Downsizing: The Advantages for Senior Residents
A growing family needs a lot of space, but seniors don’t. Once your children have flown the coop, you could gain a lot of benefits from downsizing, even beyond freeing up equity and reducing the time you spend maintaining your home.
What is Downsizing?
First things first, what counts as downsizing? Technically, moving into any smaller home is downsizing and people of all ages do it. For seniors though, downsizing usually involves moving into a home that’s just large enough for one or two people, and that has accessibility features to make life easier.
Benefits of Downsizing
A smaller home provides the opportunity to save a lot of money! It is likely that a smaller home will provide you with a reduced mortgage, or free up the equity you paid into your current home. Further, you will spend less on utilities and property taxes when you have a smaller home.
Downsizing provides you with the opportunity to declutter. After years of living in the same house, you have likely acquired a lot of “stuff”. Chances are, there are several things you don’t need anymore.
Living in a smaller home will encourage you to do this more often and therefore live in a clutter-free home.
One of the biggest benefits of downsizing, especially if you are getting a little bit older, is reduced maintenance. Living in a smaller home means you will spend less time repairing and cleaning your home.
If you choose to move into a home with a smaller yard, or one with easier-to-maintain landscaping, you can significantly reduce the time you spend maintaining the yard. Plus, when it comes time for you to hire someone or ask the family to maintain your yard, it’s not such a large task.
When you downsize, you can search for a home that will be perfect for your future needs as you age. You can find a home that has no stairs, or that has the bedroom and laundry on the main floor.
The great thing about downsizing as you get older is that your neighbours are likely to be in the same phase of life as you. Downsizing into a bungalow community gives you the opportunity to make new friends who are at your stage of life and interested in the same activities you are.
You can boost your safety in a smaller home too. You won’t have empty rooms where unsafe conditions could develop, or where a break-in could happen without you noticing. Plus, by eliminating hazards such as stairs, seniors can feel more confident about staying at home longer.
Ready to Downsize. Where Should You Move?
Another great thing about downsizing is that there are so many options! You can move into a smaller house in any community or you could look into assisted-living options.
For seniors still looking to live on their own but who want to downsize, bungalows are a great choice. Bungalows are becoming increasingly expensive and this is because of their high demand, so they’re a good financial investment, too.