Have you ever thought about moving? Now that you’ve retired, it could be the perfect time to downsize. But why would you want to shed square footage? Check out these five reasons below.
1. You Fear the Unexpected
If you had to replace your furnace suddenly or take your car into the shop for an unexpected repair, would you have the money handy? A new survey shows most people would have to borrow money for any unexpected expense that costs more than $1,000.
Your retirement fund is off-limits, so you may have to take out a cash advance to help you handle unexpected repairs. Online cash advances offer borrowing options that aren't payday loans with quick and easy applications. If approved, you’ll receive funds that act like a safety net for emergencies.
But as simple as these cash advances are, seniors living on a fixed income should think about how they can cover future unexpected expenses without borrowing. If it’s impossible with your current living expenses, downsizing could free up more cash to put toward emergency savings.
2. You Don’t Ever Use Some Rooms
You might have needed all four bedrooms, a den, and the basement in your younger days when all the kids still lived at home. But now that you’re an empty nester, you might not use these rooms as often anymore.
It’s easy to forget that these spaces take money to heat, cool, and furnish. You can sell this unused furniture before you move, and you’ll save on utilities once you settle into a smaller space. A little extra money never hurt anyone; you can use it to pay off existing cash advances, bolster your savings, or have a bit of fun.
3. Getting Around is a Struggle
You might not be as spry as you once were. Everyone loses a little mobility as they age, but your physical limitations could be preventing you from enjoying your entire house and the surrounding property.
If you’re finding it hard to climb stairs or walk around your garden, you should consider downsizing to a smaller, single-floor home or apartment. Making the switch could help you age in place without worrying about your safety or health.
4. You Can’t Keep Up with Maintenance
Another sign you should move to a smaller place is if you’re having trouble cleaning or maintaining your current home. Few people enjoy doing any household chore, but dusting, gardening, or mowing the lawn can be even more challenging if you’re dealing with reduced mobility.
Give yourself a break by downsizing. You won’t just shed square footage in the move. You’ll also cut your to-do list in half.
5. You Live Far Away from Loved Ones
After more than a year living with a healthcare pandemic, isolation is a frustrating problem faced by seniors today. It’s made even worse when family and friends live a considerable car ride away.
Connection to the people you love is essential at any age, but it’s even more important when you’re a senior. Having close friends, cousins, and grandchildren nearby boosts your mental health, and you’ll have someone nearby if you face an emergency.
Is it Time to Downsize?
Did any of the points made in this list resonate? Consider downsizing now that you’re retired — you stand to gain a lot in the move!