What to Know When Downsizing a Senior's Home
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The Pros and Cons of Downsizing Your Home as a Senior

The Pros and Cons of Downsizing Your Home as a Senior

Retirement typically brings about many changes for seniors. Among those changes is downsizing their property. Downsizing a senior's home can have financial and lifestyle benefits, but seniors may face a few challenges.

Read on to learn about the pros and cons of downsizing a senior's home.

Pros of Downsizing a Senior's Home

There are several advantages of older adults downsizing their homes in retirement. Here are 3 pros to consider:

  • Increase Cash Flow: Seniors that retire typically earn less than what they would make while working. Less income can sometimes cause seniors to alter their lifestyles or can even become a financial burden. But downsizing can increase cash flow because it lowers mortgage payments, reduces utility bills, and reduce maintenance and upkeep of the property.
  • Less Time Spent on Household Tasks: Owning a home is a huge responsibility. Larger homes often mean more cleaning and maintenance needs. Downsizing a senior's home means they'll have fewer rooms. This reduces cleaning and maintenance tasks and allows seniors to focus on their hobbies.
  • Less Stress: Downsizing a home can reduce stress. Larger homes can be pretty demanding. A smaller property does not have as many demands and essentially offers a smaller workload for older adults who are ready to enjoy their retirement. 

Cons of Downsizing a Senior's Home

Property downsizing has its advantages. However, there are a few disadvantages of seniors downsizing their homes. Here are 3 cons to consider:

  • Change isn't Easy: Downsizing a senior's property means that they'll be leaving a property that they've likely lived in for years. This can be a challenge for seniors. Even more, seniors will need to adapt to a new community that they're unfamiliar with. Seniors that have a hard time embracing change may have difficulties with downsizing.
  • Selling a Home can be Expensive: Downsizing has several cost benefits, but the process can be expensive. There are many things to think about when selling property like home repairs, real estate fees, inspections, closing costs, new furniture, and more. It's a good idea for seniors to create a financial budget sheet when preparing to downsize.
  • Less Space and Privacy: Many seniors downsize because of the financial advantages and simply because they no longer need the additional space. But for some seniors, downsizing can lead to feeling more cramped and on top of their neighbors. For instance, there is a noticeable difference between going from a home to an apartment or condo. Living in an apartment or condo means they'll have less maneuverability and live much closer to their neighbors, whereas a home provides space, privacy, and more quiet time for seniors. 

Quality In-Home Care with Senior Helpers Fort Wayne

Seniors that are heading toward retirement will ultimately think about downsizing. Downsizing has several advantages, such as increasing cash flow, reducing household tasks, and reducing the stress of maintaining a home. But there are also a few challenges that come with downsizing like adapting to change, dealing with the expenses of making the switch, and having less space and privacy offered with a larger home. 

Senior Helpers Fort Wayne provides in-home care for seniors in Arcola, Auburn, Fort Wayne, Garrett, Grabill, Huntertown, Laotto, Leo, New Haven, and Woodburn. We offer custom-tailored care plans to seniors to ensure their needs are met. Contact us today to learn more about our services.