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12 Factors to Consider When Downsizing for Your Retirement

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David Huckshttps://myrtlebeachsc.com
David Hucks is a 12th generation descendant of the area we now call Myrtle Beach, S.C. David attended Coastal Carolina University and like most of his family, has never left the area. David is the lead journalist at MyrtleBeachSC.com

Many people associate downsizing with the financial benefits but it’s always important to prioritize your dreams and ideas for the future. If you’ve always wanted to retire on the coast, for example, you can find a way to do this on your own budget. Downsizing has many advantages but there are several things to think about before moving home. In your retirement years your needs and priorities could change and it’s important to bear this in mind. Here are some important factors to consider when downsizing for your retirement.

Think about your ideal location

If you’re considering moving to a new home for your retirement, you need to picture your ideal location. This could be a more rural town, or close to the beach, or in a new city. It all depends on your plans for the future and your lifestyle choices. It’s essential to choose the right location to ensure you get the most enjoyment out of your retirement years. You can do research to compare cost of living versus local amenities and type of environment.

List your priorities

It might not be possible to get absolutely everything you want in your new home. Afterall, downsizing by definition tends to mean a smaller home and a lower cost of living. For this reason it’s vital to list your priorities. These could be related to distance to relatives, nearby amenities, climate, and so on. It’s also important to bear in mind your health in your senior years. Perhaps a smaller bungalow or cottage without stairs could be more convenient, for instance.

Consider the benefits of a smaller home

There are many benefits of buying a smaller home. Depending on the location, you’ll likely save money on your mortgage, utilities, and general maintenance. Smaller homes are also much easier to clean and take care of, so if you’ve envisioned a simpler stress-free existence for your retirement, this could be the way to go. You can avoid the hassle of maintaining a giant house and garden and sit back and enjoy your retirement.

Make a realistic budget for your lifestyle

As well as factoring in the difference in cost between your new property and current one, you need to make a realistic budget for the lifestyle you want. This will help you figure out how you’re going to spend the money you save by downsizing. You could try using one of the best budgeting apps to help you. Plan how much you’ll spend on a daily basis and also consider savings for trips, or expensive purchases. It’s important to have the money to live comfortably at the end of the day and this will help you set a budget for buying your new home.

Calculate the value of your current home

The majority of your budget for your new place will come from selling your current home. You need to try to ascertain a realistic price to sell it for. There are several ways to determine the value of your home. Do online research of properties for sale in your neighborhood. You could also speak to your bank or mortgage advisors. They will be able to help you arrive at a more accurate figure.

Bear in mind proximity to family and friends

While factoring in your finances is important, you also should consider your emotional needs. When choosing a location, bear in mind proximity to family and friends. Would you rather spend more to live closer to your family? Think about how easily it will be for them to come to visit you and what transport options are available. If you’d like to make a fresh start, that’s completely up to you, but it’s good to have the possibility to build a social life in your new neighborhood.

Consider a more minimalist lifestyle

Downsizing is a great way to learn to live a more minimalist lifestyle. Moving home is always an opportunity for mindful decluttering. You can get rid of all the unnecessary items you’ve accumulated over the years. You might have plenty of items in good condition that you can donate. This way you can also do your part to help someone in need. If you’re looking for a place to donate, you can easily find your local goodwill online. Although it’s not for everyone, a more minimalist lifestyle is better for the environment and beneficial for your mental well-being. It’s a much more stress-free way to live.

Check out the local neighborhood

Before investing in a property you need to check out the local neighborhood. If you’re planning on living there for a long time, you’ll need to know that it’s right for you. Go on a weekend visit and sample the local restaurants, shops, and other amenities. You could even explore in and around the town to find out where to go on days out or weekend trips. This will help you to paint a picture of what your life will be like in your chosen location.

Factor in transport options

Transport is a key priority, especially if you don’t drive. Find out the best ways to get around your new neighborhood and if there are connecting options to nearby cities. You could also look up the types of transport for seniors available for those with mobility challenges. If you choose a location without many transport services it’s probably better to move where any necessary amenities are easily within reach. This will make your life easier. For your retirement years, it’s a good idea to prioritize convenience.

Speak to a reputable realtor

Once you have a plan in mind and prepared a list of priorities, speak to a reputable realtor for professional advice. They will have a deeper knowledge of the current market and will be able to offer useful insights. Here are a few tips on how to find a real estate agent. Your realtor should have your interests at heart. You could try reading online reviews or asking a friend or family member for a referral. 

Consider hiring an independent financial advisor

There are several advantages of hiring an independent financial advisor. As opposed to speaking to your bank or a real estate agency, they will be unbiased and able to explain all the financial products available to you. This is a good way to get some solid financial advice according to your unique needs and budget. A financial advisor can help you figure out the best solution for your retirement, even if this includes changing your savings or pension plan, or waiting for the right time to sell your property.

Go with what your gut tells you

There are several financial factors to consider when downsizing for your retirement, but only you can know if it’s what you really want. Take your time in making the decision and listen to your gut instinct. Another technique is to try and visualize your future. What do you see around you? How do you imagine spending every day? Asking yourself these sorts of questions will help you determine your dream home for your retirement. You can then identify your goals and objectives for the future.

Downsizing for your retirement is a big decision, but can have many advantages. Moving to a smaller home or a quieter location could save you money and also give you the lifestyle you’ve always wanted. The important thing is to make a choice that aligns with your top priorities. This way you can ensure you get the most enjoyment out of your retirement years.

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