Have You Considered Downsizing As Part Of Your Retirement Plan?

Often, home goals start with making sure there is enough room for kids, but then the kids grow up and leave the home, leaving empty nesters with more house space than needed. It is common to consider moving to a smaller place as we age and get close to retirement.

There are significant advantages to downsizing your home as part of your retirement plan:

• Less house to clean: Even though you may only be spending most of your time in a few rooms, you still have to clean those extra bedrooms and bathrooms.
  
  
• Less home maintenance: Imagine less yard work with smaller and more manageable gardens. It all depends on your personal preferences regarding how you want to spend your time. The less you have, the less you have to maintain.
  
  
• Cut costs: Reducing monthly expenses by moving into a smaller space can save on things such as home insurance and property taxes, while lowering utility bills.
  
  
• Single-floor living: A one-level home takes into consideration our bodies gracefully aging and eventually refusing to do stairs. It’s also easier to accommodate disabilities requiring walkers or wheelchairs.
  
  
• Cashing in your home equity: Property market values have consistently increased over the years, even with the increase in mortgage rates. You may have substantial equity in your home that could add to your retirement savings.

Yes, the thought of downsizing and consolidating your home can be overwhelming and stressful. It doesn’t have to be. Downsizing and decluttering can make life easier and safer. Here are some tips to get you started:

1. Make a list of items that are most important to you.
   
   
2. Go room by room or even closet by closet, and make piles to keep, toss and give away.
   
   
3. Eliminate items that are not necessary for your new lifestyle.
   
   
4. Give yourself ample time to go through everything to figure out what you really need.
   
   
5. Hire a professional organizer if it still seems too overwhelming.

There are many reasons why retirees are looking to downsize. If your home no longer fits your needs and certain aspects of your home have become more challenging, start the transition process now. You’ll want to give yourself plenty of time to make the process as seamless as possible for you.

A real estate agent can help evaluate your current home’s value and make recommendations to maximize your home value when getting it ready to sell. Working with a real estate agent from the beginning of the downsizing process is important to get an understanding of the new home you’re looking for to accommodate the retirement lifestyle you desire.

If you’re thinking about downsizing, call 410-541-7022 to get a market analysis of your home. Jenna Aliff is an agent with Park Modern Realty who has been helping homeowners buy and sell properties with great success.