These days, more and more seniors are looking to downsize their homes in search of something that’s both more affordable and easier to maintain. With that comes some questions. Where can they store their excess possessions? How can retirees achieve the lifestyle they want without blowing their budget? Well, let these downsizing resources guide your search for affordable retirement living, presented below by the Winkelmann Properties.
How much home can you afford?
This is the first question every buyer needs to answer. However, the answer is more complicated than it appears.
The basic home affordability equation takes a buyer's income, down payment, and monthly debts to determine their housing budget.
Retirees also need to factor rising health care costs into their budget. The average retired couple will spend nearly $300,000 on healthcare in retirement.
Luckily, many retirees have sizable equity gains to tap. Calculate what you'll net from selling your home then decide how much to put towards a down payment.
Should you buy your next home in cash? Before spending all of your proceeds on a new home, consider the drawbacks of buying a house in cash.
Downsized living options for older adults
If you've lived in a single-family home for years, buying anything else may seem out of the question. However, there's a lot to gain from downsizing your space.
Compared to single-family homes, condos cost less, offer more amenities, and are easier to maintain — three benefits that are ideal for retirees seeking a simpler lifestyle.
Check out current VA home loan rates to find the best financing deals available to you.
Retirees may also come across co-ops. Buying into a housing co-op usually costs less than a condo. However, there are key differences to consider.
Look around at what local apartments are available.
Independent living communities are another option for the 55+ crowd. Independent living communities run the gamut from apartments to single-family homes and offer senior-friendly design and all-inclusive amenities.
Living large in small spaces
How can retirees make the most of downsized living spaces? These are the must-know tips for small space living.
For starters, don’t force yourself to do all the heavy lifting. Instead, look for movers who can help you with this task.
If you’re self-employed, moving has added hassles due to time constraints and being “out of pocket” during the process, so take steps to make the move less of a hindrance.
Before moving, obtain a floor plan of the new home and use it to determine what will (and won't) fit in your home.
Don't panic if you need to downsize drastically to fit in your new home. This step-by-step guide makes sorting through your stuff a painless process.
Wall-mounted storage, multifunctional pieces, and slim furniture maximize square footage. Light colors and good lighting are also key for making small rooms feel spacious.
You don’t have to give up a great location for lower housing costs in retirement. Retirees who downsize their space can continue to enjoy all that your new home has to offer on a smaller budget. When you’re ready to begin your search, contact Winkelmann Properties!