5 Benefits of Downsizing for Retirees

The kids have left, and your home is filled with memories rather than people. Besides, it's a lot of work to keep a big house in good repair. If you're retired and your house feels too big for you, it might be time to downsize and move into a smaller abode like these Albany homes for sale, which are designed to be a joy to live in.

In fact, if you're thinking of downsizing, there's no better time to do so than in today's seller's market. Our real estate agents can help you determine the best course of action and potentially lead a more leisurely lifestyle.

1. You'll Save Money
   A smaller dwelling means less space, but it also means less money spent on housing repair costs. Simply put, downsizing is a great way to save money. Think about it. A larger house equates to a larger mortgage, higher property taxes, and insurance costs. And you get to save on housekeeping costs too. You can also save on utility costs as you have less space to power and heat.
   
   Downsizing saves you money, which can contribute to a more satisfying lifestyle in retirement. Your pension can go further, and you'll have more money to spend on yourself, like indulging in a shopping trip.
   
   
2. In a Seller's Market, You'll Get More Money
   It's a good idea to take advantage of the pent-up housing demand. A large number of people on the lookout for a new home works in your favor. The current housing market can only be described as a true seller's market – mortgage rates are at historic lows, housing inventory is low, and buyers are ravenous. There's no better time to sell.
   
   In 2021's seller's market, your house could sell in a relatively short time frame, and you might even get a higher price for it.
   
   
3. It's an Excuse to Start a New Life
   You can use downsizing as an excuse to give yourself a fresh start. You'll have the chance to declutter and become more organized, which means less stress.
   
   Downsizing often means you have more time to yourself. You'll be able to spend more time on recreation and travel, doing the things you love with the people you care about. Downsizing offers you the chance to simplify your life.
   
   
4. It's Easier to Relocate
   Downsizing to a smaller home doesn't mean you have to stay put. Downsizing could be an opportunity to move closer to your kids, parents, or other family members.
   
   Relocating to a new city offers you an excellent chance to meet new people and explore new things. Who says retirement has to be dull? You can look into new areas and ultimately improve the quality of your life.
   
   
5. A Smaller Home Might Be More Accessible
   A smaller home could provide improved accessibility, especially when compared with more significant multi-level properties. As people age, stairs become a barrier that prevents them from enjoying their homes.
   
   A home that was perfect for raising kids may become challenging to manage and maneuver as time passes. Downsizing means you can look to move into a house more suitable for your needs; for instance, ranch-style homes are a great option and are suitable for different accessibility needs.

Downsize for a Better Life

Moving into a smaller house comes with a lot of perks. Selling your home is a great way to cut costs and improve cash flows. And you'll have more time and money to spend on family vacations and taking care of grandchildren.

If you're interested in downsizing with Coldwell Banker Prime Properties, contact us, and we'll help you figure out the logistics.