If you’re nearing retirement and thinking about downsizing in Hampton Roads, now is a great time to do so. Young adults are right-sizing and moving into larger homes to accommodate their growing families, so it’s a fantastic time to sell your home and move into a smaller property. Downsizing has several benefits, too! Keep reading for five reasons to downsize your home.
1. You’ll save money.
If you want to lower your monthly expenses in Norfolk, downsizing is a great start. House-related costs, such as insurance, property taxes, and interest payments all increase with the size of your home. When you buy a smaller home, these costs go down. You’ll also see a dip in your utility bills. Heating and cooling won’t cost as much, and overall home maintenance will be cheaper. The cash you save can help fund your retirement, help your kids with college tuition, or pay off debt.
2. You’ll have less maintenance.
Smaller homes are easier to maintain, plain and simple. They require less time and energy to keep clean and organized, which gives you more time to relax, spend time with family, and focus on your hobbies. In addition, downsizing sometimes eliminates entire chores! For example, if you move into a condo, you may no longer have a lawn to mow or a yard to rake.
3. Your home will feel more cozy.
If your kids have moved out of your Suffolk home and you’ve been staring at their empty bedrooms for several months or years, it might be time to transition into a smaller space. Your home may have been perfect for your growing family two decades ago, but now, you may have a lot more space than you need. If half your home is empty, unused space (or bedrooms that have morphed into glorified storage closets...more on that next!), consider downsizing into a smaller, cozier home.
4. You’ll have a chance to simplify your life.
We’re all guilty of collecting possessions over the years. That’s especially true if you’ve lived in your home for more than a decade. However, it’s mentally and physically liberating to declutter your belongings and simplify your life. Moving into a smaller home will force you to evaluate purchases and prevent you from accumulating too much clutter.
5. You’ll be able to travel more.
Post-COVID, of course! Do you plan to embrace somewhat of a nomadic lifestyle after retirement? Perhaps you plan to explore all of the beautiful national parks the country has to offer, or maybe you simply want to visit your grandchildren frequently throughout the year. Whatever the case may be, there’s no reason for you to remain in a large home if you plan to be away often. Downsizing will give you the freedom and flexibility to travel more. Your small home in Portsmouth can serve as your home base while you embark on your retirement adventures.