Downsizing a Home after Retirement: 3 Myths to Be Aware Of

Downsizing a Home after Retirement: 3 Myths to Be Aware Of

In most cases, if someone decides to move during retirement, they are more likely to choose a smaller home. Based on a study conducted in 2017, three out of four homeowners in the United States downsize to make their retirement more financially secure.

But remember, moving always comes with sacrifices and hassles. Plus, it may not always be an ideal solution to reduce your expenses after retirement. Sometimes, after downsizing, people may experience unexpected emotional and financial issues. Before you hire the best Berkley estate home buyer to sell your property to for downsizing, here are some common considerations about downsizing for retirement.

  • Downsizing for retirement will save money

Of course, by downsizing your home, you can protect yourself from costly maintenance and repairs of a bigger house. But downsizing isn’t all about saving money, and it also provides you with more free time.

Nearly half of Americans say that managing a larger house during retirement is an overwhelming task, as it requires too much work. From cleaning a home to mowing the lawn, all these are time-consuming tasks.

  • Downsizing results in cramped spaces

In most cases, homeowners with small families don’t use places like a guest bedroom and a formal dining room regularly. When it comes to retirees, the need for space reduces further.  According to a Merrill Lynch study, nearly 64% of Americans have moved to new homes during retirement, out of which, 51% of people preferred a smaller home.

  • Downsizing means a lot of work

If you’re planning to list your home on the open market, it may take months to find the right buyers. After all, the process involves finding the right real estate agent, preparing your home for sale, making much-needed repairs and renovations, and more. Thus, it may take several months to close the deal.

To sell your home fast in Berkley, you can hire an experienced cash home buyer. They will provide you cash instantly to buy a new house without waiting for months or wasting thousands of dollars on repairs and upgrades.

Lastly, remember that downsizing isn’t the only option to boost your finances during retirement. There are other ways as well! For example, instead of paying professionals for trimming and mowing your lawn, you can do it yourself in your free time.

In closing

After a lot of thinking, if you decide that selling your house is the best way to boost your finances during retirement, then you don’t have to wait for months trying to gain equity to capitalize on. Several buyers in the market like Detroit Cash For Homes, can buy your property right away without the hassle of hiring an agent, and will pay you a fair amount.

At Detroit Cash For Homes, we buy houses in any condition in Berkley and will offer you the best market price for your home, with a quick selling process. To learn more, contact us today.