According to AARP, baby boomers will be reaching age 65 at a clip of about 8,000 per day for the next 18 years. That represents a significant number of homeowners who are now empty nesters entering the next phase in life. If you belong to that group, you may enjoy some substantial benefits if you downsize your home.
Here are five attractive advantages to downsizing your home.
A Smaller House is a Smaller Mortgage Payment
In general, a smaller home will mean a smaller mortgage payment. If you have had your family home for quite a while and built up sizable home equity, you may have the opportunity to sell it and purchase a smaller new home. You may be able to eliminate a mortgage completely.
Downsizing your home will mean smaller monthly expenses as well. Utility payments, taxes and insurance are likely to be reduced, and general maintenance and upkeep will be more affordable.
More Affordable Locale
Downsizing offers an excellent opportunity to relocate to a less expensive area. Finding a metro area that gives you more bang for the buck is a boon to empty nesters that will soon face life on fixed income, and this is precisely the right time to use the services of a real estate professional. An experienced agent already has compiled the list of advantages to living in a particular area, and can help you determine how to shrink expenses considerably in a neighborhood where affordability is in greater alignment to real estate prices.
Upgrade Your Lifestyle
Empty nesters have more time for other activities. In downsizing, you have the chance to move to a locale with all the lifestyle amenities you crave. It may be tennis, golf or biking. Or, it may be urban living with cultural activities, theater, restaurants and night life. Again, this is one area a professional real estate agent can assist you in finding the right blend of amenities and activities nearby. Downsizing gives you those options along with a little more cash at the end of the month.
Less Stuff Means More Freedom
Memories are beautiful, but so is the clearing-out process. When you make space in your home, you make additional space in your life. Your home mirrors your life, and a simplified home represents an organized life with far more freedom to embark on adventures. By investing in organizing and downsizing your stuff, you create a new way of life that is easier to maintain and functions much better. That’s a win-win!
When you become an empty nester as children move out and begin their own life chapter, the event lends itself perfectly for you to downsize your home and enjoy lower expenses, greater freedom and a healthier nest egg.