A big thank you to my long-time client Cik Z and children and Wak for their support from the early days of my real estate career.
They’ve engaged my real estate services for various selling and buying property transactions from upsizing to downsizing and now one more move to a retirement-friendly home.
Downsizing to a smaller and cheaper property for retirement is a common choice for many people. It can offer various benefits, such as reducing living expenses, lower maintenance costs, and freeing up funds for other purposes. Here are some tips to consider as you plan for this transition:
🔺 1) Assess Your Needs:
Consider what you truly need in your retirement home. Consider factors like location, accessibility to amenities, proximity to family and friends, and the overall size of the property.
🔺 2) Sell or Rent Out Your Current Property:
If you own your current home, decide whether you want to sell it or keep it as an investment property and rent it out. Selling the property can provide funds for the new home and potentially lower ongoing costs.
🔺 3) Declutter:
Downsizing often means having less space, so go through your belongings and declutter. Consider donating or selling items you no longer need or use. This will make the moving process easier and reduce the need for extra storage in your new property.
🔺 4) Accessibility and Safety:
Prioritize properties that are easily accessible and safe for your retirement years. Single-level homes or properties with few stairs are usually preferred for retirees.
🔺 5) Community and Amenities:
Look for a neighbourhood or community that suits your lifestyle and preferences. Consider factors like proximity to medical facilities, recreational activities, social opportunities, and access to public transportation.
🔺 6) Embrace the Change:
Downsizing can be a significant life change, but it also presents an opportunity to start a new chapter in your life. Embrace the change and focus on the positive aspects of your decision.
☺️ 👉 Remember, downsizing for retirement can be a positive step towards financial security and a more manageable lifestyle. Plan carefully, and you'll be well-prepared for this new chapter in your life.