Your home has a lot of memories, but it may also become too much to handle. When the kids have grown up and moved away, you may be left with a large lawn you’re tired of maintaining and empty space you need to pay to heat and cool. Downsizing to a smaller home may feel like a big decision, but it can also come with significant rewards in retirement.
Increased Nest Egg
You may need to rely on your savings throughout retirement to cover living expenses, medical costs, and your quality of life. While social security or a pension may help, it’s important to set aside enough money throughout your life for a comfortable retirement. If you haven’t quite hit the mark, selling your home and downsizing can pad your nest egg significantly. As an example, selling a $300k house and downsizing to a $150k condo can put at least $100k into your savings. If you’re hoping to increase your nest egg by selling your current home and looking at smaller home listings in Irvine, make sure you consider the cost of selling your home and buying something else. Factor in closing costs, agent fees, and moving expenses to ensure you’re making the right decision.
A home requires a lot of care and maintenance, including time-consuming lawn care and costly maintenance of the HVAC system, plumbing, and roof. Downsizing to a Turtle Ridge condo or considering West Irvine townhomes for sale can give you a big break on maintenance. Common areas, including green space, are typically covered by the condo fees you pay. If something breaks, a simple call to the property manager is all you need to do.
Access to Amenities and Features
Your priorities when you bought your home are probably very different than your priorities today. Rather than choosing a home in a good school district with space for kids, you may be more interested in convenience and comfort. When you downsize to a smaller place, you may choose a single-level property closer to family members or a medical center. Another option is a condo development with amenities you appreciate, such as a swimming pool or nearby walking paths.
Reduced Housing Costs
Your housing expenses may eat up a significant share of your income in retirement, especially if you still have a mortgage. Relocating to a smaller place could mean a much smaller mortgage payment. You can also enjoy much lower heating and cooling costs and insurance premiums to protect your belongings. Depending on the type of property you choose, some utilities may even be included with the condo fees you pay. For the greatest savings, try to move to an area with lower property taxes than you pay now.
Easier to Travel
If you’re like many people, you dream of traveling after retirement. The more time you spend away from home, the less need you have for a large space. The size and cost of maintaining a large home could compete with your travel plans and make it difficult to afford the trips you have planned, which is especially true if you need to pay for maintenance services, lawn care, and more while you’re gone. Downsizing can help you achieve your retirement goals, no matter what they are.
From Stonegate to Airport Area, Irvine homes for sale come in many sizes, and you should have an easy time finding a wonderful property to purchase, allowing you to downsize and enjoy your retirement years. Get in touch with the reliable agents at OC Residential at 714-454-6304. We can help you find the home you’re looking for.