When people become empty-nesters, they tend to start considering whether it’s time to sell their family home so that they can downsize to a more manageable living space.
For someone no longer pursuing their career, getting rid of unnecessary material possessions and living in a smaller home carries many advantages. If you’re currently considering downsizing for your retirement, it will help to know a few steps to follow.
To find out just how much you´ll need to downsize, you should also use a retirement calculator from a reputable financial advisor to help understand what your lifestyle budget after retirement will cost.
What is Downsizing?
When downsizing is discussed in the context of retirement or lifestyle choice, it usually refers to either
- Getting Rid of Possessions
- Moving to a Smaller Residence
Those in the process of preparing for retirement often attempt to accomplish both of these. After all, if you’re moving to a smaller home, it isn’t likely that you’ll have extra storage space to dedicate to all of your old possessions.
How to Ditch Your Material Goods
If you’re looking to get rid of things you no longer need, you might as well find out whether they are valuable enough to be worth selling. Even if it doesn’t seem like your old items are very valuable, you could be surprised by the amount of value some vintage items garner when they become prized by collectors.
Use the Internet to Research
The easiest way to determine whether your items are worth money is to check online. Conveniently, you can check the same online auction and sales sites to see what similar used goods are selling for to determine the value of yours. Try selling anything online that will earn you extra money. ry selling anything online that will earn you extra money. The internet can also be helpful if you are looking to sell your home. If you don’t want to go through the hassle of selling your home with the help of a realtor, you can consider selling to a real estate investor like The Local House Buyers.
Whether or not your items are valuable, you may want to check with your family to see if they are interested in owning them. If not, you can always host a yard sale or donate your goods to charity.
The Financial Benefits of Downsizing
While you don’t necessarily need to move into a new location that is smaller than your previous home, most people find it a financial benefit. Along with the money that you’ll earn selling items you no longer want to keep, you’ll likely make a profit by selling your current home that you can put towards making your retirement years more comfortable.
Finding a New Home and Making it Personal
Moving to a smaller home doesn’t mean that you have to settle for a property you aren’t thrilled about. The best way to make your retirement option into another dream home is to consider how to make it suit your personal needs. If you can sell your current house for a high price, you might decide to buy another home or have one built in the size that suits you best.
Working with Custom Home Builders
When you opt to customize your home with the help of a professional home building company, you’ll be able to give your new home every personal touch that your heart desires. If you’d like to choose the appliances, flooring or colour of paint in your new home, you’ll be able to control these options when you choose a custom home.
Other Advantages to Downsizing
There is an emotional benefit to downsizing. With reduced clutter you will feel freer and stay organized more easily. When you reach your retirement years, it helps to consider solutions to problems that will likely arise further down the road. The worst time to start preparing for issues that arise in connection to the ageing process is after they’ve already happened.
Living in a smaller space that’s more accessible will prepare you for the eventuality that you’ll likely have mobility issues one day in the future, and you won’t want to have to navigate a hundred stairs a day when you do.
Planning for the Future
While you may not need to consider your ability to take care of a home today, it won’t hurt to allow yourself relief from some of the responsibilities that will increasingly become a burden as you age. Moving to a new property will allow you to consider hiring a service to take care of things like landscaping, snow and ice removal, housekeeping and cooking.
When you start to downsize your life, it can provide a welcome jumping stone to get you into the new property you need. Talk to a custom home builder to learn more about your options in newly built homes.