Updated on May 17, 2022
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The Benefits of Downsizing Before Retirement and How to Simplify the Process
Many people wait until retirement to downsize their home, but there are many financial and quality-of-life benefits to downsizing earlier. If you’re considering downsizing before you turn 65, Michigan Homes and Cottages shares these important considerations about the benefits you’ll enjoy and how to move through the process with ease.
Benefits of downsizing early
One of the biggest benefits to downsizing your home in your 40s or 50s is cutting costs that you normally see with maintaining a bigger home. It’s truly an embodiment of “less is more.” It’s less to clean and less to repair, so you expend less time and energy dealing with it. You likely have a smaller roof when it’s time for repairs and a smaller HVAC system to maintain. And of course, all that means less costs involved. Here are some of the financial perks you can expect.
- How to save money when you downsize
- Why you’ll pay less in utilities when you downsize
- How you can save on taxes when you move to a smaller home
- Use important tricks to save money when creating your retirement plan
How to find a new home
There are lots of things to consider when deciding on the location of your next humble abode. Perhaps you want to be closer to a hobby spot you enjoy, like a golf course or lake. Perhaps you would like to be closer to your workplace, or maybe you’re ready to move south in anticipation of retirement. Even if you’re just moving across town, finding the right downsized home is important, especially if you plan on staying there for the long term. Here are some helpful suggestions on how to find your next perfect place.
- How to find the right neighborhood for me if I’m looking towards retirement
- What is the difference between a local or long-distance move when downsizing?
Improving your current home’s resale value
Even if you don’t plan on downsizing for a few more years, taking action to influence your home’s resale value now will prove priceless when the time comes to sell. Should I buy a home warranty? Absolutely, to protect your investment. Not handy? Don’t have a green thumb? No worries! You don’t have to channel Bob Vila or Martha Stewart to make amazing upgrades. While some projects are best left to professionals, there are many do-it-yourself projects you can take on to boost the value of your home.
- Boost your home’s living space by finishing a basement
- Color is a great way to change the look and feel of a space, and painting is DIY-friendly
- How to add curb appeal to my home without overspending
- Which major home repairs do I need to make before listing my home?
Not only will downsizing early give you the opportunity for a lower cost of living, you will also get the chance to use the extra cash to fund your retirement plan. Make sure the investments you make in your home are ones that pay off now and in the long run so you can enjoy your simplified lifestyle well into your retirement years.
Kersh Ruhl, Lauri Sisson, and Dave Hulst started Michigan Homes and Cottages because we feel quality homes deserve quality agents. We are equipped with the knowledge and contacts to market a home effectively and truly work as a team. We know that a large percentage of buyers for your home are from out of the area and looking online for homes, as a strategic marketing team, we know what it takes to stand out to those buyers. Our philosophy is to go and seek the buyers for your home, and do whatever necessary to make certain your home has the best chance of selling.
For more information, please visit our website or contact us today!