retire, retiring, downsizing

Finding freedom to follow your dreams in your next phase

If you’re taking a look at your expenses as you retire or are thinking of retiring, saving money where you can has a lot of appeal. One long-standing, popular way to do that is by downsizing to a smaller home.

When you think about cutting down on your spending, odds are you think of frequent purchases, like groceries and other goods. But when you downsize your house, you often end up downsizing the bills that come with it, like your mortgage payment, energy costs, and maintenance requirements. Realtor.com shares:

“A smaller home typically means lower bills and less upkeep. Then there’s the potential windfall that comes from selling your larger home and buying something smaller.”

That windfall is thanks to your home equity. If you’ve been in your house for a while, odds are you’ve built up a considerable amount of equity. And that equity is something you can use to help you buy a home that better fits your needs today. Daniel Hunt, CFA at Morgan Stanley, explains:

“Home equity can be a significant source of wealth for retirees, often representing a large portion of their net worth. . . . Retirement planning can be complex, but your home equity shouldn’t be overlooked.”

And when you’re ready to use that equity to fuel your next move, I am here to guide you through every step of the process. And it is a process! If you’ve been in your home for any length of time, downsizing not only your space but also your personal belongings can be overwhelming and emotional. It can be a daunting path, but with the right process, that path becomes so much clearer and smoother. My process includes knowing how to help your home shine so that it will appeal to the next generation of home buyers, helping you understand your equity position, how to identify the perfect home for your next chapter, and having a team at the ready to help you get to where you want to be.

What This Means for You

If you’re thinking about downsizing, ask yourself these questions:

Do the original reasons I bought my current house still stand, or have my needs changed since then?
Do I really need and want the space I have right now, or could somewhere smaller be a better fit?
What are my housing expenses right now, and how much do I want to try to save by downsizing?

Then, meet with me to find the answer to this one: What are my options in the market right now?

Bottom Line

Want to save money in retirement? Consider downsizing – it could really set you free to enjoy the next chapter, whether it be travel, grandchildren, volunteering or community involvement. Or maybe you’re just looking for that perfect front porch to relax, enjoy the sunrise and get to know your new neighbors!

Whatever your goal is, let’s talk. 720-560-6674 or [email protected]