Leave a Message

Thank you for your message. We will be in touch with you shortly.

Why Moving to a Smaller Home After Retirement Makes Life Easier

Why Moving to a Smaller Home After Retirement Makes Life Easier

Retirement is a time for relaxation, adventure, and enjoying the things you love. As you imagine this exciting new chapter in your life, it's important to think about whether your current home still fits your needs.

If it's too big, too costly, or just not convenient anymore, downsizing might help you make the most of your retirement years. To find out if a smaller, more manageable home might be the perfect fit for your new lifestyle, ask yourself these questions:

  • Do the original reasons I bought my current house still stand, or have my needs changed since then?
  • Do I really need and want the space I have right now, or could somewhere smaller be a better fit?
  • What are my housing expenses right now, and how much do I want to try to save by downsizing?

If you answered yes to any of these, consider the benefits that come with downsizing.

The Benefits of Moving into a Smaller Home

There are many reasons why you should downsize. Here are just a few from Bankrate:No Caption Received

Your Equity Can Help Make Downsizing Possible

If those perks sound like something you’d want, you may already have what you need to make it happen. A recent article from Seniors Guide shares:

“And at a time when homeowners age 62 and older have more than $12 trillion in home equity, downsizing makes sense . . .”

If you’ve been in your house for a while, odds are you’re one of those homeowners who’s built up a considerable amount of equity. And that equity is something you can use to help you buy a home that better fits your needs today. Greg McBride, Chief Financial Analyst at Bankrate, explains:

“Downsizing can mean taking that equity when the home is sold and using it to pay cash or make a large down payment on a lower-priced home, reducing your monthly living expenses.”

When you’re ready to use all that equity to fuel your next move, your real estate agent will be your guide through every step of the process. That includes setting the right price for your current house when you sell, finding the home that best fits your evolving needs, and understanding what you can afford at today’s mortgage rate.

 

Bottom Line

Starting your retirement journey? Think about downsizing – it could really help. When you're ready, let’s connect.

 

 

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. The Home Run Team, Ltd. does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. The Home Run Team, Ltd. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.

Recent Blog Posts

3 Factors That Can Impact Your Mortgage Rate

Mortgage rates have been volatile recently, but there is ways that you can control it. Here's how.

What You Can Do When Mortgage Rates Are a Moving Target

You can control your credit score, loan type, and loan term. That way, you can get the best rate possible in today’s market.

Don’t Miss This Prime Spring Window To Sell Your House

Spring time is the best time of the year for sellers. So, don't waste anytime - list your house ASAP.

If the Asking Price Isn’t Compelling, It’s Not Selling

If you're a seller, there's a lot of things you need to focus on, but one thing must be right to be successful: the asking price.

Selling During the Peak Months of April and May

In the past, spring has been the best time to sell. And it isn't any different this year.

Pre-Approval Isn’t Commitment – It’s Clarity

The best time to get serious about buying is before you’re ready to buy. Here’s why.

Do You Think the Housing Market’s About To Crash? Read This First

Before you hit pause on your plans to buy or sell a home, take a deep breath. The truth is: the housing market isn’t crashing. It's actually shifting in your favor.

How Your Tax Refund Can Help You Buy a Home

When buying a home, you should look to get any advantage you can. Here's how a tax refund can help.

Are You Saving Up To Buy a Home? Your Tax Refund Can Help

If you’re getting a tax refund this year, you can use it to your advantage. Here's how.

Let Us Win For You

We're here to help people live wealthier lives and enjoy more freedom by educating and guiding them through their lifelong real estate journey. Whether you're buying a home, looking to sell or relocate, or are an investor, we can help you. No agents will work harder for you, because to us, going to bat for you, isn't work. That's just what you do when you're a team.

Follow Me On Instagram