I've written about it before and I know I will continue to since it's an important topic-Downsizing! It can take years, requires help and proper planning to get it right.
I have the pleasure to have a guest writer today who is an expert on the topic, Michael Longsdon with Elder Freedom. I know you'll take away some valuable tips, enjoy!
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4 Advantages of Downsizing as a Senior (and How to Get Started)
According to research by Trulia, more Americans want to move to a smaller home than a larger one. It isn’t all millennials looking for tiny homes, either; those over 55 are the most likely to want to downsize. This makes perfect sense because moving to a smaller house as you approach or enter retirement has many clear-cut benefits. In this article, we will go over the biggest ones and give you some advice to get started on your downsizing journey.
Financial Benefits
For many, the main motivation to downsize to a smaller home is financial. You could save quite a bit of money in the process, especially if you move to a cheaper area, which may free up more cash for you to enjoy your retirement.
That said, you may be overestimating how much money you can make from downsizing. Things like capital gains tax, moving costs, insurance, or just the state of the market can make you spend more money. Make sure you consider all these elements before buying. Downsizing may still be worth it, but it could be less profitable than you imagined.
Before you get started with the home-selling process, take a look around online to get a ballpark idea of what your home might go for on the market. In Blue Bell, for instance, home sold for an average of $463,000. Of course, markets will fluctuate, and you might end up with more (or less) depending on where you live in the area.
Less Maintenance
A smaller home doesn’t just mean fewer expenses, it also means less time spent on everyday maintenance. You’ll be amazed by how much free time opens up once your cleaning and general upkeep are cut down. If possible, consider moving to a house without a yard, such as an urban townhouse. If this is not an option, keep the yard small (unless you are a keen gardener and landscaper) and focus on only having essential rooms.
Good for Mental Health
Depending on how long they have been living in a house, seniors may have accumulated a lot of stuff they simply don’t need anymore. Moving to a smaller house means getting rid of a lot of this stuff, which can be good for us.
Indeed, the act of decluttering is good for mental health. Many experts agree on this, seeing how those who declutter their lives feel liberated and relaxed. It can even have a knock-on effect on your habits: if your kitchen is tidy, you’re more likely to eat well.
Safety
Downsizing is also a matter of safety. Moving to a smaller house decreases your risk of injury in a number of ways, especially if you take the time to make the necessary home modifications. These range from grab bars in bathrooms to step-free access and widened doorways, or even moving kitchen cabinets to be easily reachable. This extensive guide by AgingInPlace has detailed recommendations for every room in the house.
How to Downsize
So, we have established that downsizing is generally a good idea. But how do you get started? How do you find the perfect new home? And how do you actually part with decades worth of clutter? Below are a few tips.
- Look for step-free, accessible homes. Everything else can be modified or added, but structural changes are much more complex and expensive. Currently, according to Fixr, the national average sits at around $9,000.
- Use a home renovation cost calculator to estimate how much a given set of modifications would cost, and adjust your homebuying budget accordingly.
- Look up a few decluttering methods to find one you feel works for you: there’s not just one way to do it! The “four boxes” method is especially useful for moving since you can already pack the “keep” boxes as they are.
- Consider hiring a professional moving company to help you relocate when all is finally said and done. Not only will this take some of the stress of your shoulders, you can rest easy knowing your stuff will be in the hands of the pros. If you’re concerned about cost, it’s actually a bit more affordable than you might believe. In Blue Bell, you’ll pay $305 on average for a team of professional movers.
Downsizing is, at its core, a way of making life simpler for seniors. It can also make life cheaper, healthier, and safer, and it can free up time for you to enjoy it better. Any move is a challenge and an overhaul, but once you’re settled in you will be grateful you took the first step and started looking for a smaller, easier, more senior-friendly home.
