Home priorities change at every life stage, and your senior years are no exception, but planning for the next chapter can be challenging. You may not want to leave behind your home initially- especially if it’s where you raised a family. However, a large property can begin to feel quiet and overwhelming once you reach retirement age. It can also restrict your lifestyle and freedom. The truth is, many seniors find that moving to a smaller home, townhouse, or apartment gives them more time and freedom to enjoy the activities they love.
Choosing the right time to downsize is never easy. While many want to avoid it as long as possible, delaying it can make things significantly harder down the road. Health problems, financial challenges, and age can all make moving more difficult.
The decision to downsize is highly personal, and no one can determine if it’s the right time for you. However, the team of real estate experts at Bee Realty Corp wanted to share these 5 tips that can help guide your decision:
1. Evaluate How You’re Keeping Up With Maintenance
Owning a home is a lot of work, and the larger the home, the more there is to do. If work and tasks keep piling up, it might be time to consider moving to a smaller place. Some experts say if your list of deferred home maintenance projects is longer than 10, then it could be a sign to move. The big problem with delaying home maintenance is that many issues will become larger or more expensive to fix over time.
If you’re falling behind on maintenance because of a lack of money or energy, then it’s probably a good time to start thinking about moving.
A smaller living space can make the situation much more manageable. Downsizing means fewer things can go wrong; plus, a smaller area is less physically taxing to manage. If you decide to live in a managed apartment complex, you can have the luxury of calling someone to handle the maintenance for you. Don’t spend your golden years stressing about home maintenance rather than enjoying hobbies or spending time with friends or family.
2. Review Your Budget
Planning for retirement is difficult. Unexpected medical expenses can have a major impact on your financial outlook. If you find that your mortgage payments are too high in retirement or the cost of home maintenance is becoming too much, moving might be necessary to preserve your nest egg. As a general rule, if your home expenses are more than 30% of your income, you might want to consider alternatives.
Downsizing into a smaller home or apartment is a great way to unlock some or all of the equity you’ve built in your current home, which can go a long way during retirement. By investing these funds, you can establish additional income streams that can last for many years.
3. Consider If You’re Ready To Relocate
Moving south is a retirement goal for millions of Americans, and Florida is one of the most popular destinations. In 2024, over 77,000 new retirees moved to Florida for the warmer weather and proximity to some of the nation’s best beaches, golf courses, and parks. If you’ve always dreamed of moving to Florida, you could use it as an opportunity to downsize and move to a new place that makes you happy.
Central Florida is becoming one of the most popular places for retirees to move. Volusia County has so many small-town communities that are just a short drive away from Orlando, Disney World, and many of the state’s best attractions. Not to mention Daytona, New Smyrna, and Ormond Beaches are some of the nation’s top beaches. Deciding to downsize and move to Florida can give you the freedom to enjoy all the benefits the Sunshine State has to offer.
4. Would Your Move Bring You Closer To Family?
Living near your children, grandchildren, or friends during retirement can not only bring you joy but can also ensure help is close by when needed. As we grow older, support and companionship are critical. If your family has relocated, then it might be time to consider doing the same.
For some seniors, the perceived hassle associated with moving often holds them back from pursuing joy and freedom during their golden years. Don’t let your home hold you back. Downsizing can give you the freedom to live wherever you want — including near your loved ones.
5. Think About Your Retirement Goals
If traveling is a top priority during your retirement years, owning a large home can make it difficult to pack up and go. Instead, a lot of pre-planning is required. You’ll need to find someone to mow the lawn, to get the mail, and to keep an eye on things while you’re gone. Owning a large home can be restrictive and expensive. It can also make it difficult to live on your terms.
On the other hand, downsizing can give you freedom- especially if you live in a smaller apartment or a cottage neighborhood community like DeLand’s Azalea Walk. A smaller property makes it easy to travel on your terms and timeline. Plus, you won’t have to worry about your home while you’re gone. If you really want to live your best retirement life, don’t let your home weigh you down.
Starting Your Downsizing Journey
While downsizing offers many benefits, many seniors delay moving because the process feels intimidating and overwhelming. Sometimes it seems easier to stick with a home you know rather than attempting to navigate the buying and/or selling process or understanding a complex transaction. In other cases, seniors simply don’t have a professional they can trust and they don’t know where to start.
Luckily, you don’t need to be a real estate expert to downsize. There are a few easy things you can do to start the process:
- Think About Where You’d Like To Live
Whether it’s a warmer climate, closer to family, or in a smaller home down the street, many people already have a good idea of where they’d like to live. Once you decide on the location and the type of home you’d like to live in (ie: small house, townhouse, or apartment), you can be in a better position to start planning your move from a timing and financial perspective. - Decide What You Need And What Can Go
Getting rid of personal belongings is often one of the hardest parts of downsizing. You can start the process by making a list of what you need and what you want to bring with you. Once you’ve identified the essentials, you can begin sorting through your belongings and deciding what can go. For example, if you’re moving to an apartment, can you leave behind tools and gardening equipment? Will your current furniture fit in your new place? Remember, the more you can leave behind, the easier your move will be! - Find The Right Real Estate Professional
The real estate market is complicated, which is why you need the right professional in your corner. Your REALTOR® should not only be highly knowledgeable but should also be personable and take the time to answer your questions and help you understand the process. It’s a good idea to find a REALTOR® who specifically specializes in supporting seniors with the downsizing process.
Bee Powell of Bee Realty Corp Can Help Create A Simplified Downsizing Experience
Downsizing in retirement can be intimidating and difficult, but you should never feel like you’re going through it alone. The REALTORS® at Bee Realty Corp are more than capable of guiding you through the whole process. We’re among the most experienced real estate professionals in Central Florida, and we specialize in difficult transactions. Whether you’re looking to sell and move to Florida or you’re already a Florida resident and you’re looking for a smaller home, we can help.
Bee Powell created Bee’s Silver Keys program, which is specifically designed for senior clients and their families. This end-to-end wrap-around program was created to address the unique needs of those looking to downsize during retirement. The goal is to reduce stress, simplify each step, and provide expert assistance every step of the way. Bee’s Silver Keys program helps unlock freedom, support, and happiness for older residents who need a little bit of extra help.s
If you’re ready to take the first steps toward downsizing, reach out to Bee Powell today, learn more about Bee’s Silver Keys Program specifically, or just give us a call at 386-279-7522, and you’ll be well on your way to making the most of your retirement.
