Once you’ve retired and your children have left home it may feel like you’re very small in your large home, even if you’ve lived there for many years. What about downsizing to a smaller home? Now that you’re on a fixed income and don’t need near as much space it may be the right option for you. Below are just a few of the possible downsizing advantages for Denver baby boomers.
Lower Mortgage Payments
The Denver home you’ve been in for many years has probably built up a good deal of equity that will allow you to cash out and possibly avoid a mortgage payment completely. If this is not the case for you, downsizing should at least mean that your new mortgage payment will be lower than you’re currently used to.
Lower Monthly Expenses
With a smaller home you’ll have less space to heat and cool, which means lower utility bills. You’ll also save on taxes, insurance and upkeep costs that probably didn’t seem high when you still had a family at home and weren’t on a fixed income. If you move to a town home or apartment you’ll save on landscaping and snow removal costs as well while also being spared the headache of dealing with both.
You Can Change Your Scenery
Moving to your new home affords you the possibility of changing your scenery as well. Whether that means moving out of the city or to a warmer climate, you’ll have the option to do either. Moving away from a city can significantly lower your cost of living. Or if you think snow is for the ‘young kids’ that still ski and have snowball fights, you can move to a warmer climate and kiss the cold goodbye.
A New Lifestyle is Possible
Take this time in your life as an opportunity to clear away the clutter from your life and your home. Start to live a more organized life. You don’t have to do anything drastic, just get rid of the things you’ve been putting off moving out of your life. Also, with all the extra time you’re going to have, you will be able to take up any of the hobbies that you’ve always wanted to try that you didn’t have the time or money for before. Take up golfing, pottery, or even hiking. This is your opportunity to change your lifestyle in ways you’ve put off for many years.
Downsizing can be a big step for you, but understand all of the advantages when you’re trying to decide if it’s the best decision for you. You can have a new lifestyle or scenery if you want, plus you can save a great deal of money in the end. If you’re feeling the effects of empty nesting or if you’re adjusting to a life on a fixed income, downsizing could be the right option for you.