Is your “empty nest” feeling too big? Are your parents finding the maintenance of their current home a bit too much? Do you simply want to get serious about this whole retirement thing?
Regardless of the reason you (or perhaps your parents) are looking to downsize, pulling the trigger isn’t always an easy decision. How do you downsize and make sure you can maintain the lifestyle you want?
The key is making an informed decision. With some careful consideration, living in a smaller space doesn’t have to mean living a smaller life.
What’s Your Monthly Budget?
Whether you’re planning to retire soon or you already have, you are probably living on a fixed-income. Your fixed-income needs to cover everything from medical bills and health insurance to home maintenance costs and living expenses.
As a rule of thumb, you should spend no more than 30 percent of your monthly income on housing. Ideally, downsizing allows you to reduce this percentage, providing you additional financial resources or money for extras such as travel and spoiling grandchildren.
What’s Your Ideal Lifestyle?
What’s most important to you? Do you want to travel the world? Is being close to family a priority? Perhaps you want to start throwing dinner parties and hosting social events.
By clearly defining how you want to spend your time, you’ll be able to consider what’s working and what isn’t with your current residence.
Can You Afford To Buy Another Home?
Take a look at properties that are within your budget. Do they get you closer to or further from achieving your ideal lifestyle? In a seller’s market, selling your home can feel like a piece of cake. It’s finding a new one that can be difficult. However, this doesn’t mean it’s impossible.
Interested in perusing your options? Give me a call today.
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