Whether you’ve just begun developing your retirement plan, or you’ve been retired for some time, asking yourself these questions can help you determine when and if there is a right time for you to consider downsizing your home.
Can I physically maintain my home?
From yard work and home maintenance to navigating your home safely, your physical comfort and ability to maintain and live comfortably in your home should be considered. If you are having trouble climbing the stairs in a multi-story home, are no longer able to maintain your yard, or simply want to invest your time and energy into other endeavors, it may be time to consider downsizing.
Am I able to continue living in my home without financial strain?
For many, continuing to live in a family home after retirement can cause financial stress and strain; however, downsizing space can downsize financial worries, as well as time spent on repairs and upkeep, leaving more time and money to enjoy life. If you find yourself at a point where living in and maintaining your current home is causing more and more financial stress, considering a move might be a viable option.
Will the equity in my current home help to finance a future one?
It is likely that your home will appreciate in value the longer you own it, benefiting your financial standing over time – but, do you have enough equity to afford a move and make any home repairs required to sell? To find out where you stand in regard to your home’s equity, give us a call and ask about our free “fix it” program.
Do I feel safe and connected in my community?
Do you have resources – such as medical and grocery – nearby? How about family, friends, or neighbors who can help you in the case of an emergency? Are there community activities, groups, and events that you participate in? If you’re no longer feeling safe, are unable to commute to any necessary resources or locations, or feel disconnected from your community, you’re not alone! Downsizing into a smaller home or a retirement community may be viable options for you!
There is no perfect age or formula for knowing when it is time to move and downsize; however, if you plan ahead, the prospect of moving and downsizing can be exciting rather than stressful. Remember that your health, comfort and safety are key – and don’t be afraid to reach out with any questions. We are here to serve you!