Learn About the Benefits of Moving Into a Smaller Home as a Senior

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Many seniors struggle with whether they should downsize into smaller homes in their older age. Most seniors start their adult lives in larger homes, especially if they have family members. As family members age and move away, the need for larger homes decreases. The majority of seniors have not paid off their homes, so staying in larger houses is very expensive for them. Seniors may have harder times using all of the space in their large homes and it is significantly harder to perform maintenance on larger houses.

For the majority of seniors, it makes sense to consider downsizing. There are several things to consider with downsizing. The first is how much the senior spends every year maintaining his or her house. The second is whether the home has space going to waste. Finally, seniors should consider whether their current homes are difficult to live in. Seniors who answer yes to any of these questions may benefit from downsizing. There are many different benefits to downsizing into a smaller home.

Retirement Savings

One of the biggest advantages of moving into a smaller home relates to finances. Seniors who stay in larger homes must dedicate large portions of their savings into maintaining houses. Seniors not only get initial financial boosts from selling their homes but living in smaller houses significantly cut down on monthly costs. Living in a smaller house comes with a lower cost of living, which is very important for a senior with limited retirement funds. Even wealthier seniors benefit from moving into smaller homes, since they have more money to pass down to their family.

Reducing Taxes

In addition to the general costs of living, moving into a smaller location also saves money by reducing taxes. Smaller homes mean smaller property tax bills. In just a few short years, seniors frequently end up saving thousands of dollars in taxes after making moves to smaller homes. Seniors can save even more money if they are willing to move to different states. Many seniors retire in states like Florida, Nevada and Texas, because those states have no income tax, which leads to even greater savings. These states also have extensive retirement communities to help attract seniors.

Easier Travel

Many seniors have dreams of traveling when they retire. Moving into smaller homes makes it much easier to travel. It is much easier to move out of a smaller home than it is a larger home. Instead of buying a house outright, a traveling senior may rent property in the states he or she wants to visit. This gives him or her the freedom to stay in a state for as long as he or she wants without having to worry about returning home. Adventurous seniors can invest in RVs or tiny homes they can physically bring with them.

More Amenities

Some seniors are afraid moving into smaller homes means moving into spaces that are less luxurious. However, most seniors have access to more amenities when they move. Many seniors first buy their houses with the intent to raise families. As a result, they focus on having spaces for children and living closer to good school districts. Seniors who move into smaller houses can focus entirely on their own needs. This leads to seniors having much more freedom in selecting comfortable houses that are right for them.

For seniors with health issues, this is also very important. Many seniors need to move from multi-story homes into smaller locations. For these seniors, it is much easier to have everything on single floors. Seniors can redesign their new homes to ensure everything they need is easy to access.

Rental Properties

A great option for seniors moving to smaller locations is to rent properties. Renting properties is great for seniors who want to travel, but there are plenty of benefits for seniors who do not want to travel. Under most rental agreements, tenants are not responsible for maintaining houses. If something goes wrong, the landlord is responsible for fixing it. This is very helpful for older seniors or those with limited mobility.

Senior Housing Units

Many seniors require assistance as they get older. For these seniors, it makes sense to move to smaller homes in assisted living communities. There are varying levels of assisted living communities available. Some of them are designed for independent seniors, while others provide direct assistance. These smaller homes are built specifically with seniors in mind. They are built near areas seniors are likely to frequent. Many seniors prefer these communities because most of their neighbors are of similar ages.

Better Location

Many seniors want to live near family members. Moving into smaller homes offers much more freedom when selecting properties, since the homes are less expensive. Seniors who do not want to live with their family members can focus on moving into neighborhoods that better suits their needs. For example, many seniors prefer to live within walking distance of stores or restaurants they frequently visit. Seniors with medical conditions may benefit from moving close to their doctor’s offices.