WHEN DOWNSIZING COULD MEAN LIVING THE DREAM
While owning your home is still the American Dream, the idea of living out the golden years in the same home has changed for many Empty Nesters. As you get older, downsizing or settling into a smaller home with a simpler lifestyle could be one definition of “living the dream.”
REVISIT HOUSING SITUATION
At least 37 percent of Baby Boomers said they plan to move at some point in their life and 42 percent of that number said they would prefer to live in a smaller home, according to a 2016 study released by the Demand Institute.
“Revisiting their housing situation is one of the first things new Empty Nesters should do” says Dana Anspach, founder and CEO of Sensible Money, an investment advisory firm.
While parents often have fond memories of their kids’ childhood home, she says, it makes sense to consider a move to less-expensive digs or to a locale or living situation that better fits their needs in the new phase of their lives.
There are, of course, savings to be gained by trading in a big home for a smaller space. Or moving to a less expensive part of the country. Another route: freeing up cash or replenishing your savings by paying off your mortgage before you officially retire from the workplace.
TIPS FOR DOWNSIZING
Declutter Your Home – You can finally tackle some major organizing projects. If you’re looking at the possibility of moving to a smaller home, your first step is to pare down your belongings. According to CityStash, 75 percent of those surveyed said the amount of things they own makes them reluctant to move. Don’t let that scare you off. Take one room, one closet, one square foot at a time.
Give Your Home a Facelift – Your furniture is a little worse for wear after having teenagers lounge on it, spill drinks on it and who knows where those extra spots came from. Also, you weren’t about to paint the walls until your kids were no longer touching them every day. But now’s the time. Refresh your home with new paint, new furniture or convert a kids bedroom to a hobby room.
House Hunt – When your current house has too many bedrooms or you hear an echo within the empty rooms, it may be time to start house hunting.
To ease the process, don’t focus on the memories of the old house but the endless possibilities in a new house. Start searching for a dream home that can give you desired options like a new location, first floor living, natural light, luxury touches, custom options and low maintenance.
If it’s time to start looking for new (smaller) digs, use C21 Hometown Realty, your hometown experts to find a top-selling real estate agent in your area. They’ll help you identify options that can turn downsizing into dream living.
About CENTURY 21 Hometown Realty – Hometown Realty is the leading real estate firm on the Central Coast of California with offices spanning Santa Barbara County and San Luis Obispo county offering expert agents and convenient locations.