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As you move on to the next phase of living and enter retirement, you're likely to make changes in your lifestyle other than working less. This might mean cutting back on your expenses or perhaps even downsizing. But, when do you determine that you need to downsize? The tell-tale signs aren't always obvious. To help clear these up, we've compiled this list of possible reasons that you might want to downsize your home.
1. Unused rooms
Retired living is different, and you might find yourself under-utilizing many of the rooms or areas in your home. With your children living in their own homes, you need less space. If you observe that you have rooms that are idle and generally unused, then it's time to shift to a place with the appropriate space.
2. Lifestyle changes
When you go into retirement living, your whole lifestyle changes. This means that you often don't do nearly as many things that you used to do or require as much space. It's common for retirees to have limited or minimalistic habits. If you find yourself in this situation, it's best to live in a place that is accommodating to your needs. Being excessive is wasteful, and since you're retired, you need to make sure that you're acting financially smart. Find a place that matches the lifestyle and activities that are important to you today, rather than what might have been important decades ago when your situation was different.
3. Maintenance becomes overwhelming
With a large house, maintenance becomes exceedingly exhausting. Having to clean everything on your own is tiring, and hiring help is costly. So, what's the best option that you have for yourself? Downsize your home so that you don't have to exhaust yourself or your funds with its maintenance. Wasting money on upkeep and maintenance for a large house can be foolish. Downsize to make things easier for yourself.
4. You want to see more of your family
When you retire, you may be required to do fewer things. Generally, many people want to be close to their families to meet with them more often. Let go of your current home and switch to a smaller accommodation near your family to meet up with your children and grandchildren more frequently and easily. This could not only reduce your housing expenses but your commuting expenses as well.
5. Financial concerns
As you retire, concerns are inevitable. You don't want to add to the burden of your financial stress by taking up the care and maintenance of a home unnecessarily large and expensive. To make sure that you're smart about it, downsize so that you can save the extra money you earn with the sale. Hopefully, it will give you a decent amount to save and a safety net that you can keep during your retirement life.
Once you retire, you're generally in need of less space than before. With no additional responsibilities, you can downsize to make your life much more comfortable and simpler. You'll find yourself with relatively fewer expenses and accommodation that is fit for your next phase of life.
Have you decided it is time to downsize? Check out Part 2: 10 Tips to Prepare for Downsizing!