The Pros and Cons of Downsizing
June 28, 2022
The home where you’ve spent your adult life and raised your family is filled with cherished memories. But the potential benefits of downsizing, such as less expenses, less time maintaining your home, and a change of pace - are tempting considerations.
Still, there are also potential drawbacks to downsizing. Here are some essential factors to consider.
Is Downsizing the Right Choice for You?
- More Time and Money
Moving to smaller place could mean significantly less time and money spent maintaining it. From yardwork to household chores, you can free up a lot of time by relocating to a smaller location. Plus, property taxes and utility bill costs could be slashed. Plus, downsizing gives you the chance to relocate to another place where property taxes could be cheaper.
- Improved Accessibility
As we age, it’s important to consider adjusting our living situation. For example, if your current home has a lot of stairs, you might want to simplify and relocate to a single-level home. Likewise, many new constructions are designed to accommodate the needs of older residents: seated showers, wider doorways, and more.
- Move Closer to Loved Ones
Downsizing could be the perfect opportunity for you to move closer to loved ones.
The Disadvantages of Downsizing
- Relocation Costs
Relocating to a new home or state can save you money in the long run but moving can be expensive. From professional movers to the cost of packing supplies, be prepared for potential sticker shock as you relocate.
- Less Space and Privacy
A smaller home will probably require getting rid of many items in your current home. Think of it as an opportunity to either make money by selling them or to do a good thing for others by donating them or giving them away.
Also, bear in mind, if you’re relocating to a retirement community or apartment, you’ll be in much closer proximity to your neighbors. But this can also be a great opportunity to make new social connections!
- Leaving Your Community
If you move away from your current community, it can be difficult to maintain long friendships and well-established bonds. Staying in touch with old friends is easy via social media and phone calls, but be sure to forge new relationships in your new community. You can meet new friends at things like association events, social media meet-ups, and at your gym or yoga studio.
Downsizing can be a great opportunity to move somewhere that better suits your lifestyle while trimming expenses and your cost of living. Whether you continue living in your current home or move to a new one, Home Healthcare Insurance from IRTA and AMBA makes it possible for you to stay in your own home with skilled assistance when faced with a medically necessary need for home health care. The plan lets you choose the amount of coverage, the number of covered weeks, and the duration of your waiting period. Sign up now at (833) 784-2161 or click to request a free Benefits Review.
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