If you’re considering your post-retirement plans, congratulations! Retirement represents a new chapter in your life - one of fulfillment, helpful changes, and rewards for your time in the workforce. Downsizing your home by decluttering, organizing, or otherwise simplifying your living situation can contribute positively to this new chapter and make it easier to transition into a retirement lifestyle that fits your goals.
While downsizing for retirement is the right choice for many older adults, it isn’t always a simple or straightforward process. Some might decide to declutter,while others might not. Similarly, while some people move homes to downsize, that isn’t necessary for all homeowners.
Instead, downsizing is a decision you can tailor to fit your values and goals. Sounds confusing? Don’t worry; our team at Truehold has prepared a set of helpful downsizing tips for seniors.
Choosing to downsize your home after retirement is entirely up to you and depends on your circumstances. Downsizing isn’t limited to retirees, either!
Many people buy homes in their younger years to accommodate growing families. But when children grow up and leave home, many retirees become empty nesters in houses that are too large for one or two people. If you’re living this scenario, this may be a factor driving you to trim the fat of your living situation. To make a decision that is right for you, your home, and your future, you’ll need to tap into your support network.
The right time to downsize depends on many factors, including (but not limited to):
Luckily, downsizing your home is a customizable decision. With the tips below, you’ll be able to find the compromise perfect for your situation.
The benefits of downsizing in retirement are plentiful, often including less clutter, less space to clean, less maintenance, and more peace of mind. Downsizing can offer financial benefits, too. For example, it is less expensive to heat or cool a small apartment than a large home.
As you weigh your decision to downsize, keep in mind that downsizing is not merely a financial decision, but also an emotional one. Downsizing after retirement can bring up uncomfortable feelings of grief, fear, and uncertainty.
It can be tempting to put off your efforts for downsizing once you retire. However, slowly chipping away at your downsizing will save you considerable amounts of time, stress, and money.
If you need support regarding your decision to downsize, don’t hesitate to reach out to your closest loved ones and family members. Again, downsizing can be stressful for some retirees, and it’s crucial to tap into your support network during this time.
Suppose you want to move into a smaller home, senior living community, or senior living home. In that case, you can start packing one or two boxes each day so that your packing responsibilities don’t get bottlenecked on your move date.
Take an inventory of your belongings and separate what is most important to you from what doesn’t provide you any tangible or emotional value. Feel free to keep the items that do hold sentimental value for you, but liberally discard things that no longer serve you. You can donate these items, give them to friends or family members, or even sell them. For example, you could host a yard sale or estate sale to dispose of the items in your home that are taking up space (but not serving a purpose).
As you assess the items in your home, make sure to stay organized as you choose to discard or keep certain things. You may wish to purchase boxes, markers to label these boxes, and organize your items into “keep”, “throw away”, or “sell” piles.
Hiring a cleaning company or maid service - whether you choose to remain in your home as you age or move into a smaller space - can help you maintain your home and keep your clutter to a minimum. Maids and cleaning companies help seniors and retirees remain organized, stay mindful of their belongings, and maintain a clean and healthy living environment.
Does your square footage give you a headache to think about? If so, it may be time for you to move into a smaller home with a more reasonable floor plan. Downsizing to a smaller home can help you save time and money on maintenance and eliminate stress.
If you decide to sell your home and move into a smaller house, you may also want to consider buying or renting a lower-level apartment or purchasing a space in a senior living community. Senior living communities offer safe residences positioned around other older people and retirees.
Moving companies make moving living residences a breeze. If you choose to sell your home and move into a smaller home, it might help hire a moving company. If you struggle with any injuries or chronic pain, hiring a moving company can prevent you from worsening your injury. Moving companies can also help you pack and organize your belongings.
Yes, you read that correctly. If you are interested in simplifying your home life, you can sell your home and reap the benefits of your real estate investment without having to move into a different house or apartment. With Truehold, you can manage your home maintenance needs and lighten the load of your house-related responsibilities.
Truehold offers a Sale-Leaseback that allows you to quickly sell your home (while avoiding real estate agents), collect on your equity immediately, and continue renting your beloved home for as long as you wish. Truehold also takes care of all major home repairs after purchasing your home, such as roof leaks and HVAC issues.
This option is especially perfect for older adults who want to avoid the hassle of moving, don’t want to downsize their belongings, or need immediate liquid cash to pay for things like in-home care.
You can remain close to family members and instead spend your hard-earned equity on in-home senior care or travel. Through Truehold, you can keep your sentimental items, save money, collect on your equity, and avoid assisted living facilities.
Downsizing your home is an extremely personal decision and one that proves beneficial for many retirees. However, it is not the only option available to older adults looking to outsource the burdens of home upkeep. If you’re drawn to the physical and financial flexibility of downsizing but aren’t ready to leave your community, Truehold’s Sale-Leaseback may be a good option for you.
Truehold residents are able to eliminate the burdens of home maintenance equity without moving. Our simple Sale-Leaseback transaction means homeowners like you are able to access 100% of their home equity debt-free and continue staying as a renter for as long as they’d like.
If this sounds like a good solution for you, we would love to chat! Fill out the form below to request our free Sale-Leaseback info kit, or give us a call at (314) 353-9757 to connect with a Truehold Advisor today. We look forward to speaking with you.