If you are approaching retirement age, chances are you are considering whether or not to downsize your home. Many retired couples want to hold onto their homes for nostalgic purposes without realizing that it may be in their best interest to downsize instead.

There are many benefits to downsizing your home after retiring.

Maintenance, Upkeep, and Repair

Downsizing means having less to take care of, repair, maintain, and upkeep. As you head toward retirement age, you also head toward another season in your life – one where you obviously age.

As you age, your body changes. Whether or not you want to admit it, you are not able to do as many things as you did before and not as quickly. The possibility for injury exists in this scenario, as well.

Sometimes older folks will experience ringing in the ears or dizziness, and the last place you want to place yourself is on top of a ladder fixing something or changing a light bulb.

Financial Benefits

Having less to repair, maintain, upkeep, and fix means putting more money into your pocket. It stands to reason that if you are spending time fixing things, you are also spending money.

Owning a home means having to have extensive homeowners’ insurance, paying taxes, and possibly having a second mortgage. By downsizing, you diminish many of those things to a fraction of the cost of owning a home.

Lawn maintenance, snow shoveling, and taxes are sometimes included in your monthly maintenance fees if you purchase a townhome or condominium. By downsizing, you are selling a home that is worth much more and buying a smaller space. This is a cost-effective way to save money. By eliminating the expenses of homeownership, you also save money on a monthly basis.

Freedom

Downsizing offers you the freedom to come and go as you please. Often times neighbors of your townhouse or cooperative community will be more than willing and able to watch your place, care for your pets, and gather your mail while you travel. Bartering to return the favor is a great way to have your pet cared for while you are away, and will save you money as well.

Knowing that snow, grass, sprinkler systems are taken care of when you are away is a great way to just pick up and go on a spontaneous travel adventure without a whole lot to worry about.

So, as you can see, downsizing is a great way to save money, have less responsibility, and enjoy more freedom than ever before.