Retirement is a time for relaxation, adventure, and enjoying the things you love. As you imagine this exciting new chapter in your life, it's important to think about whether your current home still fits your needs.
If it's too big, too costly, or just not convenient anymore, downsizing might help you make the most of your retirement years. To find out if a smaller, more manageable home might be the perfect fit for your new lifestyle, ask yourself these questions:
- Do the original reasons I bought my current house still stand, or have my needs changed since then?
- Do I really need and want the space I have right now, or could somewhere smaller be a better fit?
- What are my housing expenses right now, and how much do I want to try to save by downsizing?
If you answered yes to any of these, consider the benefits that come with downsizing.
The Benefits of Moving into a Smaller Home
There are many reasons why you should downsize. Here are just a few from Bankrate:
Your Equity Can Help Make Downsizing Possible
If you answered yes to any of these, consider the benefits that come with downsizing.
“And at a time when homeowners age 62 and older have more than $12 trillion in home equity, downsizing makes sense . . .”
If you’ve been in your house for a while, odds are you’re one of those homeowners who’s built up a considerable amount of equity. And that equity is something you can use to help you buy a home that better fits your needs today. Greg McBride, Chief Financial Analyst at Bankrate, explains:
“Downsizing can mean taking that equity when the home is sold and using it to pay cash or make a large down payment on a lower-priced home, reducing your monthly living expenses.”
When you’re ready to use all that equity to fuel your next move, your real estate agent will be your guide through every step of the process. That includes setting the right price for your current house when you sell, finding the home that best fits your evolving needs, and understanding what you can afford at today’s mortgage rate.
Bottom Line
Starting your retirement journey? Think about downsizing – it could really help. When you're ready, let’s connect.
About the author: Jennifer has built an impressive career around her expertise in the worlds of finance and real estate. She obtained a Master’s Degree in Real Estate and Finance, and went on to work for a $35 billion bank, working her way up to the executive role of Senior Vice President and Director of Small Business and Business Banking.
In 1998, Jennifer moved to Punta Gorda, and it seemed only natural to pursue a career helping people buy and sell homes in this beautiful place. Jennifer has become a leader in the Punta Gorda marketplace, and has consistently ranked in the top 10 in sales of over 1,500 area Realtors. Jennifer has sold over $500,000,000 in real estate since 2000. She founded Calenda Real Estate Group in 2020 and was previously recognized in Prudential’s Chairman’s Club and Michael Saunders Presidents Club over the past 20 years.
In her leisure time Jennifer is working on staying fit at the Y, practicing yoga, or is having a good time with friends. She also enjoys boating, hiking, traveling, and skiing with her husband Tom.
