Seniors Can Save Big and Simplify with Downsizing

Wednesday, 17 July 2013 09:23
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blog6There’s no denying that tastes in housing have changed in the past decade. The same young professionals who bought rambling suburban homes when they started families in the 80s are contemplating retirement, and often want something totally different for their next place to live. Forbes explains that “Boomers buying for the long haul are looking for good access to transit, medical care and recreation; for high-speed Internet access and security systems; and for energy-efficient appliances.”

That’s often very different, and more urban-oriented, than their needs to be near work, in a good school district, or to have plenty of room for the family during their professional years.  This is part of the reason so many retirees contemplate downsizing. It gives them some financial gains, fewer maintenance demands, and the opportunity to live somewhere in line with their new lifestyle needs.

If you are considering downsizing as part of your retirement plan, there’s a few things you can do to make it an easy process. For one, it helps to know where you will be downsizing to. Talk to your financial planners and take a look at your accounts—you might be surprised at what options net the biggest gains. Retirement communities can actually be less expensive when you look at the overall cost of your current home, including utilities, gas to commute to the things you like to do, groceries, and more. By deciding first where you will be living, you can then see how much space you will have to work with and what your actual needs will be. For example, if you’re moving to an apartment, townhome, or condo, you may not need the extra large gas grill or the leaf blower in your garage.

In fact, rooms like the garage can be a great place to begin downsizing. Attics, basements, and garages can accumulate a lot of junk over the years that you simply won’t need at your new home. Take old paint cans, oil, light bulbs, and other maintenance leftovers to hazardous materials recycling—your city website can tell you where the drop off for these items is. Then you can move on to things you rarely use—untouched clothes that no longer fit in the back of your closet, children’s games and clothes you no longer need, or extra dishes and kitchen things.

When you’re left with the things you use frequently or are deeply sentimental, you know you are well prepared to downsize! Think of how pleasant life will be when you are surrounded only with your favorite things in a home that’s perfectly suited to your new lifestyle and day to day activities! Get closer to friends, family, and all the fun outings you enjoy while shedding the stress and cost of so many belongings.

Written by Meghan O'Dea

Read 1016 times Last modified on Friday, 16 January 2015 22:10