Why a Retirement Downsize Could Be the Right Move for You—And Where to Start

Retired Man considering downsizing

(Article written by Sarah Velasquez, website: ourperfectabode.com)

While some people see retirement as an opportunity to finally buy their dream home, most retirees are in the market for something smaller. If you’re planning for retirement while self-employed, it’s important to understand what your options are. Whether it’s to save money or cut back on maintenance, a smaller house is a smart move for older adults looking to simplify. You can accomplish both by deciding which home warranty provider is best for you in your new house. Getting a warranty on your new home can help you save on maintenance costs.

If you’re hopping on the downsizing bandwagon, you probably have a lot of questions about how much space is enough, what you can afford to spend, and which amenities you should look for in a downsized home. But more than anything, you’re wondering where to start!

Use these guides, apps, and other resources to kickstart your downsize.

10 Apps to Aid Your Move

Useful apps to help streamline each part of the moving process.

The Best Apps and Sites for Selling Your Stuff

Declutter your home (and sell your old things) before putting your home on the market.

8 Best Local Selling Apps to Sell Your Stuff Quickly

Local selling apps that have made it simple to sell and buy stuff right in your neighborhood.

Take Real Estate Photos Worthy of a Magazine Spread

The resource teaches you ways to ensure the photos of your home encourage potential buyers.

Senior-Specific Selling Resources

The downsizing process for seniors presents unique challenges physically and emotionally. Below are several resources specific to seniors to help ease the moving process.

How to Make Moving Easier for Seniors

Steps to approach the moving process with sensitivity to ease the emotional tension involved.

How Technology Can Help Seniors

Some seniors embrace technology, others may run from it. Either way, technology can help during the move—plus, it can have many other benefits as well.

Relocation Technology: How the Modern Moving Process Works for You

A guide to how modern technology can make the tasks involved with moving more of a minor inconvenience rather than a massive hurdle.

6 Survival Tips for Moving Your Elderly Loved One

Moving a senior loved one across the country into a new home or transitioning him or her to a senior living community is tough. Learn ways to ensure the transition goes smoothly while tending to their health, finances, and logistics.

Everyone has different retirement goals. For some, a house with ample space to entertain is the pinnacle of success, even if it means spending more time and money to maintain. If you’re looking to streamline your life in retirement, however, skip the extra square footage and downsize your home instead! While the move itself is a lot of work, you’ll be glad you made the effort when you’re enjoying your newfound money and free time during the golden years!

If you need help buying or selling your home in Southeast Virginia, contact Chris Garguilo with eXp Realty today!

Is It Time To Buy a Smaller Home?

Is It Time To Buy a Smaller Home? | MyKCM

Life events can have a major impact on what you need from your home, and retirement is one of the biggest changes many of us face. This period of your life can mean doing more of the things you enjoy, like traveling, visiting with loved ones, or taking on new hobbies. But what does that mean for your home?

If you’re looking for ways to focus more on the important things in your life, the answer could be downsizing. A recent article from The Balance talks about why it could be a great option, saying:

“There are many reasons to buy a smaller home—or to downsize from your present home—but sometimes, the idea that “less is more” is what propels homeowners to buy a smaller home.”

You Can Find the Right Home for Your Needs

The 2022 Home Buyers and Sellers Generational Trends from the National Association of Realtors (NAR) provides more information on why people of retirement age choose to move. It shows the need for a smaller home, the desire to be closer to loved ones, and retirement itself as three of the top reasons homebuyers over the age of 55 make a move.

If you’re in this group, changing priorities may be top of mind for you today, and that could be driving your decision to downsize. After all, as your lifestyle changes, what you need in your home likely changes, too.

Plus, as The Balance notes, moving into a smaller home can open your schedule up even more. When you downsize, you can spend less time maintaining your home and more time with the people you love or exploring newfound hobbies. That’s a recipe that can lead to less stress and increased happiness.

Your Equity Can Make a Big Impact When You Downsize

Home equity plays a big role when you sell your existing house and move. It could be a great tool to use to help you downsize. According to the latest Homeowner Equity Insights report from CoreLogic, the average homeowner gained about $55,300 in equity over the past 12 months. Dr. Frank Nothaft, Chief Economist at CoreLogicexplains how important price appreciation and equity gains are for existing homeowners:

Home prices rose 18% during 2021 in the CoreLogic Home Price Index, the largest annual gain recorded in its 45-year history, generating a big increase in home equity wealth, . . . For low- and moderate-income homeowners, home equity has historically been a major source of wealth.”

As home prices rise, your equity does, too. So, you may have more equity than you realize because of the record levels of home price appreciation over the past year. Those equity gains could allow you to make a larger down payment on your next home. And putting more money down can lead to a smaller monthly mortgage payment, which can give you greater financial freedom. It can also be a significant help in navigating today’s competitive housing market, since offering more money up front could help your offer stand out.

Whatever your homeownership goals are, a trusted real estate advisor can help you to find the best option for your situation. They’ll help you sell your current home and guide you as you buy your next one and enter this new phase of life.

Bottom Line

If you’ve recently retired or plan to soon, your needs are likely changing. That means now may be the perfect time to downsize. Let’s connect so we can work together to find a home that matches your situation.

Resources and Tips to Help You Make the Right Downsizing Plans for Retirement

(Article contributed by Alice Robertson of Tidyhome.info)

Dreaming of downsizing in retirement? If so, you are not alone in your aspirations. Countless older adults make changes to simplify their homes and their lives in preparation for a relaxing and low-stress retirement. Deciding to downsize is only half of the battle since you also need to know where to start when making your own downsizing plans. This list of practical and helpful resources from Real Estate with Mr. G can provide some clarity.

Downsizing Responsibility Without Limiting Possibilities

If what you’re really craving is less responsibility when it comes to caring for your home, you should know that you do have options. Including these creative solutions and tips:

  • First of all, try to focus on right-sizing rather than simply finding a smaller home.
  • You can use this dream home finder from our website to get started.
  • Worried about financing? You can check VA mortgage interest rates and your eligibility for VA home loans.
  • With no upper limits, VA loans could help you secure the home of your dreams.

Managing Potentially Stressful Downsizing and Moving Projects

The whole point of downsizing is to alleviate stress so that you can enjoy your retirement, so there’s no reason why the process should cause you distress. Keep these tips in mind:

  • If it’s been a while since you’ve bought a home, it can help to know what to expect.
  • You should also look for a moving checklist so you can stay organized throughout the process.
  • Need to declutter a lot of stuff before your move? Give yourself plenty of time to do so.
  • It’s also okay if you need to ask for help or hire a professional to help with downsizing.

Finding Other Professionals to Help Manage a Downsizing Move

Working with a senior move manager can be a good call for relieving stress, especially if you have room for it in your budget. These other professionals can also make moving easier:

Your golden years should be all about you and doing what you love. If you’re not in love with your current home or lifestyle, downsizing or right-sizing could be the right call. Be sure to bookmark this guide so you will have the right resources available to smooth the process. And if you plan on looking for your dream home in the Hampton Area, Christopher Garguilo has all of the resources and information you need. Reach out to get started: 757-876-7443.

For more information and resources on retirement, please click on the links below:

http://retireguide.com/guides/downsizing-for-retirement/

retireguide.com/guides/aging-in-place/

Photo Credit: Unsplash