Reasons for Retirement Downsizing

Retirement Downsizing: Is It Possible to Be Happier in Smaller Spaces?

The old adage that less is more certainly could apply to downsizing your home.

  • Financially it might make perfect sense for (1)  lower monthly bills and (2) increasing your savings with the income earned from the sale of your home
  • If your children are gone and a big empty house is e.m.p.t.y.
  • If the home is too large to keep up 
  • You no longer care to do yardwork - summer work and winter snow shoveling

The Upside of Downsizing to a Smaller Space

There are many benefits to downsizing. It may seem like a big adjustment at first; however, downsizing can make for a very happy retiree.

Finances – If you think about it, maintaining and keeping up a bigger home may not be in your best interest any longer. 

  • The maintenance bills are higher for a larger home. 
  • Utility bills will be lower for a smaller home due to less square footage needing heat and electricity. 
  • If you move into a town home or condominium, you will not have to worry about paying for snow plowing or lawn services separately. 
  • There is also no worry about repairing things like leaky roofs or windows and siding.

Cleaning – There is much less cleaning to be done in a smaller home. If you do not need the extra space, why spend time and money cleaning a larger home when you can downsize.

Saving time – Once you have successfully downsized, there is a great deal more time available throughout your day for activities that you enjoy. Less maintenance, less cleaning, and fewer repairs all equate to more time for enjoyable activities.

Saving money – The less you have to care for, the more money you will automatically save. If you had a four-bedroom home and now have a two-bedroom condominium, you will save money on cleaning supplies, utilities, and home décor, as well as not having to repaint every couple of years.

Enjoying yourself – When you have a large home, there are things to consider such as the backyard, the curb appeal, the pool, raking leaves and shoveling snow, making repairs, and keeping up in general.

When you downsize, you open up a new avenue for fun and relaxation. All that time you spend cleaning and maintaining is now time you can spend golfing, going to the beach, walking, and most anything you like to enjoy.

While having a big beautiful home is the dream of many, downsizing into a smaller space has definite advantages, too.