Homeowners Are Choosing to Downsize in Preparation for Retirement
Some upcoming retirees are choosing to sell their homes before moving into something smaller, thus reducing the size of their outstanding obligations.
Falls Church, VA -- (ReleaseWire) -- 10/04/2016 --Retirement is something that comes with a host of changes, so it should come as no surprise to learn that soon-to-be retirees often start preparing beforehand. For example, some people are choosing to downsize when it comes to their housing situation, meaning that they are selling their current homes and moving into something smaller. This choice can make their transition into their new lives that much easier.
In part, downsizing individuals do so because it can reduce the size of their outstanding obligations. For example, someone who is still paying off the mortgage on their home can sell it, use part of the proceeds to pay off the remaining balance, and still have remaining proceeds for other uses. For example, smaller homes need less care and maintenance than larger ones. This means homeowners can spend time and effort on hobbies, interests travel and the like. This choice is also popular because the last thing that people moving into their retirement want to do is to continue making large living expenditures on a regular basis.
That said, it is interesting to note that there are homeowners making other choices as well. For example, a fair number of soon-to-be retirees are choosing to move into larger homes rather than smaller ones. This choice can be a result of wanting extra space to host their families, a longstanding desire to live in such space now that it is affordable, or some other reason. For that matter, downsizing might not be the most sensible choice financially for every homeowner approaching retirement as size is not the sole determinant of the price of a home. For example, selling a home in a rural area to move downtown can often increase one's cost of living, resulting in a less pleasant experience rather than the proverbial "happiest times in their lives."
In the end, homeowners should make their home buying and selling decisions based on their own needs and preferences. In addition, they shouldn't hesitate to seek out a reliable source of real estate expertise and experience such as John Seggerman for both buying and selling. His blog contains a lot of tips that homeowners can find useful, so visit it today at www.johnseggerman.com.
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