Retirement should (ideally) be nothing but a period of relaxation for you. However, sometimes due to circumstances beyond your control, you might be required to move during retirement. It’s important to know what to look out for.
Downsizing in retirement would probably be a good thing for you to consider. Moving to a smaller, cheaper home has a few disadvantages, of course – but it comes with a lot of benefits. Less space might seem more uncomfortable to you at first glance, but it shouldn’t be a bad thing inherently. After all, presumably, you’re only retiring with your partner. You don’t have any more kids that you need to take care of. Thus, less space simply means less maintenance. Buying a cheaper home and selling your old one will mean that you will have freed up a decent amount of money to be used as you please. And lastly, changing homes will change how your taxes function; cheaper homes mean cheaper taxes.
Location will be everything in retirement. Instead of your home being a center for family and community, it now is a home of rest that you and your partner use to enjoy your surroundings. Picking a location can be difficult, but it’s also a lot of fun. Make a long list and a short list of dream retirement locations with your partner, making sure that each one is suited for senior living. Seniors need to choose a safe location when looking for a retirement home – don’t just go off of where you would like to visit. Do the proper research beforehand.
While moving and downsizing will definitely be cheaper in the long term, it’s still going to cost you to sell your current house. And even if you don’t sell the house, the move will still cost you! Every home sale includes closing costs, real estate agent fees, transaction fees, repairs, and more – not to mention costs of transportation and labor involved in the move. Know the approximate range for what your projected costs will be. Make sure that you have the financial base in place to comfortably make these transactions without having to worry.
Moving can be a lot of work, and it can be hard for a senior citizen. But downsizing in retirement is often well worth the effort. Picking your location, making thousands of dollars of profit, and finding a more manageable living space can all work wonders for you and your retirement life.
Check out this article on how to lower the fees and commissions you pay on your home!