A significant percentage of older homeowners want to downsize, but not many actually do so. The reason is that most people want to age in the same place they have been living for some time. Moving is a hassle in itself and moving as you age can be even more difficult. So if you want are thinking of downsizing for retirement, make sure to do it as early as possible. There are many benefits of downsizing if you do it at the right time.
1. Increased Savings
This is the most obvious benefit of downsizing and also the main reason why most homeowners want to downsize. When you have a smaller property, it is going to cost you less in maintenance and upkeep. It is going to lower different kinds of bills including heating and cooling costs. As your mortgage also comes down, your retirement savings will increase.
2. Lesser Maintenance Means More Convenience
When you downsize, there is going to be less work for you to maintain the property. Depending on the property, if you have common area, you may not have to worry about more common chores. All this means more time saved. It will also reduce the physical strain and stress associated with regular maintenance.
3. More Convenience & Comfort
If you have had a large multi-storey home, it may become unsuitable for you as you age. Walking up and down the stairs may have been possible when you raised your family, but not as you age. So downsizing for retirement can make more sense than just the financial aspects. It can also be an opportunity to bring more convenience and comfort into your life.
Downsizing is also an opportunity to move to a new place that is warmer. It can also allow you to move closer to your family. Thus, it can help add to your health and also help make new friends. You can also plan to find a new place that is closer to better amenities. As people age, they are less likely to drive and living closer to amenities can mean more convenience. Thus, there are many benefits of considering to downsize for your retirement.