Look at These 8 Ways to Downsize Your Home For Retirement
When you get ready to retire, you may discover that your current home is far larger than you need. Plus, the idea of doing maintenance on a sizeable property or cleaning rooms that don’t see much use may not be appealing. Thankfully, you have the option to downsize. If you do, you may have an easier time achieving your ideal lifestyle. If you want to explore new housing options, here are eight ways to downsize your home for retirement.
1. Buy a Smaller House
When it comes to downsizing, the most straightforward option is to sell your current home and then purchase a smaller house. This approach may be ideal if you want to maintain a similar level of autonomy but want to reduce the amount of time and money you need to spend to keep the property in order.
2. Rent or Buy a Condo
In some cases, shifting to a condo or apartment could be the best choice. Usually, you can bypass many maintenance requirements, as some will be handled by the condo association or landlord (depending on whether you buy or rent). You usually don’t have to worry about taking care of landscaping, for example. If you rent, then your maintenance concerns are likely minimal.
3. Move in with Family
If your current home doesn’t meet your needs, moving in with a family member might be worth exploring. This is especially true if you could benefit from having some daily support or if you can offer a needed type of help to your family member.
4. Explore Senior Community Apartments
There are many apartment complexes that only accept seniors as residents. In some cases, they offer assisted living services, though others are simply an option for anyone over a certain age who would prefer to live in a quieter community.
Like renting or buying a condo, your maintenance requirements are minimized. Plus, your neighbors will be mainly (if not entirely) retirees.
5. Choose a 55+ Housing Area
Some senior communities aren’t apartments. Instead, they are housing areas with homes to purchase. With these, there is usually a minimum age requirement, typically near the age of 55. Like senior community apartments, the age restrictions usually keep the neighborhood quieter, something that may be beneficial.
At times, homes in these communities are also designed with seniors in mind. They may have design choices that support individuals with mobility challenges, for example. However, many also feature classic smaller homes.
6. Try a Tiny House
If you don’t need much living space, a tiny house could be a great choice. Many retirees who plan on traveling have little need for a larger home but feel more comfortable with a place in their favorite city that they can call their own.
Tiny houses have all of the basic amenities, and some even have elevated finishes. They are often relatively affordable to have placed or built on a property, have reduced maintenance costs, and run efficiently, making them a budget-friendly option.
7. Check Out Houseboats or RVs
Other options for seniors that want to travel are houseboats and RVs. With these, you can take your home with you as you explore certain destinations. If you go with a houseboat, you simply need to secure mortgage at your destination.
With an RV, you may need to make a reservation at a park or campground. However, there are some places where you can stay temporarily for free. For example, Walmart allows RV travelers to stay in their parking lot if there is enough room, as long as it is permitted by local law.
8. Keep Your Home
Depending on how your home is set up, you may be able to downsize your house without actually moving. If there is a clear separation that can create two functional dwellings areas, you could transition part of your home into a rental unit and live in the rest. At times, this approach may require some renovations, but that doesn’t mean it isn’t worth considering.
Do you have any other tips that can help someone downsize their home for retirement? Share your thoughts in the comments below.
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