If you’re over 55 years old and have been thinking about a change in your living situation, it behooves you to take action sooner rather than later. The older you get, the more difficult it may become to take care of a larger home. By downsizing, you can save yourself many worries and enjoy your retirement. However, determining when to relocate to a more apt living space is a feat of its own. Consider these five signs it’s time to downsize:
Preparing for Retirement
Many people downsize in preparation for retirement. Moving into an apartment or smaller home can grant you time and spare you hassle. If you want to save money on insurance, property taxes, and mortgage payments, consider moving into an affordable 55+ community with amenities that help you age in peace.
Difficulty Maintaining Your Home
Home maintenance includes updating furnishings, appliances, and other items, as well as paying for anything that breaks. At a certain age, climbing a ladder to fix a broken shingle and mowing the lawn become overly exhausting. For safety concerns and to save money, many people decide to move to a condo or townhome where HOA fees cover most maintenance tasks.
Too Much Space
After the kids move out, having extra rooms may come in handy when relatives visit for the holidays. However, cleaning, cooling, and heating those spare rooms demands expenses you could be saving for other goals. Downsizing to a smaller home can save money on electricity and maintenance costs. Additionally, smaller homes are easier to keep clean and tidy.
If you lead an active lifestyle, you may have a hard time imagining health issues that can crop up 15 or 20 years from now. Medical issues and disabilities may force you to downsize in a hurry. In contrast, downsizing in your 50s allows you to find a home that meets your current and long-term needs. Looking for a place on one story with no stairs and wide hallways helps you prepare if you ever have mobility issues or other health concerns.
Regarding your financial situation, think about what your income will look like in five or ten years. When you retire, you won’t have a steady paycheck, and Social Security provides a limited income. By moving into a more affordable home, you can start saving money now and have a more significant nest egg for retirement.
For more information about our move prep advisers, contact Bucks County Boomers today!