Are you feeling that you might be missing something in life? Are you looking forward to the next chapter and adventure? Chances are you’re getting to the point in your life where retirement should be more than what it currently is.
That’s why you should consider downsizing.
What is Downsizing?
In simple terms, downsizing is the process of moving into a smaller home than the one you currently have, thereby reducing the amount of work, maintenance and costs that come with it.
This is a common decision made by seniors and retirees when they experience life-changing events, such as having an empty nest, finding living costs hard to deal with, dealing with tragedy or looking for something new.
Unfortunately, there is no “right age or time” when you should downsize. It all depends on your current circumstances and personal goals. But having an idea of the benefits of this lifestyle change can encourage you to take the leap.
5 Benefits of Downsizing
Are your monthly costs larger than you expected at this age? Do you find yourself spending more on things that you don’t want or need? The likes of home maintenance, taxes, and utilities can drain expenses, particularly at a time of your life when you should enjoy yourself.
However, when you sell your home and move into a smaller property, be it a townhouse or condo, you’ll find yourself in a better financial situation. While you might have to pay the initial fee when selling your house (such as real estate agent and legal fees) and buying and moving into a new one (moving costs), in the long-term, you’ll be a better position financially.
That’s because you will spend less on maintenance, utility bills (because you’ll use consume less), mortgage payments, and taxes. That means more money into your pocket for things that you want to do, instead of the need to do!
More Time for Things You Love
It can be a struggle to continually work on your home, ensuring that it’s up to scratch and liveable for your lifestyle. That can put a strain on your everyday life, taking away valuable time during a period where enjoyment should be front and centre.
A smaller home means less maintenance to keep it afloat. Better yet, if you live in a condo or community, the property manager will handle all the work that comes with maintenance – cleaning, washing and so forth.
All this leads to one thing: less work and more free time. You can do what you want: take up new hobbies, hang out with friends and family, or take a trip around Canada.
For example, if you moved into The Views, a luxury condo community in Calgary, Canada, you’ll have access to a wealth of features and amenities, such as state-of-the-art fitness centres, nature walks and mini-putt golf. You’ll be able to enjoy all the aspects of a senior community living as they are supporting you with everything you need.
They’re a prime example of the extent and quality that can be found in moving into senior condo communities. It’s a comforting factor knowing that everything is available right outside your front door while getting the care and support you need.
Less Stress on Your Shoulders
Retirement should be about enjoyment! You shouldn’t be worried about all the extra burdens of life. Downsizing can let you experience that low level of stress that you’ve been craving for years.
It’s a simple method: If you have more money (thanks to the savings), more time (less household maintenance) and fewer possessions to worry about, you’re likely to experience less stress. That ultimately leads to a happier, healthier you!
Less Clutter, More Safety
Many seniors have a habit of collecting many items, which can end up becoming dangerous when they start to pile up. It can result in falls, accidents and serious injuries, and during your retirement, the last thing you want to deal with our health issues.
Downsizing to a smaller house means you won’t be able to take all your items with you, only having space for the bare essentials (and those important sentimental items). You’ll have more freedom to continue living the lifestyle you want while making it safer than ever before.
Create a New Chapter & Lifestyle
It might be the end of an era when you downsize, but it is also the start of a new adventure when you’ll feel reborn and excited.
Sometimes, change is good and needed. It can inspire you to do new things, take up new challenges and make you happier. Don’t dismiss downsizing or consider it a “drop-in standard”. It’s the chance to start an exciting new chapter in your life – so embrace it and go for it! You’ll be glad you took the leap!