After your last child leaves home, you may find yourself with an abundance of space. While you may not initially consider maintaining this extra space a burden, it’s likely that you’ll eventually grow tired of heating, cooling, and cleaning rooms you’re no longer using on a daily basis.
If you can relate to this and you’re ready to find a home that’s a better fit for your current needs, read on to find a list of considerations for empty nesters to help you downsize in style.
Your individual circumstances will determine how much space you’ll need in your new home. To get a realistic view of what space you’ll put to good use, consider the following:
If you’re looking to downsize, you’ll want to make sure you choose a home that works for you in both the short and long terms. One thing to consider is the layout.
For instance, you may be used to a two-story family home and may still be comfortable going up and down stairs every day, but that may not be the best fit for the future. With age may come additional health concerns, such as bad knees, and a one-story ranch or a home with a first-floor master bedroom may be a better choice.
Downsizing most likely means getting rid of some of your belongings. Take inventory of your belongings and give serious consideration to what you’re willing to part with before determining what size home you’d like to move in to.
If you have more “stuff” than will fit comfortably into a smaller home, you may be tempted to put off streamlining your belongings by renting a storage unit for items that won’t fit. However, this is an extra cost that can add up over time, often causing you to pay more in storage fees than the items are worth.
Maybe downsizing is an opportunity for you to move closer to children who have moved away. Or maybe you’re already happy where you are. Either way, consider what areas will work best for you to do the things that make you happy, such as seeing family, staying active, and having opportunities to socialize with others.
Additionally, research specific developments that would be a good fit for you. For instance, there are some 55+ communities that give you a comfortable place to live without having to worry about yard or exterior home maintenance. Choosing a location such as this could free up your time to focus on things you enjoy dedicating time to instead.
Downsizing your home can free up more than your time. It may free up some of your budget, too. If you’re still making monthly mortgage payments, you may be able to buy something less expensive if you’re not in need of as much space. If you live in a home that’s paid off, downsizing could still save you money by lowering your utility bills, such as heating and air conditioning, since you’ll be managing less space.
With lower housing expenses, you can redirect funds into other priorities, like preparing for retirement, helping to finance a child or grandchild’s education, or finally buying your dream car.
If you’re preparing to downsize your home, you’ve probably got a lot on your mind. Let us take some of the worry away by providing you with a mortgage that has competitive rates and flexible terms.
Read more about the benefits of getting a home loan with us and start your application today.