How to Downsize for Retirement
Are you getting ready to retire? There are many factors to consider before you finalize your retirement living options, whether you plan to move to a smaller home or relocate to a retirement community.
Consider the role that housing will play in your transition to retirement, taking stock of what you want in retirement, and considering what you can afford. There are many benefits to moving into a flat, or a smaller house, such as fewer expenses, less stress, and more amenities. We’ve compiled a list of reasons why you may want to downsize your home in retirement!
Savings are guaranteed
In retirement, downsizing can save you money on mortgage payments, property taxes, insurance, and utility bills. When you downsize from a large home to a smaller one, you’ll also be able to spend less on maintenance and upkeep.
You’ll be able to declutter
If you are downsizing your home, you can get rid of items that are taking up too much room or aren’t being used. In the end, decluttering will make you more organised and give you more space for what is most important to you- see how our self storage units could help you declutter.
Stress and maintenance are reduced
Downsizing to a smaller space reduces stress and maintenance. The retirement living option you choose will relieve you of the hassle of home improvement, lawn maintenance, or unexpected repairs.
Focus on fun activities instead
As you spend less time and money maintaining your home, you can pursue your retirement hobbies and interests! It is possible to stay busy in your golden years by participating in social activities in retirement communities or learning new skills.
You Can Relocate to a New Area
You don’t have to stay in your current city if you move to a smaller home. Retirement is the perfect time to explore new things and meet new people by moving to another city or county.
Family ties can be strengthened
Moving closer to your parents, siblings, or other family members can be one of the benefits of downsizing your home. In many cultures, retired people move in with their children, saving money, bonding with family, and getting care from someone they trust as they age.
Accessibility Will Be Improved
You may be able to have better accessibility by downsizing your home, such as having fewer or even no stairs. For those seeking a one-level home with no steps, bungalow houses are a great option.
There Are Expensive Costs Associated With Buying and Selling a Home
While downsizing has its pros, it also has its cons in retirement. Downsizing can be difficult for a variety of reasons.
It is expensive to buy and sell real estate when you’re downsizing. When moving out of your home, repairs, inspections, real estate fees, closing costs, new furniture, and moving expenses add up quickly.
It Can Be Hard to Adjust to a New Community
You may find it difficult to meet new people if most of your friends live close to your old home.
You Have Emotional Ties to Your Home
Because of the memories and sentimental value of your family home, selling and moving may be emotionally draining. Saying goodbye to the home and all the memories made there may be difficult.
Privacy and space may be limited
Moving to a smaller home may cause some homeowners to feel cramped. Additionally, if you live in a flat, you may need to adjust to shared walls and hearing people above and below you.
There May Be Rules About Pets
When downsizing in retirement, consider the rules for pets. In your new home, you may not have a fenced-in garden for your dog to run around or a safe place for your cat to explore.
You should consider your current savings, your retirement goals, and your health needs when making the decision to downsize. For your retirement, consider these options!
Move in with a Child
Are you looking for a way to stay close to your family? Consider moving in with your adult child, if their living situation allows it! A ‘Granny Flat’ can also be added to the home, which is a private living area with a bedroom, bathroom, and kitchen.
Consider buying a smaller house
Downsizing often involves buying a smaller home. Less square footage reduces heating lowers utility bills, and requires less maintenance.
Rent a Flat
Renting is often cheaper than a mortgage, and there’s less maintenance. Flats can also come with many amenities to enjoy.
Opt for Assisted Living
You may benefit from assisted living when you’re downsizing! With this option, you can choose to live independently in an apartment or receive more assistance if your health declines. If you are planning ahead for your golden years, this is also a great option.
Everyone has a different definition of downsizing for retirement. However, it can also be a rejuvenating experience. Make your new space feel like home by focusing on the positive aspects of the transition.
Downsizing and Looking for Storage? We Deliver, You Pack, We Store
Packing, moving or downsizing doesn’t need to be stressful. At GoBox Self Storage, we offer great value self storage in the Greater Belfast area (stretching as far as Bangor, Lisburn, Crumlin, Templepatrick, Ballyclare and Carrickfergus). Our storage services have been specially designed to make your move simple, secure and convenient..it’s as simple as 1,2,3!
To book your storage solution, go to:
W: goboxselfstorage.com/domestic-storage-service/
E: [email protected]
T: 028 9600 5005
NOTICE: We cannot store Food, Flammable Liquids (including Aerosols, Paints & Varnishes), Firearms or Illegal Substances.
