Deciding to retire is a huge decision to make in your life that impacts your financial, personal, and social planning. It’s also an ideal time to evaluate your lifestyle and start preparing for the future. If you’re in retirement, you may want to consider downsizing to a smaller home.
Should I downsize my house in retirement? When should seniors sell their homes? These are common questions to ask when considering whether downsizing is right for you. Downsizing includes moving to a new home that is smaller or more affordable than the one you’re currently living in. Seniors can enjoy several benefits of downsizing in retirement, including addressing mobility issues or having smaller monthly payments.
Read our guide below to learn more about downsizing and whether or not to downsize is the perfect choice for you.
Table of Contents
- 5 Reasons Seniors Should Consider Downsizing
- Benefits of Downsizing to a Smaller Home
- What to Consider When Downsizing
- The Cates Auction Process
- Start Downsizing With Cates Auction
5 Reasons Seniors Should Consider Downsizing
Sometimes, leaving a larger or an outgrown home behind is an excellent idea. You may want to consider selling your home in retirement and moving into a retirement community or a smaller, more manageable home. Here are a few reasons seniors should consider downsizing.
1. You Have Unused or Empty Space
One indicator that downsizing could be an excellent idea is unused or empty space in your house. Essentially, any room that you only occasionally enter to clean is unnecessary space. If you find that your home has several rooms like this, downsizing to a smaller house with fewer rooms could benefit you.
2. You Have Expensive Payments
Cost savings is perhaps one of the most significant incentives for the elderly to downsize homes. Larger houses can sometimes be expensive to maintain and likely have higher utility costs. Often, senior citizens have a lower income during retirement, so downsizing to a smaller home could be beneficial to save money on bills. If you need lower mortgage payments, downsizing could be the perfect option for you.
3. The Upkeep Is Challenging to Manage
If you’re struggling to maintain your home, it could be time to consider moving to a smaller home that’s easier to keep up with. You may want to consider downsizing if you find it hard to safely clean and maintain your home’s daily upkeep, either financially or physically.
4. You Enjoy Traveling
Do you find yourself traveling often or planning to travel in the future? If you find yourself answering yes to either of those questions, you could save yourself money by downsizing. By moving to a smaller, more affordable home, you can avoid spending large monthly payments on a home you aren’t spending much time in.
5. Your Home Includes Many Unused Items
Many American homes have unused clothes, appliances and even furniture. If you have unwanted items, you might want to consider downsizing. Moving to a smaller home can help you decrease the clutter in your home and get rid of unnecessary belongings taking up space. Decluttering and downsizing for seniors is an excellent option for those looking to free up more space, become more organized, and obtain clear peace of mind.
Benefits of Downsizing to a Smaller Home
Many seniors opt for moving to a smaller home due to the many benefits downsizing can bring, including cheaper bills and more accessibility. Here are a few advantages of downsizing your house.
- Save money: Moving to a smaller home can decrease or get rid of your monthly mortgage payments. Downsizing could also help you spend less on utility and electricity bills.
- Clean with ease: A smaller home means fewer rooms to tidy up, so you have more time to enjoy retirement or manage less daily housework as you grow older.
- Navigate easily: If you have any mobility issues, moving to a one-story home or a community with various resources could be beneficial. You can also create more space for accessibility, such as wheelchair lifts.
Senior citizen downsizing has several benefits that can help you save money and spend more time focusing on enjoying your retirement.
What to Consider When Downsizing
If you’re curious about what to think about when moving to a smaller home, we can help. Here are a few things to consider when downsizing.
- Financial goals: When choosing your ideal smaller home, you will first need to evaluate your financial goals to select the perfect home you can afford. Think about whether you want to save money on a mortgage or find a home with less space. You may also need to consider how much your home is worth to determine your budget for buying a new home.
- Plans: It’s also an excellent idea to consider your goals. Do you want to live out your retirement in this home or make downsizing to a retirement community more manageable in the future?
- Necessary space and amenities: You’ll also want to consider how much space you will need. Do you need any extra space for storage? You can also think about what amenities you would like to look for, such as a pool or outdoor patio.
When choosing to downsize, consider your finances, need for space, and your goals for the future to find the perfect smaller home that will best suit your needs.
The Cates Auction Process
At Cates Auction, we understand that choosing to downsize can be an emotional decision, and it isn’t always an easy one to make, especially for seniors. We’ve designed our selling process to be simplified so you can spend more time enjoying your loved ones’ company and relaxing during your retirement.
Our goal is to bring you the highest return on your home’s value.
We created an innovative online marketplace for competitive bidding, geared toward bringing buyers to the table. And the best part is that you will have more control of the selling process and set an auction date in advance. You can say goodbye to inspections and improvements and say hello to a successful home sale.
When you choose to sell your home with Cates Auction, our primary goal is to make the selling process stress and worry-free so you can focus on achieving your retirement plans.
Start Downsizing With Cates Auction
At Cates Auction, we understand downsizing is a monumental decision. That’s why we’ve made our selling process as hassle-free and straightforward as possible, so you can get back to relaxing and enjoying your retirement. We can develop an innovative marketing strategy tailored specifically for your home to help you find qualified buyers, avoiding a long, drawn-out traditional selling process.