Why You Should Consider Downsizing Your Home For Retirement
There are so many benefits in downsizing your home for retirement. One thing you must bear in mind is that reduction of cost is another way to make money, especially when you retire. So, downsizing your home for retirement will help you reduce a lot of cost. Even if you think you can afford it, you should understand that the less you spend, the more funds you will bequeath to your children.
Here are some good reasons you should consider downsizing your home for retirement
Maintenance cost, insurance cost, utility cost, and real estate taxes all depend on the size of your home. The bigger your home is the more the costs. When you pay less, you will save more. You may be able to bear these costs conveniently when you still work. They may become a little more difficult when you retire.
Source of income
Downsizing actually means leaving your big home for a small one. So, if you sell off your big house, you can buy a smaller home that costs less and probably save the remaining money for your use or for another investment.
The bigger a house is, the costlier it is to maintain. For instance, it will be much more expensive to paint a 7-bedroom mansion than a 2 bedroom bungalow. Secondly, bigger houses usually require more hands to maintain it.
In fact, some houses require one or two domestic staff. But when you downsize your home, you and your spouse should be able to handle the chores. The size of a lawn also depends directly on the size of the house. Bigger lawns will require more water.
When you attain retirement age, it is not likely that your children will still live with you and you may begin to use some expensive facilities less. For instance, the older you get, the less you will use your swimming pool. Why do you have to keep paying to maintain what you really don’t use?
Whether used or not, every room in your home has to be clean all the time. So, imagine having to clean about two or three extra unused bedrooms all the time. Think of how much time will be dissipated in cleaning them.
Of course larger homes cost more to cool and heat than smaller homes. Unfortunately, utility bill is not a one-off payment, it is paid monthly. By downsizing your home, you save some utility cost every month.
Have you also observed that bigger houses require more external lights for its surrounding than smaller homes? That is another point to consider.
Suitability and improved living
Downsizing your home also comes with more suitability. If you have been living in a duplex with your bedroom being upstairs, you may need to move into a smaller home where you won’t need to climb any stairs to get to your bedroom. This is because as you grow older, climbing the stairs will become more difficult for you.
You may also think about wheelchair accessibility for your new home. It is also important to choose a good location. You may want to move into an apartment that is closer to some members of your family. You should also consider availability of hospitals and recreational facilities. Most importantly, opt for a location with lower crime rates.
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