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Essential Resources for Seniors Downsizing

Reaching retirement age has some definite benefits. You’ve earned this time to slow down and relax, or pick up the pace by taking up a new hobby. However you spend your time, more and more seniors are finding that they can get even more flexibility and freedom by downsizing their homes. Downsizing means less responsibility, plus it can also be a smart financial move. If downsizing sounds like the right move for you or your loved one, take a look at these resources to help you get started, find the perfect home, and handle moving day like a pro.
 

Financial Considerations

Downsizing your home can certainly save you money but only if you make the right decisions. Make sure you consider all the financial implications so you can be sure you’re making the right move.

  • Some seniors choose to rent rather than buy a new home, but the advantages of buying include stability (so you don’t have to worry about rising rent), having access to home equity, and tax benefits.
  • If you plan on getting a loan for your new home, it pays to research all your options and rates, such as VA mortgage rates if you’re an eligible veteran.
  • Before starting your home search, it’s important to be aware of hidden costs, which most often come from buying in a more expensive market or buying in a community that has HOA dues.
  • However, as long as you’re smart about setting your home buying budget, most seniors who downsize save money through lower utility and maintenance costs, plus lower mortgage payments.

 

Timing and Location

Considering the financial factors is important, but there’s more to downsizing than just the numbers. You also have to choose the right timing and the right place that fits your needs.

  • Deciding on when to downsize is highly personal, but many seniors say they wish they had moved sooner.
  • If you’re considering a senior living community, make sure you research the wide variety of options that are out there.
  • If you decide against senior living and instead plan on buying a home, ask yourself whether you want a new home where you can age in place.
  • For seniors who plan on buying a home, we can help you find the right location where you’ll be happy spending your golden years.

 

Decluttering, Packing, and Moving Logistics

Once you’ve found a home, the next step is to declutter, pack up, and set a moving date. Most of us acquire lots of stuff over the years, which is why this part of the process is often the hardest.

  • As you’re sorting through things, one of the biggest questions you’ll face is what to do with anything you don’t keep. AARP has some great decluttering tips for handling those tricky items that you aren’t sure about.
  • Another helpful tip is to digitize sentimental items, along with essential paperwork, so that you can keep the memories without the clutter.
  • Along with decluttering and packing, finding a reliable moving company will help make your moving day go more smoothly.
  • Make sure you have a moving day plan, too, including arrangements for any pets.
     

Make no mistake about it, moving is a big deal, and it can be a lot of work! That’s why it’s so important to consider all your options, take your time, and hire the best professionals to help. This way you can be confident that you’re making the right move for your senior years.

Article Submitted (2020) By:

Andrea Needham
https://www.eldersday.org/