Many people see retirement as a time to relax. After working for many years, you might want to pursue old hobbies, travel or just kick your feet up and live stress-free. Part of this might also be rethinking your living situation. If you are thinking about retirement or are already retired, you might also be thinking about downsizing.
Downsizing presents many potential benefits, but it might not be right for everyone and you might not know when the right time is to go through with it.
Downsizing has many benefits for retired people. A smaller home might require less maintenance and less upkeep. Costs might also decrease if you move to a smaller property. Downsizing can also present people with an opportunity to make a change in their life. Moving to a new location can give you new opportunities.
How to know when to downsize?
There are a few indications that it might be the right time to downsize. If you can no longer keep up with the maintenance your home requires, you might think about moving to a different place with less work. Yard work and home repairs are hard work and you might not want to continue to put in all the effort during retirement.
If you are less able than you were, it may also benefit you to downsize. Going up and down stairs often gets harder with age, so moving to a one-story home could help. You might need a home that is more accessible, with wider hallways and a more condensed floor plan.
Downsizing might feel like a big change and it may require a lot of thought. It has both pros and cons. You will have to consider cost and ability before you make any decisions. Many people do not want to move because they love their home, but your decision should ultimately be made based on a variety of reasons such as finances and health.