Once your kids move out of the house and it's just you and your partner, you might start to feel lonely. This might especially be the case if you have numerous rooms in your home and no one to fill them. As you inch closer to retirement, it's a good idea to think about downsizing for a number of reasons. Not only can doing so potentially save you money, but it can help you avoid living in excess. How badly do you really need those extra bedrooms? Could you get by with just one bathroom now that your kids are gone?
It can be bittersweet to make the decision to downsize, particularly if you've been in the same house for decades. You might feel like you're leaving memories behind, but weighing the pros and cons can help you make the best choice for you and your spouse. Still not sure if it's right for you? Here are some key signs that it's time to move on and start a new chapter in your lives together.
1. The Alternative Is More Affordable
As you ease into your golden years, you're going to need to adjust your finances, especially once retirement comes into play. U.S. News & World Report stated that it's critical to sit down and do the math to figure out if downsizing can truly benefit your bank account. If you find that you'd be saving a substantial amount of money by renting as opposed to paying your mortgage, for instance, this can be an optimal choice for you.
2. You Want To See More Of The World
Owning a home can tie you down to the same location for several years, as you already might know if you have a property. AOL noted that renting and downsizing gives you the option to move around, which can be ideal if you've always wanted to do so later in life. While renting doesn't allow you to build equity, it gives you the opportunity to pack up and leave if you find that you want to experience a new type of living later down the road. There is also typically less to pay up front in comparison to purchasing a smaller home.
3. You Want More Spending Money
Without kids around, you're likely going to be interested in spending your time crossing items off of your bucket list. Whether you want to see famous artwork in Italy or travel on a safari in Africa, you're going to need extra cash to do so. If you want more money to play with on a regular basis, downsizing may be ideal for you. Not only will you save money on basics such as rent, but you won't be paying as much for utilities in a smaller space.
You might still have a few years to go before you start living without kids, but it doesn't hurt to contact our psychic line for advice now. Our phone psychics can give you information on how the future will play out for you and your spouse.
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