How do you know when to Downsize?
It is often a hard decision to know if you are ready to downsize. By answering the few questions below, you’ll get a clearer idea of when the right time is for you or a loved one.
Are you having to rely now on a fixed income or starting to think more about the financial benefits you could realize if you downsized?
Most retirees are on a limited income and often have other costs that are less predictable like healthcare and home repairs. Reducing expenses by moving to a smaller home, allows savings on mortgage payments, home insurance, property taxes, utilities, and maintenance. Improving your cost of living while not depleting your savings, is a desirable retirement goal and can lead to debt free livelihood or attaining travel desires.
Is your home logistically working for you or against you?
Features in larger homes often no longer fit senior lifestyles and can also be more hazardous as we age. For example: stairs, basements, outdated bathrooms, home offices, and long driveways or sidewalks. Moving to a one-level-home, or at least a main floor primary bedroom/bathroom suite, allows you to age in place easier and safer.
Do you wish your lifestyle was more simplified?
By downgrading your belongings there is less you’ll have to maintain. As we age, taking care of things becomes harder and often leads to hiring out for home maintenance, landscape issues, and cleaning services. Downsizing and decluttering make life easier, safer, and less stressful.
Is your family far away or close by?
Many retirees choose a home location based on family and relative proximity. This can often be for budget reasons, better weather climates, or wanting to be close to grandchildren and their activities.
Most older adults will downsize. It’s important to decide when, where, and how you want to live. Who can best assist you towards this new chapter in your life, is critical to a successful move. A SRES (Senior Real Estate Specialist) Realtor is certified in exactly these areas and as your trusted advisor can guide you step-by-step through this next phase of your journey. They can listen and support your choices with up-to-date senior housing trends, smart home adaptations, and suggest a variety of choices to address your families’ future needs.
Wishing you good health and newfound freedom as you downsize toward your retirement dreams!
Written by: Debbie Gurley, Managing Broker, CNE, SRES
For those who want to sell their home in Aurora, Geneva, Batavia, St. Charles, Wheaton, Naperville, IL, get in touch with the real estate experts at Miscella Real Estate. Their agents will guide you through every step of the selling process from pricing to closing. Call them today at (630) 232-1570 or email info(at)miscella(dotted)com.