20 Oct Downsizing Tips for New Retirees
It has come to that time where you decide to call it quits and take an early retirement or you have clocked the retirement age- whichever the case, you are now a retiree. Often times, you find that your house just becomes too big for you and therefore you decide to downsize. Downsizing might mean moving from your current home to a less spacious house where you will utilize all, or at least, most of the rooms. However, moving can be a daunting task but worry no more. Highlighted below are incredible downsizing tips for retirees.
Tip 1: Choose Your Retirement Destination Wisely
The very first thing you need to do is consider where you want to spend your retirement. You might be the adventurous type and would like to spend time in a place with a lot of fun activities. Or, you might be a laid back person who is okay in the suburbs or in a place which is not very much hyped up. Making up your mind beforehand will help you narrow down on the places that you would like to spend your retirement years.
Tip 2: How Much Space And Room Is Comfortable For You?
The second thing to consider is how much space or room you really need. To do so, check the utilization of your current home. Are there are any unused rooms and other spaces like the garage? With this information, it will be easier to determine the appropriate size of your new home.
Maybe, you like your friends to come over and spend a few days or your family members do show up once in a while to spend time with you. If that is the case, in as much as you are downsizing, it is important to look for a house with extra one or two bedrooms to accommodate your friends and family.
Tip 3: Downsizing Is Not The Same Thing As Downgrading!
You might be downsizing but that does not necessarily mean you are downgrading. It might happen that you are moving into a smaller house but the price of the house might be more than the price of your current house. There are many factors that determine the cost of a house chief among them being the locale. Therefore, it is important to determine how much cash you want to spend when buying the new smaller house.
Also, do not forget to check the cost of living, the temperature, the state laws and regulations of the place you are moving to-that is if you are relocating from your current state.
Retirement is an exciting new stage in life which is often times accompanied by downsizing and moving. However, you can make the process much easier by following the highlighted tips. By doing so, you will be well prepared both financially and psychologically to move into your new home and life as a retiree.