Before you retire, have your ‘house’ in order

“Is there any pleasure in this?”

Thanks to Marie Kondo and her decluttering philosophy, millions of people are asking this question about their homes and things.

After the kids have gone out, you and your spouse will be the only ones left in the house with whatever is still packed up in the attic and basement. De-cluttering and “downsizing” into a smaller house may be on your mind when you retire whether you’re seeking more pleasure or less room and junk to handle. In certain cases, less might actually lead to more difficulties, intricacy, and cost.

Consider these crucial advantages and disadvantages of downsizing before you and your spouse order the dumpster or make a down payment on that condo:

Change While You’re Still Having Fun With It

It will be easier to downsize and relocate with the support of a younger family member if you’re younger. An uncluttered, well-organized house may serve as an excellent “blank slate” on which to build your new life from the ground up. Many retirees choose to live in a neighbourhood with golf and tennis facilities, while others choose an up-and-coming gastronomic hotspot with an expanding restaurant scene.

CONS: You may make a change that none of you like

In order for couples to have a smooth transition into retirement, they must be clear about what they want to do and how they want to spend their time. It might be exhilarating to downsize and move to a new area, but it can also be aggravating if you and your partner aren’t dedicated to the adventure together.

While one spouse is out on the course, the other is scurrying about the home, bored out of his or her mind. Even if you and your spouse have more space in a smaller home devoid of children and junk, you’ll be living in closer quarters than you’re accustomed to. Is there going to be enough personal space for the two of you if there is less room?

PRO: Easier Ways of Life

It’s easier to take care of a smaller house since it requires less maintenance. Taxes will likely be lower if you purchase a smaller property than if you rent. Your monthly expenditures may go down if you have fewer places to heat and cool and no children to use more water, food, and power. It’s possible that a smaller, more recent home may demand less maintenance and age gracefully with you.

CON: Simplicity Doesn’t Come Without Cost

There’s a significant risk that your present furnishings won’t fit in your new home or blend in with the decor. You’ll probably have to dive into your savings to acquire new furniture since your old stuff isn’t worth as much as you think it is. You’ll have to put everything you don’t want to get rid of, either in your lovely, empty basement or at a storage facility that costs money.

Taxes on a smaller property may be greater if you relocate to a different state. Buying a condo may save you money in taxes, but you may have to fork out a lot more money in association and community fees.

With your money, you can have the best life possible

Decluttering isn’t the greatest reason to think about reducing at all. It’s not about how much room you have or how to organise your belongings.

Not at all. The purpose to downsize is so that the smaller property you’re contemplating can accommodate your retirement lifestyle. It’s because your new house will allow you to spend more time with the people you care about and less time doing things you don’t want to.

Is it something you’re excited about?

Let’s then have a conversation. Let us know why you’re considering a move to a smaller home by contacting Foran Financial Group. We’ll take a look at the figures and talk about how a smaller house might open up a whole new world of possibilities for you and your partner.

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