Are you thinking of downsizing to a home that’s more suitable for your retirement lifestyle? At Arcadia Waters, we have lots of great retirement homes for sale that are perfect for enjoying life to the fullest in your later years. There are lots of great advantages to selling your existing property and moving to a more appropriately sized home, so make sure you check out the list below if this is something that you’re considering.
Reducing your mortgage (or eliminating it entirely) can greatly enhance your quality of life in retirement. Downsizing can be a great way of doing so.
Retirement debt is never good: Living on a set income, paying a lot of interest on your home loan is not an ideal. Considering your income during retirement is likely to be much lower, reducing your principal and interest payments by selling and downsizing to a more modest home can be a great way of maintaining your quality of life.
Opportunity costs: There are also likely to be opportunity costs associated with wrapping up your money in an expensive mortgage on a home that you don’t really need. Downsizing can free up some equity and allow you to spend the extra money on things that will be of great benefit to you including:
- Long term care insurance, which can help secure your assets and quality of life in the unfortunately likely event that you require long term care.
- Travel, hobbies, time with family.
- Life insurance (that can provide valuable financial support to your family and loved ones once you’ve passed on).
Decreasing Continuing Expenses
The cost of keeping your home isn’t just the mortgage you pay every month. Utility bills, upkeep, and maintenance costs also represent a significant financial outlay.
Utilities: Examine your utility bills and consider how downsizing could help reduce these costs. It’s a good idea to consider the following:
- How much money could you save by moving to an area that doesn’t need as much heating or cooling as where you currently live?
- Sizable gardens need more water to maintain.
- Older homes are much less energy-efficient and often use more gas, electricity, and water.
- Bigger homes cost more than smaller homes to heat and cool. How much could you save by downsizing?
Cost of Living: When entering retirement, it’s important to consider your cost of living expenses and ask yourself if downsizing to a different location might help you reduce them. These include transportation costs, council rates, food, entertainment, medical expenses and more. Moving to one of our great retirement communities can be a great way of helping to greatly reduce your cost of living expenses.
Enhanced Quality of Life
Beyond improving your financial situation saving money, downsizing could greatly enhance your quality of life during retirement. Spending less time and money on maintaining a house that’s bigger than you really need can give you the freedom to pursue the things that make you truly happy.
You might want to relocated to be closer to your family, or perhaps you prefer to be closer to the airport for easier travel. It might even be as simple as being closer to the ocean so that you can go for regular walks along the beach. Whatever it happens to be that makes you happy, downsizing can be a great way of enhancing your quality of life in retirement.
If you’re thinking of downsizing and making a move, make sure you consider to following factors to make sure you end up somewhere that’s going to be able to deliver the quality of life that you’re looking for:
- Adult education opportunities (e.g cooking classes, golf lessons, workshop, etc.)
- Proximity to family
- Availability and price of recreational activities
- Number of doctors
- Proximity to transport (e.g airport, trains, etc.)
- Existence of restaurants or other services.
As you can now see, selling your home and moving to a smaller property after you retire could be one of the most important things you ever do when it comes to living your life to the fullest. Get in touch with us today to learn more about the benefits of downsizing and moving into one of our fantastic lifestyle villages.