Are you thinking about downsizing? Downsizing is a very important decision that most retirees face, but what does downsizing actually mean? What do you need to do to downsize? Why don’t you take a look at the information provided below and you will see some easy ways to downsize.
Downsize for Ease
Reducing the size of your home is what downsizing means. It means you will have to sell your home and move to a home or place that is considerably smaller. You will use the equity in your present home to purchase another home or place. It doesn’t mean you have to purchase something cheaper, because many downsizers select to buy a place that is more expensive, added luxury, and sometimes in a foreign country. This may apply to you too.
Remember, downsizing is more than just moving into a new house, because it requires research, preparation, planning, and removing some of your possessions. You should always follow your gut instinct and heart, but think about your decisions thoroughly.
Are you ready to Downsize?
Are you ready to downsize? This can be a hard decision for retirees, because this means that your kids are moved out and not moving back into your home. You are now an empty nester. You have space in your home that you are not using any longer and your house is just too big to take care of anymore. People have different reasons that they downsize. It could be a change of scenery, an easier life, traveling, or just for personal reasons.
Many retirees downsize due to financial reasons. This will allow the retiree to have extra cash to invest or move elsewhere. Some retirees have no choice, but to downsize, because of health reasons. They have to move closer to family and friends or they need to live in a place where they can have professional assistance like at a retirement village.
Whatever your reasons, here are some dos and don’ts for downsizing:
- Make sure you assess all your needs for your new residence
- Don’t make quick decisions. Take time
- Downsizing means you will need to get rid of things that you don’t need, so decluttering is essential
- Choose the kind of property that will best suit your needs. A house, condo, villa, retirement village or an apartment, but many apartments have stairs, so keep this in mind
- Seek professional advice and do your own research on the real estate market before you sell or buy
- Try renting before buying in a new location
- Make sure that the new place is close to family, doctors, and any other services that you need
- Don’t make rushed decisions
- If you are uncertain about a property, then think twice before you buy it
- Once you sell your property make sure you put the money away, so you have plenty of retirement money