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February
23
23
7 Downsizing Tips for Seniors
If you're struggling to properly maintain your home or need a space that's more comfortable for you, downsizing your home can help you accomplish these goals. Our real estate agents suggest following these downsizing tips for seniors to assist with the process and help you find a home that's the right fit.
- Look for a Home with an Appropriate Amount of Space
Set aside a few moments to consider what rooms you need in a new home. Do you need a guest room or a home office? How much home storage do you need? You should downsize to a home that only has the spaces and rooms you need. Opting for a home that's too large or has an excessive amount of rooms means that you'll spend more time and resources maintaining and cleaning the home. Larger homes also tend to cost more than smaller options.
- Examine Your Budget to Determine What's Affordable
Closely review your budget to figure out how much your home expenses should be each month. Remember, your home expenses will include your mortgage payment, property taxes, homeowner's insurance premium, any HOA fees, and maintenance expenses.
- Take Your Travel Plans into Account
If you know that you want to travel more in the future, make sure that a new home is conducive to those plans. You might prefer to relocate to a home that's closer to the airport or train station, or you may want to move to a more central locale if there are multiple states you want to visit.
- Look for Homes That are Accessible as You Get Older
A common reason that many people choose to downsize is that their current homes aren't conducive to aging in place. They may have many stairs that aren't wheelchair accessible, or the halls and doorways might be too narrow for a wheelchair. When exploring Waco homes for sale, search for homes that are accessible as you age or that are easy to make simple accommodations to (like adding grab bars or installing a wheelchair-accessible shower and tub).
- Think of Features That Fit Your Lifestyle
As we get older, our lifestyles usually change. This means that the features you need in a home also change. For example, maybe you prefer a fenced-in yard to make it easier to care for your dogs. Or, perhaps it's important for you to have easy access to public transportation. You might prefer that your new home have details that make it more energy-efficient so you can reduce your heating and cooling bills.
- Determine How Much Equity You Need from Your Current Home
If you have a lot of equity, it's wise to figure out how much of this equity you need to bolster your finances and how much you're willing to use to purchase a new home. For example, assume you'll clear $150k once you sell your current home. You might use $50k as a down payment for your smaller home and keep $100k for travel and healthcare expenses.
- Envision Your Ideal Scenery
Close your eyes and think of what you want to see each morning when you peek out your window. Do you want wide open spaces? A bustling neighborhood? You want to purchase a home where you'll be happy with your surroundings.
Ready to downsize to a smaller home? Contact us today to begin your search!