When it comes to making a decision to move – without any outside influences, such as having to relocate for a new job – the decision generally comes down to one word.
In short, when our lifestyle changes we look around and soon realize that our home is no longer the best choice for our new life.
For a growing number of people who are now empty nesters and looking for ways to bolster their retirement nest egg and maximizing their free time opportunities, the decision to downsize is gaining popularity. This is especially true now as our housing market is well into recovery and has increased the equity position of homeowners.
Here are a few reasons why it may be better to make the move sooner rather than later:
More Free Time
Imagine the time you get back by not having to mow the lawn, tending to the landscaping, plowing the snow or doing the countless number of other chores involved with a large home. Want to take a quick trip? – just lock the door and go!
More Income, Now and in the Future
Downsizing allows you to reduce your monthly mortgage payments, or have none at all depending on your equity position from your current home. A less expensive place means lower taxes and insurance, providing savings that will add up over time. Invest the differences in income producing ways that will enhance the retirement years.
When one spouse dies, often the remaining spouse decides to move to a smaller, more manageable residence. By moving sooner rather than later, the move is well thought out without anxiety or urgency, and eliminates the inevitable down market cycle – not the ideal time to make a move. Additionally, you take control of your future rather than thrusting the responsibility to your children or other relatives.
A smaller home provides an opportunity to get rid of a lot of the clutter we accumulate in our lives. It isn’t easy, but an uncluttered life will feel like a clean slate, energizing you with a feeling of freedom and control.