Retirement Tips Downsizing
Retirement Tips, Downsizing
To rent or to buy, that is the question many retirees face when it comes to downsizing. That said, even if you do not owe money on your home, there are still significant costs in owning more space than you need. From taxes and utilities to insurance, repairs, and maintenance reducing these ongoing costs could go a long way towards improving your retirement. In fact, when you consider that these costs actually scale with the price of a home by as much as 4% per year, downsizing may be an option you might want to consider. While some retirees buy bigger, larger, more expensive retirement homes, downsizing for retirement is the savvy strategy. Especially for those who want to relocate for a profitable, comfortable, happily ever after! With this in mind, we offer some retirement tips on downsizing.
Benefits of Downsizing in Retirement
There are many benefits to downsizing in retirement, but they all boil down to one thing, freedom. Top reasons for downsizing include, to lower monthly housing costs, maintaining a big house is too much work, and to free up cash. It’s all about freedom. Whether you want to free yourself from the costs of being a homeowner, or simply want a life that does not include mowing the lawn every Sunday, downsizing may be the answer. Because housing is such a large part of your expenses and such a large source of wealth for so many retirees, it can be a powerful lever when it comes to the financial side of retirement. And, given that housing can be your single greatest monthly expense at any age, it pays to put some thought into renting versus owning.
Rent Or Buy
For many people approaching retirement, the decision to keep your home or not is not easy. Should you downsize to a smaller home? Or rid yourself of the stress and expense that can come with homeownership altogether? As a homeowner who has retired, you naturally think of buying again. Whether it is a smaller home or a condo, the reality is, renting is an attractive alternative. Especially when you consider the unexpected costs that can arise when owning a home. Renting gives you the flexibility to experience a new location or lifestyle without having to worry about a long-term commitment. Remember, retirement is the beginning of anything you want. So, if you have always dreamed of living somewhere else, this is the time you can do so.
Where to live is more than a financial decision. And, leaving your memories may be difficult. However, by choosing to rent and relocate you are also opting for a new adventure. In fact, for anyone who has ever dreamed of living on the coast, choosing the right retirement community can make that dream come true. An affordable community like La Jolla retirement community, Chateau La Jolla, gives you the chance to live by the ocean at a price that is affordable. In fact, they are only half a block from the beach, in La Jolla Village. So, whether you are looking to run on the beach at sunset, or want to feel the wind in your face as you sail along the shores of La Jolla California, renting in a new city could be a ticket to your dream life!