Chances are, when you bought your home you needed a lot of space for a growing family. Or maybe you just wanted a large home for all the amenities it offered. Whatever the reason, many home owners approaching retirement (or already there!) find themselves in living spaces that are larger than they want or need, and think about downsizing.
Thinking about leaving a home you’ve lived in for many years brings a lot of mixed emotions and challenges. What are the reasons you should consider downsizing as you age?
Home maintenance – Is it becoming more difficult to keep your home in good condition? Outdoor chores, minor repairs, and even “spring cleaning” can become more challenging in our later years, especially with a larger home.
Major life event – Big changes such as children moving out, financial shifts, health changes, and death often make downsizing a necessity.
Financial concerns – Would you be better off financially if you sold your home? In retirement, the costs of maintaining a home could be cumbersome. Or, maybe your mortgage is paid off; you could use the equity in your home to purchase a smaller one and have money left over!
Change of scenery – Maybe you just want to live closer to your children and grandchildren, if they live elsewhere.
Health concerns – Sometimes, staying in your current home may be difficult due to lack of needed support services.
Whatever your “why” for downsizing, you should rely on a REALTOR® who has an in-depth understanding of the unique housing needs of those aged 55+. A Seniors Real Estate Specialist® (SRES®) is uniquely qualified to assist seniors with later-in-life real estate transitions.