For years you have lived in and maintained a beautiful home with memories that will last you a lifetime.
Now that you are older and in the prime of your retirement years, you might be looking to downsize your home.
Many retired couples choose to sell their house and move into a simplex, duplex or apartment. This way you do not have to worry about lawn and house maintenance (and, who knows what other nuisances you can’t be bothered about anymore)?
Plus, you may want to use that extra money to travel to all the places on your bucket list.
Whatever your reason, here are 3 things you should keep in mind when looking to downsize:
1. Analyze your options
Moving out to a smaller place requires a lot of planning, which is why it is important to do ample of research ahead of time.
Before you even get started, perhaps make a list of the requirements that the new place should have and what type of budget you’ll be looking to spend.
After that is done, do specific research on smaller units, especially if it is the first time that you are going to be living in one.
As soon as you have a clear strategy in mind, you can continue analyzing your options.
The worst thing that you can do is to buy the first unit or apartment that you come across!
There are so many possibilities available when looking to downsize, and such a decision should honestly not be decided on a whim.
The housing markets are much different today than they were 50 years ago, so the process might not be the same either. Having said this, as soon as you have done the necessary homework and are sure about your decision, you shouldn’t hesitate to make an offer.
Some (retirement) neighborhoods might have strong competition, especially if it is a nice area.
Why not consult the local real estate agent and see what advice you can get there?
2. Make use of storage units
Moving the contents of a huge house into the confines of a tiny flat is often an impossible task.
Perhaps selling some of your possessions might be something to think about?
It can be difficult to part with some things, but it will be better than actually living in a cluttered (smaller) house.
And if there are things that you simply cannot get rid of, consider using storage units. Many apartment complexes offer private storage units to their tenants, but if this is not the case, you can make use of commercial storage companies to assist to keep your valuables safe.
3. Re-read the lease that you sign
Lastly, it is rather important that you read (and re-read) the lease that you’re about to sign, especially if you are going to be renting a unit from someone.
Ideally, it would be a good idea to do it in the presence of a real estate agent or even an attorney, who both have the experience and knowledge to assist you if you have any questions.
Make sure that you understand each point of the lease that you’re signing.
You can come up with a list of questions that you have for the apartment manager or owner in order to achieve clarity and transparency.
Moving into a smaller unit can be quite exciting but could potentially turn out very stressful. Don’t get caught off-guard and do the necessary preparations ahead of time!