When it comes to retirement, among the parties and “congratulations” one big life decision still awaits, should you downsize? Downsizing has long been seen as a “must” for retirees preparing to enjoy their golden years, but for many individuals, this might not be the best decision. Downsizing, while it does provide multiple benefits, also comes with a list of cons that might hinder your ability to enjoy your golden years to their fullest.
3 Reasons You Might Not Want to Downsize When you Retire
Family Time
One of the biggest things that many people look forward to during retirement is being able to enjoy a slower pace of life and really soak in extra time with your family and friends. One of the biggest perks to staying in a larger home vs. downsizing for retirement is the ability to host and house friends and family. Whether for the holidays, long weekends, birthdays, or family reunions, having the extra space opens the potential to allow your friends and family to stay, creating a space for lasting memories.
Lifestyle Changes and Exploring New Hobbies
It’s no secret that many retirees try to pick up new hobbies with their new abundance of time. While not all hobbies take up a ton of space, some do require a little elbow room. Transforming a spare bedroom into an art studio, an area to map out your genealogy, create a little in-home library, the space to perfect tying flies for fishing, a room filled with yarn for crafting or knitting, the options are truly endless. By choosing to downsize, you might be limiting the access you have to trying out new hobbies due to simply a lack of space or storage for your newfound treasures and passions.
Aging in Place
Aging in place is a growing trend for those who are looking toward their retirement years in lieu of choosing to downsize. There are many different perks to choosing to age in place instead of downsizing. A few of the most common reasons including:
- The ability to provide the needed space for nursing care
- More financial freedoms due to staying in a home that is likely paid off or has a shorter mortgage term remaining than a new purchase
- Keeping a familiar space for those with memory care issues
- Truly enjoying “home” instead of starting over somewhere new
While the choice to downsize was once the biggest trend amongst those preparing for retirement, we are seeing less and less retirees searching for smaller spaces and instead, are seeing homeowners choose to embrace their current home and all it has to offer. While the trend for downsizing may be losing popularity, it’s important to remember that everyone has their own set of wants and needs, and whether downsizing or aging in place is right for you, our team of local experts are here to help assist you with all of your real estate needs. Contact our team of local professionals today!