Baby Boomers: Know the Benefits to Downsizing
Your children have moved out and started their own families and lives, and you’re starting to feel the beginnings of empty nest syndrome. Is it time for you to start looking for your next home? With more than 8,000 baby boomers a day turning 65 over the next 18 years, this means an entire generation will be retiring and starting a new chapter in their lives. With your new situation, you might consider leaving the large family home you’ve had for years in exchange for a smaller home with less space and lower costs. Below are some of the advantages to downsizing that you may not have realized.
Save Money
With a smaller home you will lower your monthly expenses in more ways than one. Not only will a smaller home mean lower mortgage rates but you’ll spend less in utility bills, taxes, insurance, and general upkeep of your property. Less square footage means less money spent overall. Don’t count out the possibility of moving to a townhome as well to do away with the cost of lawn maintenance and landscaping. Keep indoor and outdoor upkeep costs in mind when considering downsizing.
Change Your Scenery
If you live in a city setting consider getting out of the expensive metro area by moving to a smaller town that has a lower cost of living. Or, if you live somewhere snowy and you need a change of scenery, consider moving somewhere warmer and sunny. This will also help with lower your cost of upkeep on your property because you won’t need to deal with snow removal.
Find a New Hobby
Since you’ll be saving money on all the way around by moving to smaller home, you will be able do something with all of your extra time. Consider trying out a new hobby that you’ve never had time for before, such as tennis, biking, or fishing.
Become More Organized
Think of downsizing as a way to get yourself more organized. Use this opportunity to clear out clutter and any and all of the unnecessary “junk” that has accumulated over the years and now just takes up space. This is a new chapter in your life; why not start it off clean and organized?
Empty nesting happens to every couple in some form once their children move out and begin their own lives. One way to combat that is to find a new nest. Downsizing to a smaller home can be the right fit for many couples during their retirement. With all the ways that you can save money and the advantages that can be given to you simply by changing your address, there are plenty of benefits to downsizing to consider.