Should active adults consider downsizing in retirement? American homes have grown larger over the past several decades. According to the U.S. Census Bureau, the average home size has doubled since the 1950s.
If you are over 55 and considering buying a house, you may want to downsize. There are benefits to having a smaller, more easily managed home as you enter this new phase of life.
Follow these tips to determine just how much space you really need for the retirement you’re planning for:
Should You Consider Downsizing In Retirement?
If you are looking to buy a house after retirement, the size of your home should be your first consideration. There are several factors to consider when choosing the right potential house sizes for your next forever home.
What Will Retirement Look Like?
Will you be taking care of an aging parent or in-law? The number of people who will likely live in your home is the most important factor to consider when choosing a home size. If you foresee your home as the place where the family gathers during holidays then you will need enough spare rooms to accommodate those guests.
Financial Considerations When Buying a House
Your retirement income will also need to be considered. Once you have spoken to a financial advisor or run projections through a retirement calculator, you can see what size home you can afford. If you do not have the budget for a large home, there’s no sense in even considering that large a purchase.
Pros and Cons of Large and Smaller Homes
Small homes encourage interaction. If you enjoy spending time with your spouse or need to keep a close eye on an aging parent, a smaller home will make spending time together easier.
Small homes will also incur fewer maintenance costs. You’ll be able to spend less on natural gas, electricity, and property taxes. Small homes also offer a great excuse to finally declutter your life.
If you plan to only semi-retire, a large home will be more conducive to working from home. Larger homes also allow you to entertain guests and to have relatives stay over.
A large home is also often easier to sell since prospective buyers may be interested in things like bedroom space, the number of bathrooms, and overall square footage.
How a Senior Real Estate Specialist Can Help
With so many factors to consider, you’ll want to work with a specialist who understands the unique needs of seniors. Christopher Creekmore is an experienced SRES (senior real estate specialist) who will take the time to listen to your goals before working with you to begin searching for the next home of your dreams.
Schedule Your Consultation Today
We’re here to help you plan your retirement in coastal North Carolina. Low property taxes, Southern hospitality, and a temperate climate are just a few of the benefits of buying a house in this area.
With our help, you have an insider’s guide to the area. We’ll help you navigate issues like flooding insurance and how to find the right community. Contact us today to find out more about 55+ communities for active adults in the area.