Your income changes in retirement, which might send you looking for ways to save money. If your current home comes with high monthly expenses, downsizing could give you more breathing room in your budget. It's not just the mortgage payment that you should consider. HOA fees, insurance and maintenance costs can add up quickly.
Owning a home can also come with large, unexpected expenses. Say your air conditioner breaks down in the middle of a Phoenix summer. That's a large, unplanned purchase that could throw off your budget. Moving to a smaller space can reduce your overall expenses. For instance, downsizing to an assisted living apartment at Bethesda Gardens Phoenix lets you cut all the maintenance costs and unexpected repairs.
Downsizing your home could be a solution for a tight budget in another way. If you own your home outright or have a lot of equity in it, selling gives you access to that money. You can invest in a smaller home and still have some of the profits left to cover other expenses. A financial advisor can help you evaluate your situation and decide if downsizing to cash out the equity in your home is a good option for you.
Larger homes require more maintenance, from keeping them clean to maintaining the lawn. Upkeep can become more challenging as you get older. It also takes a lot of your free time. You might find you need to hire out some of the work, which adds to your expenses. If you want more flexibility and freedom from home maintenance, downsizing can reduce those needs.
Some people decide to downsize in retirement simply because they have lots of unused space on their property. That might mean you have several bedrooms you don't use. Perhaps you have a pool or a large backyard you no longer need now that your kids are grown. You might choose to move to a smaller home with the right amount of space for you.
Your changing physical condition could impact the timing of when you downsize. Older adults often have an easier time navigating around a one-story, open-concept home with wide doorways to accommodate mobility aids. Retrofitting an old home to meet your needs as you age can be expensive. It's often easier to move to a smaller home with better accessibility to support your changing needs.
You might find that an assisted living apartment at Bethesda Gardens Phoenix works well for you. The spaces are highly accessible, and you have access to round-the-clock care from the staff if you need a little extra help.
Retirement is a huge lifestyle change that might encourage you to reevaluate what you want in life. Now that you're not working every day, you might have new goals and activities you want to pursue. Traveling is a common option for retirees. It's easier to take off on your adventures when you have a smaller space, especially in a community like Bethesda Gardens Phoenix. Consider how you plan to live in your retirement years and how well your current home matches that lifestyle.
Wanting to live somewhere else could also be a sign that it's time to downsize. Maybe your current neighborhood is full of young families and you want to live near other seniors. Downsizing to move closer to family or friends is also a popular reason retirees put their homes on the market. Seniors who live in northern states might decide to retire to sunnier locales like Phoenix for their golden years. If you're feeling a call toward a new location, consider it a sign to look into downsizing.
A large home gives you lots of places for furniture, trinkets and belongings, which can bring you joy and have sentimental value. But sometimes, simplifying your life and cutting back on how much you own can feel refreshing and freeing. Having the desire for simplicity could be a nudge toward looking into smaller options.
Your home is where you spend a lot of time, especially once you retire. It's likely filled with lots of memories, but it can also be a reminder of people who are no longer with you. Being an empty nester, widow or widower can come with mixed emotions that could make your longtime home less appealing. Moving to a smaller home that's more suited to your current situation could help create a more positive living environment for you. It's a good way to start fresh and create new, positive memories with the people who are in your life now.
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