If it is about the people aged 65 and older, they were around 15% of the population in the U.S. in 2015. And the good thing is that the number is going to increase up to 22% by 2050. So there are thousands of people across the region, retiring every single day.
Life after retirement brings forth many challenges. Often it is found that people find their savings and IRAs inadequate to cover the high cost of retirement living. This surely turns into the biggest worries and here comes the idea of downsizing into play. Yes, in many cases, it really makes sense to sell their big houses and shift to a smaller one.
“When my father got retired, the major concern for us was that who will take care of him and our old big house in Bakersfield. And it was then, we decided to downsize. As we found it better to shift him to a smaller condo near our home in Sacramento, he was also convinced with the idea. Now it was easy to care for us for both, my father and the new home.”
“I had been retire for two years now. The retirement income was just sufficient to survive. When doctor advised surgery for my wife, we both were in worries to arrange cash for her treatment. Downsizing our good old property wasn’t appealing at first, but now we are really happy to accommodate together in this smaller space, happily and together.”
And this is not all! There are many other reasons how downsizing can be helpful.
Certainly, downsizing is not as simple as it appears to be. All such issues call for proper planning, discussions and decision-making. Hence, for all those have reached the retirement age, and have decided to downsize, here are some essential things to consider. Have a look:
Staging is beneficial…
As you are putting your house for sale, you need to ensure that it appears appealing to the potential buyers. No one would like to own a house with outdated interiors. While there are options to sell your home in as-is condition, yet if you want to make few upgrades, there are many low-cost options too. It can be anything, ranging from addition of some plants to the garden to de-cluttering the rooms.
Look for a reliable buyer…
When it comes to selling your homes in California, there is no dearth of real estate agents with ‘we buy homes’ boards. But as you are downsizing your property for extra and easy cash offer, you need someone with more experience and expertise. Thus, it becomes more essential for you to look for someone who can not only offer right cash, but also simplify the process for you. Someone like Authentic Homebuyer can be opted for.
Plan for condos…
Definitely, you need some extra cash after your retirement to lead a blissful life. Downsizing helps you in getting the extra funds, but along thing it becomes vital for you look for a perfect shelter. Actually, you need a home which requires less upkeep, and townhouses and condos ideally serve this purpose.
Right use of the mortgage…
Once you have the money in your pocket, it doesn’t mean you need to afford a higher down payment. No doubt this helps bolsters your buying position but this might cut your ongoing costs. So you don’t need to tie up all of your cash in your home.
Go for a test drive…
Before you invest in buying a downsized property, it is recommended to have a test drive throughout the locale. As you’re contemplating a big change, renting something for a while can also be helpful.
Lastly, it would be a wise idea to taken this decision when you are reaching in the pre-retirement phase of life. It will save you from the hassle after retirement when you will be already struggling with many challenges. In case, you are searching a right selling partner, we are buying homes in California. Ensuring you the best possible deal in the minimum time span, we make you go with cash in just few weeks.
Have some other query, ask our experts @ (661) 505-9005 or drop your query in the comment section below.