A Smaller Home After Retirement Makes Life Easier

Retirement is a time for relaxation, adventure, and enjoying the things you love. As you think about this exciting new chapter in your life, it’s important to consider whether your current home still fits your needs.

If it’s too big, too costly, or just not convenient anymore, downsizing might help you make the most of your retirement years. To find out if a smaller, more manageable home might be the perfect fit for your new lifestyle, ask yourself these questions:

Do the original reasons I bought my current house still stand, or have my needs changed?

Do I really need and want the space I have right now, or could something smaller be a better fit?

What are my housing expenses right now, and how much do I want to try to save by downsizing?

The Benefits of Moving into a Smaller Home

There are many reasons why you should downsize. Here are just a few from Bankrate:

Your Equity Can Help Make Downsizing Possible

If those perks sound like something you’d want, you may already have what you need to make it happen. A recent article from Seniors Guide notes: “At a time when homeowners age 62 and older have more than $12 trillion in home equity, downsizing makes sense.”

If you’ve been in your house for a while, odds are you’re one of those homeowners who’s built up a considerable amount of equity which is something you can use to help buy a home that better fits your needs today.

Greg McBride, Chief Financial Analyst at Bankrate, explains: “Downsizing can mean taking that equity when the home is sold and using it to pay cash or make a large down payment on a lower-priced home, reducing your monthly living expenses.”

When you’re ready to use all that equity to fuel your next move, we can be your guide through every step of the process.

As we’ve noted before, we’ve “been there, done that.” While we haven’t retired, we used the equity in our home of 28 years to downsize to a property that makes more sense for just the two of us.

We can advise you on the right price for your current house when you sell, help you find the home that best fits your evolving needs and at a price you can afford at current mortgage rates.

Bottom Line

Starting your retirement journey? Think about downsizing – it could really help. When you’re ready, let’s connect at 508-360-5664 or [email protected].

Mari and Hank

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision.