they come to town.
Trade big houses for two-bedroom apartments, though, and you gain the security of knowing that neighbors are close at hand to help out if you end up in trouble. And with just two bedrooms, you have enough room for grandkids to have a sleepover or invited guests to stay – but less chance someone will invite themselves or overstay their welcome.
Easier to Relocate
When you own a big house, you’re pretty much stuck where you are. Unless you can sell, you can’t just pick up and move for a change of scenery. But if you rent a smaller place, all you need to do is wait for the end of your lease to pack up and seek out the next adventure of your life.
Retirement is a chance to live the life you want to live. It’s much easier to do that if you don’t have a big house and a bunch of stuff tying you down. Downsize to a smaller place and enjoy the freedom to explore your life and even the world.