All our adult lives we purchased the largest homes we could afford. We asked these homes to shelter us and raise our families and keep us comfy in the summer heat and winter cold. Every month we made that mortgage payment so we could stay.
But when we reach a certain age, oftentimes that home no longer meets our needs. Where we were once a family of four or five, now we’re a couple, or even an individual clanking around in all the empty spaces. Where once our pay grew steadily, now we’re on a fixed income and hoping our money sustains us through the years.
It may be time to downsize. Here are 7 benefits:
1. Get a Return on Your Investment
When seniors think about moving, they generally have paid off all or most of the house they’re leaving. Depending on whether you buy a smaller place or rent, you can take all or some of the value of your old home and live off it. How valuable this is to you is a matter of how the numbers work for your particular situation.
2. Lower Maintenance Costs
It’s not just a smaller mortgage payment that downsizing can bring, it’s lower utility costs, homeowner’s insurance, maintenance, repairs and taxes. The difference can easily add up to hundreds of dollars each month that can fund your retirement.
3. Ease of Access
Unless you lived in a sprawling ranch, your old home likely had more than one floor. Moving into a smaller place all on one floor eliminates stair climbing, a concern as we age. That might not be an issue today, but may become more relevant over time.
4. Less Maintenance Required
Downsizing to an apartment, condo or senior community eliminates the need to shovel snow, cut grass, clean gutters and so on. For aging adults who are active, this allows the freedom to travel and explore new opportunities. For those who are experiencing increased physical limitations, it’s even more valuable.
5. Live Near People Your Age
The entire neighborhood might have been your age when you moved into your single-family home, back when the kids were small and you were a younger parent. If your neighborhood is still filled with young families, this is an opportunity to move into a retirement village with other people your age who share your interests. These communities often offer housing that allows residents to remain in their homes as they age and require more services.
6. A More Convenient Location
As we age and our children move away, our needs change. If you purchased your home 20 or 40 years ago because of its proximity to work and good schools, you might today care more about being near cultural happenings, or around the grandchildren.
7. Better Amenities
People who move from a big house made for children built decades ago into an apartment, condo or townhouse often find they get the modern appliances and other amenities they’ve been missing for years. Moreover, they are the amenities suited to a senior lifestyle.
Nye Health Services offers seven communities in Eastern Nebraska and Wyoming, structured to meet the needs of their residents from independent living to skilled nursing care. A family-owned company with a rich history of connecting with the people they serve, Nye Health Services is open for visits anytime. Call 402.753.1400 to schedule an appointment at locations in Fremont, Lincoln, South Sioux City, Norfolk, or Jackson Hole, or visit nyehealthservices.com for more information.