Now that your working years are behind you, you’re probably ready to start enjoying the fruits of your labor. For some, that means living in the largest, most lavish home possible. For many others, though, it means trading in a large home for something smaller, simpler and more manageable.
Many retirees choose to downsize shortly after leaving the workforce, and not just because income statuses may have changed. Even those who own their homes free and clear often choose to buy smaller places.
Top Benefits of Downsizing
What makes downsizing such a popular choice for retirees? A few common reasons include:
The smaller your place is, the less work you’ll have to do to keep it looking great. This also extends to maintenance, which tends to be less extensive with a smaller home. With less time spent cleaning and being a handyman, you’ll have more time to enjoy the finer things in life.
Fewer Pointless Purchases
When you live in a large home, it’s tempting to want to fill nearly every last square foot of space with stuff. All too often, this leads to frivolous spending and the accumulation of a lot of pointless possessions. In a smaller home, there’s less space to keep things, so you’ll be less likely to buy things you really don’t need.
Although it’s not true in all cases, many people are able to stay out of debt more easily by living in smaller homes. They spend less on furniture and other belongings and tend to have more manageable monthly expenses too.
Even if it has the best, most energy-efficient appliances, a large home is going to require a lot more energy than a small one. Everything from your heating and cooling bills to your water bills should be more manageable when you downsize.
A Fresh Start
For much of your life, owning a large home probably made sense. There were kids to raise, and everyone needed his or her space. A great way to get a fresh start while settling into the retired life is by downsizing to a smaller home. Think of it as starting a simpler yet more enjoyable chapter in your life.
Are You Ready to Downsize?
To downsize, you’re going to have to sell your home. Are you ready? It’s easier to sell a home that’s not too cluttered, and your new place will be smaller. A great first step, then, is to start getting rid of the things you don’t plan to take with you. Hold yard sales, sell things on eBay and donate other items to charity.
Clearing out a lot of stuff makes it easier to effectively stage your home in order to sell it, and it has the added bonus of making moving day a lot easier too. At the same time, hire a knowledgeable and experienced real estate professional to increase the odds of selling your home quickly and for as much as possible.