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When should retirees think about moving to a smaller house?

On Behalf of | Sep 10, 2021 | Real Estate Transactions |

Retirement provides an older adult with an opportunity to spend a lot of time at home. However, living in an oversized Illinois property might come with responsibilities and costs that a senior adult does not want to take on. Ironically, these new concerns may come from a house that the occupants owned for decades. At some point, a home may be too big for a retired person or couple. If so, then it might be best to downsize to something smaller.

Signs that a house is too big

When expenses become too high, moving to a smaller house could be a smart decision. The larger a home, the more energy becomes necessary to heat and cool it. Property taxes might be significantly higher on a larger property, and maintenance and upkeep costs may be challenging to reduce. All the money spent on a larger, older home could drain retirement savings. If the house becomes too costly, looking for less expensive alternatives could result in stretching a retirement nest egg.

Financial matters aren’t the only things to consider: As someone ages, health issues might arise. Perhaps living in a single-floor property is better since the occupant no longer needs to climb stairs.

In addition, moving to a location more accommodating to seniors may add some benefits to the move. For example, moving to a smaller home in a senior community could be more convenient and appealing.

Thinking about moving to a smaller house

Concerns about real estate transactions aren’t always financial. Sometimes, emotional concerns might sway someone’s decision. An older person may worry about moving to an unfamiliar location and leaving familiar neighbors behind. Some might feel an attachment to a long-held property.

The costs and efforts associated with moving could be off-putting, which is understandable. Perhaps taking time to look at the positives associated with downsizing a home may change opinions.