The Benefits of Downsizing for Retirement
There’s a good chance you’ve been looking forward to retirement, regardless of the age you decide to actually retire. Well, the time has come, and it’s up to you to make the most of it.
Downsizing for retirement is a serious consideration, especially with the expensive to maintain, oversized houses that are often favored in the United States. If you find your house is too big, too much to take care of, and too full of stuff you no longer need, downsizing into a luxury retirement living community can turn your lifestyle into one of simplicity and enjoyment.
If you’re still living in the house your family grew up in, it’s a difficult decision to make that requires some time to weigh the pros and cons of downsizing. Consider, how do you want to spend your retirement? What are some things you wish you had more time for? What makes the most sense, financially?
Let’s take a look at some of the benefits of downsizing for retirement.
The Finances Behind Downsizing for Retirement
Owning a home comes with a multitude of expenses: mortgage payments and interest, tax payments, maintenance costs, and often larger utility payments. If you live in a house designed for your entire family to occupy, downsizing can cut down those monthly expenses. Plus, there’s a good chance you have a decent amount of equity that can be added to your savings and investment accounts to cover unexpected future expenses, like medical bills.
De-stress In Retirement
Take a look around and see all of the stuff you have cluttering up spaces. Most Americans are great at holding onto items that we may not ever need again – so much so that there are storage units popping up everywhere.
Downsizing is a great excuse to get rid of the stuff we’ve felt too guilty to part with. If you haven’t used it or thought of it in six months, good chance it’s just taking up space.
Start with putting together a mementos box for each child and hand them over to them. They’ll probably get a kick out of going through the box and they can choose what to keep and toss… at their own home. Family keepsakes you can’t stand to see donated can be offered up to family and friends who may love to have them in their homes. Everything else can either be put up for sale in a garage sale to fund your next adventure or donated to an organization that can use them.
Organizing your life is a great way to reduce stress and make it easier for you to clean; and less stress means a more enjoyable retirement.
Home Prices Are Way Up
Most cities and towns in the country are in a home inventory shortage, which means it’s a seller’s market. Homes are selling at above list price, with buyers paying the closing costs and waiving inspections and appraisals. Not only that, but the homes are also typically under contract within days.
People are relocating after a year of pandemic restrictions, many moving from the cities to the suburbs searching for more room. Some areas – including around Phoenix and its suburbs – home values are shockingly higher than they were even a year ago.
Reach out to a local real estate agent, or a few, to discuss what they think your home might be worth. Chances are, they may already have buyers who are looking for something similar to your house. If you’re looking to downsize into an active senior living community with less responsibility, the market now is a great time to get a great price for your home and close the sale quickly.
Quality of Life Benefits to Downsizing
Downsizing in retirement offers much more than extra money in your pocket; it can help improve your retirement lifestyle.
Home maintenance is a time suck, especially when you’d rather be doing something else. Endless dusting, mopping, and scrubbing takes hours each week. Plus, there’s yard work to consider and home repairs that may need to be done.
Those hours each week could be used making new friends, taking a class, or learning a skill. Or, you could use them to discover more about yourself. On average, retirees spend seven to 10 hours hanging out alone, according to a recent study. Living in an active retirement living community gives you the opportunity to have your quiet time when you want, but be active and find good company when you’re ready for some social engagement.
In addition to the benefit of having neighbors ready to hang out nearby, our luxury senior living communities also provide cleaning services. Say goodbye to hours spent keeping your place dust-free! Now you can use that time to discover the gourmet dining opportunities nearby.
Accessibility Options in Retirement Living
Moving around can become more difficult as we get older. Bones become more brittle, our coordination is often a concern, and balance can become an issue when it was not before. Or, we could have an accident and need help moving around. Living in a home not built for accessibility assistance items, like walkers and wheelchairs, can make it even more difficult to move around.
Downsizing to a home that has wider doorways and is built with the challenges of aging in mind provides more options for someone who finds themselves in need of assistance. Whether you’re ready for it now or not, retirees have the option to add assisted living to their in-community services when everyday tasks become too much to handle alone.
More Flexibility When Downsizing
Are you ready for more flexibility in retirement? Downsizing may help give it to you. Worrying about the value of your home in the midst of an economic recession can be stressful, especially when you were planning to use the equity to help fund your retirement. Plus, you can travel freely without worrying about burst pipes, roof leaks, or having someone check in on the house regularly.
Luxury senior living provides the comforts of home with added security and less stress about maintenance on your home.
Focus on Your Priorities in Retirement
What does your ideal retirement look like? Is it mowing lawns and trimming bushes? Spending thousands to repair or replace your air conditioning in the middle of summer? Chances are, that’s not it.
Whether you want to travel or have time to attend classes, make new friends or try new foods, downsizing for retirement provides you the free time to do just that. Get out from under the stress of homeownership and give yourself much more time, and space, to do what you love.
You’ll find more time to enjoy fitness classes and distance learning classes to keep yourself in peak mental and physical shape. Discover the time to visit with friends and family as often as you can. Learn the new skill you’ve been wanting to when you’re not spending several hours each month with home maintenance.
Make your retirement dreams a reality and liv well when you make the move to a luxury senior living community.
Is Downsizing for Retirement the Best Choice for You?
Take an hour or two out of your week to discover what luxury retirement living really means. Change can be difficult in your retirement years, but you’ll be glad you did once you get here and meet all sorts of new friends. This news article will give you even more benefits to downsizing for retirement.
Schedule your personal tour of our North Scottsdale luxury senior living community and discover what it means to liv fulfilled.