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Guide to Downsizing

01 Jun 2018

Posted by Joseph Coupal

Abberly Waterstone Apartments, Stafford, VAWhen it comes time to consider downsizing your home, there are a mix of emotions and stressors you may have never encountered before. For seniors, it’s a situation that sometimes comes about out of necessity and sometimes simply as a way of improving the quality of retirement years.

As the number of Baby Boomers entering retirement continues to climb in the US, the reasons to start downsizing are more apparent than ever:

  • Economic necessity. It’s common for many older adults to be faced with unexpected medical expenses, growing homeowners insurance rates, and rising utility costs. Selling the house and moving into a more affordable space is often the solution.
  • Convenience. If you’re tired of doing all the housework that comes with a larger home, you’re not alone. A lot of retirees opt for smaller homes where upkeep is less of a responsibility.

In terms of the cost benefits, retired seniors stand to save significantly when moving to a smaller space. Consider that for the typical single-family home, heating and cooling accounts for 42% of the energy bill. When the square footage of your home shrinks, so does that energy bill.

Moving to a smaller home could also help you save on:

  • Mortgage payments
  • Property taxes
  • Maintenance (lawn, pest control, snow removal)

If you’re preparing for retirement or have already retired and you’re now considering downsizing, know that you’re in good company. A recent poll concludes that 37% of Baby Boomers plan to move later in life. Of those planning to move again after retirement, 47% said they’d like to downsize.

Choosing to downsize to an apartment in Stafford, VA in retirement isn’t always motivated by economics, but it is always affected by it. Even for retirees belonging to a high tax bracket, downsizing is a consideration for practical reasons.

Finding a place to live

Would you prefer to stay in the same area or are you excited about moving to a new place? If you’re moving somewhere new, take into consideration all the amenities you’ll need now and later on. Check for proximity to hospitals, grocery stores, and other essentials. Downsizing should make life easier—if you have to travel 45 mins to weekly doctor appointments, think about how that will affect your quality of life.

No matter the reason you have for considering downsizing, you are wise to contemplate its advantages. Not only do you have the opportunity to start anew, perhaps in closer proximity to family, but you can drastically improve your quality of life in retirement. By downsizing to a smaller home, you are freed from the upkeep responsibilities of owning a large home. You’ll potentially save big on standard costs associated with homeownership and most importantly of all, you can finally take time to relax.

For more information contact HHHunt.

#HowYouLive

bankrate.com

Downsizing Is Not Just for Empty-Nesters

22 Mar 2017

Posted by Joseph Coupal

HHHunt ApartmentsDownsizing into a smaller home has been a rite of passage almost exclusively for empty-nesters and retirees. But as home prices and mortgage rates rise and the inventory of homes for sale shrinks, younger generations might find upsides to downsizing earlier in life.

If you don’t need a bigger home, downsizing earlier could work in your favor. Here are three reasons why:

1. You’ll free up money for other financial goals. If you have a bigger home, much of your income is tied up in monthly mortgage payments. By getting a smaller, more affordable place, you could free up cash to put to work toward other goals such as college savings or retirement.

2. You could move into a better neighborhood. Most homeowners (whether they have kids or not) want to live in a desirable neighborhood where they can put down roots. Choosing a smaller place in a sought-after area over more space elsewhere is a trade-off with a lot of potential upside: better schools, increased walkability, more charm or lower crime.

3. You’ll simplify your life. A bigger home comes with more maintenance, costs and potential wasted space — all things you might not have anticipated. This is especially true if you’re now going through a major life event such as a divorce, illness or job change. In addition to less upkeep, downsizing can also provide financial peace of mind if you feel suffocated by your mortgage payments and other debts.

Some people are afraid of debt. They don’t mind living a simpler life to pay their home off faster and gain the confidence and comfort of being debt-free. For more information on apartments, contact HHHunt.

#HowYouLive
USA Today


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