Downsizing your home can be a great way to save money and enjoy the capital freed up from the sale of your home. But when is the right time to downsize? It's important to consider a number of factors when deciding if now is the right time for you. A general rule of thumb is that you should start the staff reduction process at least three months before you plan to move, but the sooner the better. As people approach or go through retirement, many seek to reduce their annual expenses by downsizing to a smaller, cheaper property.
This can help reduce property taxes, insurance and mortgage payments. If you have rooms in your home that are collecting dust and are rarely used, it may be time to downsize. When thinking about downsizing, it's important to forecast ahead for the future. Medical problems or disability are one of the most common reasons why some choose to reduce their staff.
A one-story house or apartment may be more appropriate for your physical abilities for years to come. Financial problems are another reason why some consider reducing staff in old age. If you're already using your savings to pay for your home expenses every month, chances are you shouldn't be in that house. Stress from a lack of funds can compromise your mental, emotional and physical health. Your best bet is to find a housing payment that you can comfortably pay.
If your house causes more pain than pleasure, take a moment to consider what it would be like to live in a new place. The “aging in place” movement helps older people and disabled community members stay in their homes, and is perfect for those who would rather reduce their size to an accessible home than go to an assisted living facility. When looking for a new home, make sure it meets your physical and emotional needs, as well as your financial needs. It's also important to consider the climate in your area, as snow and ice can be dangerous to someone of any age. Reducing the size of your home is a great way to reduce monthly housing expenses because a smaller home usually means smaller monthly housing expenses. You may need to rent a storage unit at a self-storage facility for a short time until you determine what to do with your belongings that won't have room in your new home.
If your plan is to rely on home equity for income during retirement years, such as using a reverse mortgage, now may be the right time to reduce your staff. Minimal maintenance is definitely an advantage of not living in a big way. After all, the time and money you used to spend on cleaning and maintenance can now be spent on fun things. That's why some people see downsizing as a step forward, not a step backwards. When you decide to downsize, it's important to find a place that meets both your current and future needs. One of the many benefits of reducing the size of your home is that you can choose a property where you no longer have to worry about these tasks. So, if you've decided that now is the right time to downsize, it's important to consider a number of factors when choosing between housing options.
To inspire you, here are 10 things that will make you happier at home.
