Downsizing: A Fresh Start for Seniors

Are the carrying costs of your home weighing you down? Are you strapped for cash? Or, perhaps you are just ready to spend your hard-earned savings on doing the things you dream about? Like traveling or spending more of your time with friends and family.

If you are tired of the maintenance and costs that come with a big house, consider downsizing. Let’s face it — a big house just costs more. More money. More time. Even if your home is free and clear, you are paying more for property taxes, utilities, upkeep, and maintenance. And, you’re spending more time taking care of it. Valuable time.

Simplifying Life by Downsizing

Many seniors decide to move to a  smaller home, condo, or to a retirement community. By selling a large home and buying something smaller, you can free up funds to help supplement your income. Or, maybe you can finally take that trip you’ve been yearning to make. You can use your freed up equity for investments, an enhanced lifestyle, or for anything you want. The point is that you can make your equity work for you, while you work less at taking care of your house and your stuff.

There is a lot to be said for simplifying your life. If this last year and a half have taught us anything, it is how precious our time is and how precious our relationships are to us. If your big house is costing you too much in the way of time, money, and management, now might be the perfect time to think about a fresh start. Still not sure?

Living on the Road

Your hesitancy is understandable. Most of my clients are hesitant when it comes to selling a family home that they love. But, for those who make the decision to downsize, life becomes simpler, and frankly, more fun. Many of my clients enjoy more mobility once they’ve sold their bigger homes and exchanged all that upkeep and maintenance for freedom. For example, my clients Jim and Jan, now travel the U.S. in their RV. They have friends across the country and they absolutely love their new lifestyle. They bought a small home in Tennessee, so they still have roots, but roots don’t seem all that important to them now that they are living life on the road in a luxury RV.

Take the Time to Explore All Aspects of Downsizing

Granted, we all have different desires and goals. We don’t all have wanderlust and RV living isn’t for everyone. But, as we age, most of us can agree that time passes too quickly to spend most of it on maintaining our homes. If you’re a senior, it’s at least worth having a conversation about downsizing. There are lots of decisions to make, to be sure. You’ll need to speak to a Realtor and perhaps a financial planner, CPA, and/or an attorney. Life-changing decisions are important, so take the time to explore all aspects of a move to downsize. Know your options and take your time.  The point is to really consider what you want out of the next five or ten or even twenty years of your life.

If you love your home and your lifestyle, great! But, if you are feeling weighed down, downsize! It might just be the fresh start you deserve.