It's safe to say that homeowners don't usually dream of buying a smaller home. But minimal maintenance is definitely an advantage of living in a smaller space. 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.
If you think there's less space, you're not alone. If done right, reducing your home size may still be a good idea. Not only will you be left with more money, but it may also simplify your life and reduce your home's maintenance and utility costs for years to come. To achieve that happy outcome, you must avoid the unexpected difficulties that make downsizing so risky.
Here are four traps that await size reducers, with ways to avoid them. Should you reduce the size of your home when you retire? The answer depends on your individual circumstances. For example, factors to consider are related costs, intangible assets (such as freeing up the cash you might need to travel), and health problems. Weighing all the factors will help you decide if downsizing is the best decision. 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.
Reducing the size of your home to a smaller one can reduce the amount of maintenance and free up time for leisure activities, more rest, and spending time with family and friends. Serious health problems may be a reason to move to some type of senior housing, of course, but that's not a matter of downsizing. Downsizing can be difficult for those who don't want to change or have become accustomed to their home, but there are many advantages and opportunities. If these home features have become obstacles for you, now is the right time to downsize to a safer floor plan. You may also want to schedule your staff reduction with a buyer's market when there's enough supply and low demand, which will increase the chances that you'll get a good deal when buying your new home.
Scott, who co-owns a company called Asset Advisers and has a commercial real estate consulting business, says she won't regret reducing her staff if her daughter moves, but it's a good warning to consider. People who are going through a divorce may no longer need a large home without a full-time family and may find it cheaper to downsize to a more affordable home. One of the main reasons older people decide to downsize is to get rid of the burden of maintenance. Everyone's reasoning for staff reduction will be unique to them, but there are some important reasons why many people choose to reduce their staff. Reducing the size of your home can be a way to free up some additional money for retirement, but you should analyze the numbers before you start packing.
When you're downsizing your home, it's important to find a place that meets both your current and future needs. One of Scott's daughters, a 23-year-old girl, could move into the small house while attending a nearby university. If you want to be in the same neighborhood or be close to your family, there may not be many opportunities for staff reduction. Downsizing your home can be an excellent way to save money and simplify your life. However, it is important to consider all factors before making this decision.
You should weigh related costs, intangible assets such as freeing up cash for travel, and health problems before deciding if downsizing is right for you. It is also important to find a property that meets both current and future needs while taking advantage of buyer's markets for better deals on new homes. Finally, serious health problems may require senior housing instead of downsizing.
