Although buying a house is still considered part of the American Dream, “aging in place,” or remaining in one’s own home as one ages, is still considered part of it. Staying in your larger house, on the other hand, isn’t necessarily the best choice. Downsizing or moving into a smaller house as you grow older may also be one definition of “living the dream” and aging in place.
Older Americans, the majority of whom are homeowners, are increasingly likely to downsize. According to a 2016 report published by the Demand Institute, which is jointly run by the Conference Board and Nielsen, at least 37% of baby boomers expect to relocate at some point in their lives, and 42% of that number would choose to live in a smaller house.
According to a Time Magazine post, the existing US housing market is more favorable to empty nesters and homeowners looking to downsize, prompting others to refer to it as the “empty nester’s housing market.” Builders and architects are also building more age-restricted communities, small townhouses, and even high-service premium condominiums to appeal to the 55+ crowd or the Baby Boomer industry.
WHAT EXACTLY DOES IT MEAN TO DOWNSIZE?
Although downsizing can be challenging at first, it delivers multiple financial and emotional advantages in the long run. Those who take a proactive stance see and do it out of convenience, opting to downsize until it gets more difficult to do so as they grow older.
It also provides several financial benefits. Although your six-bedroom farmhouse with a wide garden holds many stories for your girls, keeping it now takes more time and money than staying in a two-bedroom apartment. Downsizing means reduced maintenance rates, lower energy prices, and much lower taxes and annual mortgage payments. A smaller home, without a doubt, has fewer rooms to vacuum & clean. This is an excellent opportunity to increase your retirement savings and devote this fund to other better investing opportunities, or to spend more time traveling and vacationing.
Provides several financial benefits. Although your six-bedroom farmhouse with a wide garden holds many stories for your girls, keeping it now takes more time and money than staying in a two-bedroom apartment. Downsizing means reduced maintenance rates, lower energy prices, and much lower taxes and annual mortgage payments. A smaller home, without a doubt, has fewer rooms to vacuum. This is an excellent opportunity to increase your retirement savings and devote these funds to other better investment opportunities, or to spend more time traveling and vacationing.
You will have more time for your health and well-being. The focus, in age-restricted neighborhoods and luxury condominiums, is not only on the access of the location to major city places and attractions, but it is also more lifestyle-oriented. These neighborhoods have a diverse variety of living opportunities and resort-style facilities, as well as improved lodging for active retirees, making them perfect retirement destinations. You will devote more time to investing in new sports and interests that you’ve always wanted to do.
The best option for any of your health concerns. Though we still think we’re “as young as we sound,” we can face some health issues as we get older. If you choose to stop walking up and down the stairs due to arthritis or fear of slipping while doing your own cleaning, there are several housing choices available. If you choose a quicker ride to the next doctor visit, you might also pick a home near a clinic or hospital.
Here are several pointers to make downsizing “rightsize” and fun:
Seek the assistance of a real estate agent who specializes in senior home transitions. The purchasing process for these types of neighborhoods is similar to that of every other home buying, with the exception that there is an extent of detail in choosing a home that helps you to live exactly as you want. There are real estate agents who specialize in downsizing who have extensive knowledge of senior living and the relocation process for older people.
You should be certain that your housing selections are not restricted. If you’re considering downsizing, moving to an age-restricted neighborhood, or even moving into assisted living, try to pick a house that suits your desires and current lifestyle, where you’ll feel more relaxed and happier.
Establish a solid but attainable timetable. Unlike when purchasing the first home, searching for the ideal smaller home or an age-restricted neighborhood can take longer than anticipated. To assist you in your quest, there are websites that focus on providing active-adult community details. Many people are now beginning to search into these areas two to three years before buying. Only keep in mind that you are now searching for the ideal place and environment to meet your needs.
Reduce your storage space by determining what you can own and what you should discard. Since you’ll have less storage space if you downsize, you’ll choose to retain just what you need. You can choose to sell, recycle, or throw away any of the products you’ve collected over the years, keeping only those that you consider important or that have risen in value over time. Experts also consider having an estate sale after you’ve gone through your possessions to make money. If it’s difficult for you to let go, note that the real memories and experiences you’ve had are forever preserved in your mind and heart, not in these tangible objects.