Is it time to let that big house go? Think about why you want this because there can be for many reasons. I tell my clients the to really think about the need for a family home during retirement. The expense associated with keeping up a pool, a lawn, maintenance on a home, taxes on a home, the liability of simply having a large home, and then the associated HOA fees can be thousands of dollars a month. Downsizing isn’t about losing things or services, it is about freedom and independence.
You’re not giving anything up when you rightsize. Imagine cutting these costs and keeping the cash in the bank. Maybe even using the saved cash to pay for services like laundry, housekeeping and dining? Or private medical management. An average person spends $1400 a month on large house upkeep, like lawn services and insurance. As humans, we are scared to lose what we know and we often fear change, but why? Especially when change can save the client money and upgrade their lifestyles.
I always tell people that downsizing is actually rightsizing. When it is time to give up the family home and all the bills and liability associated with it, you’re stepping closer into a new found freedom. You have more options and you have more cash. Independent living and assisted living communities often make their turnkey living options and one-stop-shopping prices affordable to the point that the downsizing not only makes sense, but actually helps the person obtain more cash on hand once they sell the family home.
If you’re not sure the big house is worth the expense or the upkeep, it may be time to rightsize. Please give me a call to discuss concerns and review your options.