Downsize Your Home to Upsize Your Retirement Experience
Deciding to retire is a big decision. But chances are you’ve known what you want your retirement to look like long before you stop working.
Throughout our lives, our home needs change. If you’re like most Americans, there’s a good chance your living situation has gone through some serious upgrades as your family grew. But if they’ve moved out into their own homes, you probably don’t need as much space as you used to. Downsizing for retirement gives you more freedom and less responsibility – which is the goal of retirement anyways, right?
If you’re retired or considering retiring, keep reading to learn why downsizing for retirement could be the best option for you.
1. Downsizing Has Financial Benefits
Owning a home comes with a laundry list of expenses. Unless you’ve lived in the same home for decades or prioritized paying it off, chances are you have a mortgage payment every month. On top of that, regular maintenance can add up.
Downsizing for retirement can free up these extra expenses and free up any potential equity for you to use in your retirement for fun, to save for future generations, or to cover unexpected bills.
Choosing a luxury retirement living community could be the best option for you!
2. Is There Too Much Stress in Your Retirement Life?
Do you have buckets of stuff shoved into corners of your garage or into a storage unit? There’s a good chance that you’re not sure what’s in many boxes, and a lot of it can be passed on to friends and family. Having an abundance of stuff can add stress to your life, especially if you’re cleaning around it every week or so.
Moving, especially downsizing for retirement, provides an excellent opportunity to declutter and pass on much of the items you’re not using anymore. Some good things to pass on: childhood mementos for your children, family heirlooms you’re simply storing, anything you haven’t looked at in 6 months, or if you don’t remember where something is from, you can pass it on. If close friends and family don’t want some of the items, you can sell them at an antique dealer or garage sale. If that doesn’t work, you can always donate much-needed clothes and housewares to local shelters.
If you’ve been looking for the perfect excuse to clean out and simplify what you own, get ready to downsize for retirement.
3. Booming Real Estate Market
Across the United States, home prices are soaring and are under contract within days. This is a culmination of the perfect storm for a seller’s market to thrive: low inventory, low interest rates, and an abundance of people ready to move after months spent with pandemic restrictions.
While many online resources can give you a guestimate of your home value, the best option is to reach out to several local real estate agents and get their opinion on what your home could realistically sell for. The sale price might shock you, especially compared with what homes were selling for a few short years ago.
Unless you’ve over-leveraged your home, you’ll probably be walking away with a good amount of equity turned into cash for your retirement.
4. Quality of Life in Retirement
If someone asked you to rate your quality of life right now, would it be where you’d hoped your retirement quality would be? Downsizing to a luxury senior living community is a great option for upgrading your retirement lifestyle.
Living in an active senior living community means giving up the hours spent doing home maintenance chores to more fun options like physical fitness classes, community happy hours, and adult learning classes right onsite.
Plus, recent studies report that seniors who live alone end up spending seven to 10 waking hours by themselves each day. When you’re living in a community focused on retirement wellness, you’ll have the opportunity to spend time with others or find peace by yourself in luxury accommodations.
Better yet, if you don’t enjoy cleaning like most of the world, you can contract out house cleaning services through the community. That’s even more time found each week to do the things you’ve been wanting to in retirement.
5. Accessibility Accommodations
There comes a point in everyone’s life when managing the simplest everyday tasks, like using the restroom or getting dressed, becomes too difficult to manage by ourselves. There’s also a good chance you may need mobility assistance at some point, even if just for short stretches of time. Is your home currently set up to accommodate safety features for these challenges? Or will you have to retrofit your home or move?
Downsizing to an active senior living community gives you the best of both worlds. Choose to live independently for as long as you’re able to. When you need additional help like assisted living or memory care, you won’t have to move far, if you need to move at all. Active senior living communities with CARF accreditation are designed with retirees changing needs in mind.
6. The Meaning of Flexibility in Retirement
Every time you want to travel when you own a home brings on a plethora of things that need to be coordinated: set sprinklers to run on their own, hire someone to check on the house and bring in mail or water flowers, plus all of the packing and transportation to get you to the airport.
Downsizing for retirement and moving to an active retirement community takes care of much of the concerns with leaving your home alone for a week or more. You can travel freely without worrying about your home while you’re away.
Plus, the housing market can fluctuate. When you’re living in a luxury senior living community, there’s no mortgage to worry about if there’s an unexpected recession in the housing market.
7. Find More Time in Your Schedule
When you decided to retire, chances are you were looking for more time to do what you wanted instead of what you were told. Most likely, you weren’t expected to your hard-earned money on house repairs.
Downsizing for retirement, especially if you’re moving into a LivGenerations community, means having more time to do the fun things in life and not be worried about costly repairs. Discover new interests with adult learning classes and lectures, make new friends with social activities onsite, indulge in gourmet healthy food that you didn’t have to prepare.
Find more time to visit friends and family, embrace new physical activities, or explore the culture surrounding the community. If you want to play golf every morning, chances are you’ll have more time to now.
Make the Decision to Downsize for Retirement
If downsizing for retirement sounds more appealing every time you trim plants and scrub toilets, get ready to discover what luxury living in retirement is. Change can cause anxiety, but sometimes that change is for the better. Downsizing for retirement can free up a lot of time and offer new activities you’d never considered before. Want more information on the benefits of downsizing for retirement to a luxury senior living community? Read this article!
Schedule your appointment to tour the luxury senior living community at LivGenerations Ahwatukee, nestled in the Southern suburbs of Phoenix.