Why Moving to a Smaller Home After Retirement Makes Life Easier

<article class="post-1117310 post type-post status-publish format-standard has-post-thumbnail hentry" id="post-1117310"><span class="entry-date">July 11, 2024</span><div class="entry-header center-block text-center"><h1 class="entry-title">Why Moving to a Smaller Home After Retirement Makes Life Easier</h1><div class="shareBlock"><div class="shareTitle">Share</div><div class="shareIcons"><a aria-label="Twitter Share Link" class="twitter solid display-inline-block" data-tracking="Post,Social Post Link Clicked,Twitter" href="http://twitter.com/share?text=Why+Moving+to+a+Smaller+Home+After+Retirement+Makes+Life+Easier&amp;url=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fwhy-moving-to-a-smaller-home-after-retirement-makes-life-easier%2F" target="_blank"><span class="force-hidden">Twitter</span></a>
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</div></div><div class="post-tax post-category"><span></span><a href="../category/realtor-blog/index.html" rel="tag">Realtor Blog</a></div><div class="post-tax post-post_tag"></div></div><div class="entry-content"><div><img alt="Why Moving to a Smaller Home After Retirement Makes Life Easier Simplifying The Market" decoding="async" loading="lazy" src="https://media.agentaprd.com/sites/222/20240711-Why-Moving-to-a-Smaller-Home-After-Retirement-Makes-Life-Easier-original.webp" style="display: block; margin-bottom: 5px; clear: both; max-width: 100%;" width=""/>
<p>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 <a href="https://www.simplifyingthemarket.com/2024/07/03/homeowners-gained-28k-in-equity-over-the-past-year/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">current home</a> still fits your needs. </p>
<p>If it’s too big, too costly, or just not convenient anymore, <a href="https://www.simplifyingthemarket.com/2024/06/25/how-long-will-it-take-to-sell-my-house/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">downsizing</a> 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:</p>
<ul>
<li>Do the original reasons I bought my current house still stand, or have my needs changed since then?</li>
<li>Do I really need and want the space I have right now, or could somewhere smaller be a better fit?</li>
<li>What are my housing expenses right now, and how much do I want to try to save by downsizing?</li>
</ul>
<p>If you answered yes to any of these, consider the benefits that come with downsizing.</p>
<h4><strong>The Benefits of Moving into a Smaller Home</strong></h4>
<p>There are many reasons why you should downsize. Here are just a few from <em>Bankrate</em>:<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240709/20240711-Reasons-To-Downsize-original.png" rel="noopener noreferrer" target="_blank"><img alt="No Caption Received" decoding="async" src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240709/20240711-Reasons-To-Downsize-original.png"/></a></p>
<p></p>
<h4><strong>Your Equity Can Help Make Downsizing Possible</strong></h4>
<p>If those perks sound like something you’d want, you may already have what you need to make it happen. A recent article from <em>Seniors Guide</em> <a href="https://www.seniorsguide.com/downsizing-real-estate/downsizing-makes-sense-for-retirees/" rel="noopener noreferrer" target="_blank">shares</a>:</p>
<blockquote><p><em>“And at a time when homeowners age 62 and older have more than $12 trillion in home equity, downsizing makes sense . . .”</em></p></blockquote>
<p>If you’ve been in your house <a href="https://www.simplifyingthemarket.com/2024/06/26/focus-on-time-in-the-market-not-timing-the-market/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">for a while</a>, odds are you’re one of those homeowners who’s built up a considerable amount of <a href="https://www.simplifyingthemarket.com/2024/07/02/real-estate-still-holds-the-title-of-best-long-term-investment/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">equity</a>. And that <a href="https://www.simplifyingthemarket.com/2024/06/14/real-estate-is-still-the-best-long-term-investment-infographic/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">equity</a> is something you can use to help you buy a home that better fits your needs today. Greg McBride, Chief Financial Analyst at <em>Bankrate</em>, explains:</p>
<blockquote><p><em>“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.”</em></p></blockquote>
<p>When you’re ready to use all that <a href="https://www.simplifyingthemarket.com/2024/06/07/the-wealth-building-power-of-homeownership-infographic/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">equity</a> to fuel <a href="https://www.simplifyingthemarket.com/2024/06/06/your-equity-could-make-a-move-possible/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">your next move</a>, your <a href="https://www.simplifyingthemarket.com/2024/06/10/selling-smart-why-a-real-estate-agent-makes-all-the-difference/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">real estate agent</a> 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 <a href="https://www.simplifyingthemarket.com/2024/06/18/worried-about-mortgage-rates-control-the-controllables/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">today’s mortgage rate</a>.</p>
<h3>Bottom Line</h3>
<p>Starting your retirement journey? Think about downsizing – it could really help. When you’re ready, talk to a local real estate agent about your housing <a href="https://www.simplifyingthemarket.com/2024/06/28/housing-market-forecast-for-the-2nd-half-of-2024-infographic/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">goals this year</a>.</p>
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