Retirement is the perfect time for people to unclutter their lives, to shed some of their responsibilities and pursue the hobbies, passions and pastimes that they never had time for during their working life. For many, the burden of owning and maintaining a large home is more trouble than it's worth. Downsizing to a smaller home or an independent living community is a great way to free up time and money to live life to the fullest in retirement. Here are three benefits of downsizing to consider.
Debt Free Living
Retirees generally live on a fixed income and have to budget to make sure the money lasts. For those who still owe money on their home, a monthly mortgage payment can take a sizeable chunk out of that budget. Even if the house is fully paid off, chances are there are credit card debts, auto loans, and other monthly payments to make.
Selling the house can help bring a retiree's debt to zero, giving them a clean slate to start the next chapter.
Little to No Maintenance
Cleaning a multi-bedroom home by oneself, or even with a partner, can be a time-consuming chore. Add in garden and lawn care, and it can start to feel like a full-time job. Downsizing to a smaller home can make maintenance and upkeep a lot easier. Many independent living communities have an in-house cleaning staff, reducing the need for retirees to spend time on chores altogether.
Lifestyle Benefits
When working people or young families look for a home, they weigh a number of factors that retirees don't have to consider. For retirees, there's no commute to worry about and no young children in need of a good school district. When
buying a home in retirement, people are free to let their lifestyle choose their location, rather than the other way around. They're free to find a place near outdoor amenities, museums, markets or anything else they desire.
Terry Hope-Watson is a designated Senior Real Estate Specialist® who has years of experience helping senior citizens sell their home. She can help you explore new housing options in the Belleville area that best fit your needs so that you can experience the benefits of downsizing in retirement.
Reach out to Terry today to get started.
