As seniors approach retirement, they naturally want to take things easier. But once they’re away from the office, some are surprised by the amount of time they spend just keeping up their homes: cleaning, maintaining appliances, painting, cleaning out gutters, mowing the lawn, tending the landscaping, keeping things neat and tidy. What they thought would be much-deserved leisure time ends up devolving into a never-ending series of chores.
As a result, a lot of seniors today are opting to downsize out of their larger, family-oriented homes and move into smaller cottages, condos, apartments or retirement communities. But before a move can happen, downsizing brings a whole new set of tasks: deciding what to keep, what to sell, what to give away and what to pitch. Setting up and advertising garage sales. Transporting unneeded items to donation centers.
Sure, downsizing can be a lot of work up front. But it is also liberating in the longer term.
Today, let’s talk about the top 4 benefits of downsizing to a smaller home or retirement community, like Episcopal Retirement Services’ Deupree House in Cincinnati:
1. Make your nest egg bigger
If you own your home and sell it in a downsizing move, you can often turn a profit. First, you (hope to) capitalize on the growth of your home’s value in the years since you purchased it. Then, you can turn around and buy a nice, but smaller and less expensive home or condo, or move into an apartment in a retirement community.
Pocket the difference, then stash it back or invest it and boost your retirement income — you’ll extend your nest egg’s purchasing power and fund your desired retirement lifestyle longer.
2. Reduce your expenses
You’ll realize additional savings, too, as the years roll on. Unless you move to a community with a higher tax base, a smaller, less valuable home should generate significant savings on your annual property taxes. If you avoid gated communities and exclusive neighborhoods, you’ll save on homeowners’ association fees.
A smaller home should save you water, electricity, gas heat, trash, sewer and other utility costs. And it should be less costly to maintain in the long run: less to paint, smaller yard to mow and less to clean means less money spent on tools, gasoline, oil and mower maintenance, cleaning supplies and more.
By reducing your expenses, you can draw income from your nest egg at a slower, more sustainable rate. Again, you can stretch your retirement dollars and maintain your desired lifestyle with less.
3. Spend less time working and more time doing what you want to do
Money isn’t the only cost associated with upkeep of a home. Time is a finite resource, and downsizing can help you better use yours. With a smaller home and a smaller yard, you’ll spend less time doing chores and more time getting out and about, visiting friends and family, seeing the sights you missed seeing in your work-a-day years.
And, if you move into a condo, apartment or a retirement community like Deupree House, maintenance and exterior upkeep are included in the lease, so you need only worry about keeping your interior living space tidy.
4. Live safer
As we age, many of us develop mobility issues. A senior aging in place in a multi-story family home could have severe difficulty navigating it as time goes on. Stairs, high-set cabinets and longer, wider hallways can become obstacles and lead to preventable falls, serious injuries and poor outcomes.
Downsizing to a one-story, smaller ranch home or moving into a retirement or enriched living community doesn’t just free up a senior’s time; it could also be a proactive and smart safety measure.
