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Benefits and Drawbacks of Downsizing for Retirement

As you get closer to retirement, you might start to think about retirement. Are there no longer any kids in your home? Is it getting difficult to use the stairs? A huge home might not make sense as you go into a new phase of life. There is so much to consider when downsizing. Here are some benefits and drawbacks.

Benefits

Create Big Savings

The most significant change you might see is a change in monthly living costs. Home insurance, lawn services, property tax, monthly utilities, and your mortgage will be much less than that of your large house.

Declutter Your Space

This move will prompt a decluttering session that other types of moves do not. Smaller spaces require fewer items to live comfortably. Take this opportunity to downsize your items and declutter your space.

Take Away the Stress

Moving to a smaller space allows you to take your mind off the upkeep of a large place. Lawn maintenance and many home improvement projects may be a thing of the past, depending on the type of place you downsize to.

Get Location Freedom

Use this opportunity to move anywhere you like.  Consider a new state, if you would like! This is a chance to get closer to old friends and family, emotionally and physically.

Drawbacks

It Is a Commitment To Sell a Home

Selling a home includes hidden expenses like inspections, home repairs, and real estate fees that many don’t consider. In addition to these costs and the stress of selling a home, it also might take a long time to get it off the market, sometimes even years.

Moving Is a Significant Emotional Stressor

Beyond the stress of selling a home, it can be tough to adjust to a new location. Starting over in a new community with zero ties, while exciting, can be an isolating challenge. Additionally, retirement holds a new pace of life to get used to. These types of adjustments take some time to become comfortable with.

Privacy Can Be Limited

Retirees that downsize face a loss of privacy. They give up large yards and silence for shared yalls and small community yards. While this might not be a huge challenge for some, it be be very hard for others.

It Is Difficult To Let Go

With you downsize your home, you must downsize your things. It is crucial to live comfortable in the smaller space. It can be difficult to let go of your belongings especially if they are their deceased parents’ possessions or keepsakes that hold precious memories. It is important to know which are valuable to you and which are taking up valuable space.

If you truly are having difficulty with this, Right Fit Storage can help! Self storage is a great solution to hold any items you just can’t let go of. Our units are offered with climate-control capabilities to protect your belongings year-round. Find out which location is closest to your retirement spot and move onto the next stage of your life, clutter-free!

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