30 Oct Downsizing For Retirement
As Americans begin to age, selling an existing home in an effort to downsize can have an array of benefits. If you are at a point in your life where your children have started moving out, trading your empty nest for one that’s cozier will definitely have its upside. A new home may help you offset or lower your expenses, improve your quality of life, and it may even assist with your retirement fund.
Lowering Your Expenses
If your needs have recently changed and you no longer have a need for a large house, moving into a smaller property will help you offset and lower your expenses. A house with smaller square footage will allow you to have lower utilities; cooling, heating, and lighting a smaller space are small savings that add up to thousands of dollars a year. In addition to this, properties with smaller physical footprints will also require less maintenance; water usage and upkeep costs will lower when maintaining a smaller space.
Improving Your Quality Of Life
Let’s be honest, the older we get, the more we realize the things we’ve taken for granted. Achy knees and stiff backs seem to become commonplace. Keeping our independence is a very important aspect of our lives. When downgrading your home, you may want to look for amenities that improve your way of life. Trading a two-story property for a single story house may make it easy for you to move about the house. Ramps, accessible showers, and support rails may also be something to look for in a new property. If a property is mostly accessible, adding some of these features may be an easy and inexpensive way to make the property perfect for you prior to moving in.
Adding To Your Retirement Fund
When looking for a new property, you may be able to boost your retirement fund. Many folks look for properties that are priced much lower than the value of their existing house. If you have paid your property-off, you can expect to gain the difference between the value of your existing house minus the cost of the new one (there will be a few sale-related expenses you will also have to account for). For most people, this will add up to tens of thousands of dollars. If you currently have a mortgage on your existing property, this will have to be paid off at closing as well. Whatever your situation may be, it is important that you aim to eliminate the need for a mortgage. Eliminating a mortgage can eliminate another worry from your life.
Whatever your reason may be, there comes a point in life when downgrading simply makes sense. A smaller home can be more affordable, upkeep can be more manageable, and your quality of life can improve. Buying and selling a home at the same time can be quite cumbersome. Luckily, a company such as Sold ASAP can help you make the transition and guide you through the entire process.