Real Estate | 3 Smart Tips If You Decide to Downsize After Retirement

Real Estate Blog

Owning a large real estate property is especially rewarding as you take care of a young family, but when you're older and retired, large homes can prove to be daunting to maintain. There's so much to consider –– house cleaning, lawn maintenance, patio maintenance, painting, plumbing and all other repair work necessary to keep the house in good working condition. Once you've retired and all your kids have moved away, a large home may simply not be necessary, especially when you're not as agile to handle the maintenance. Here are some smart tips if you decide to downsize your home once you retire.

Consider your Lifestyle Needs

There are plenty of reasons why people downsize from large real estate properties –– to travel, to live in a smaller apartment, to work less in the home or to live in a new environment. If you have made the decision to downsize, you must first consider your lifestyle needs. Assess your needs and desires to work out what kind of new place you want. For example, a one-bedroom apartment would suit you just fine if you're alone or with a partner, but a two-bedroom may make more sense if you expect your children to visit you every now and again. The extent of downsizing will depend on your lifestyle needs.

Sort Through Personal Possessions 

Another factor that will play a role in downsizing is your personal possessions. Because you plan on moving to a smaller real estate home, you will need to sort through your items to decide the items you can keep, recycle, donate, sell or discard. Make a list of items you cannot live without and ensure that your new real estate home can accommodate them. It's important that you're prudent here, because you certainly can't take everything to your new home. For example, a four-poster bed may have looked great in your large master bedroom, but it certainly won't fit well into your new smaller apartment.

Consider Location and Accessibility

Location is an important factor when it comes to downsizing, especially if you want to be within easy reach of certain services and support networks. For example, perhaps you want to live next to entertainment, shopping and leisure facilities or maybe you want your new home to be easily accessible to public transport, so you can travel when you desire. When choosing a new home, consider whether the location ties into your retirement plans and make a decision based on that.

Keep in mind that downsizing from a large real estate property can be difficult, so prepare yourself and follow these smart tips to make stress-free choices. For more information, contact a company like 4 One 4 Real Estate.


18 September 2015

Boosting Your Home Value Before the Appraiser Arrives

Welcome to my blog. My name is Anita. I am an artist and a writer, but I like to create with any canvas that I have, and that includes my home. I see homes as almost blank slates that need special touches to make them shine. Over the years, I have received a lot of calls from friends. When my friends need to sell their homes or have them appraised, they call me for advice. I think I've helped a lot of them get higher evaluations than they would have otherwise, and I love advising them. If you want tips and ideas on getting great appraisals, this blog is for you.