Disadvantages of Downsizing a Home in Retirement
Are you toying with the thought of downsizing your home? I bet you answered yes. Otherwise, you would not be in this page. If that’s the case, then I would advise you to think through the idea of downsizing thoroughly before making a move. While downsizing have its own benefits, the idea also comes with a number of disadvantages. You should weigh between the benefits and downsides and see which side has more weight. We are not going to talk about the benefits of downsizing your home in retirement in this post. Instead, we have focused on the disadvantages of downsizing. If you are retired, and you want to downsize, you should read through the following disadvantages first and see whether you still want to go ahead and execute the idea.
- Selling a home comes with costs
One of the biggest motivator of seniors to downsize is the idea that it is going to save them a lot of money. While that could be true to some extent, it is not always the case. It is important to remember that selling a home is also associated with costs. There are several costs involved in selling a house. For instance, you will have to incur the cost of moving, and you will also have to incur the real estate commissions costs. What’s more, there are also closing fees. All these costs definitely eat into the proceeds and profits from your sale. Worse still, there are also some monthly condo fees you should consider if you are planning to sell your home and move into a condo.
- Change is not easy
Naturally, change is one of the things seniors find to accept and adapt to. You will have to bear the sadness of leaving a place you have always called home when you downsize because there are obviously a lot attached to your primary home and place of residence. Imagine leaving the house you have lived in for a long period of time. It can actually be very emotional because there are a lot of memories that are bound up in your home. You are also going to miss your neighbors and other projects you had in your home. Worse still, you might not like the new place and the new neighbors.
- Downsizing possessions is not easy
Like most people, you have perhaps accumulated a lot of things during the course of your entire life, and not enrolled in Medicare Supplement plans 2020 so get info here https://www.2020medicaresupplementplans.com and be they are all in your home. By downsizing your home, you will have no option but to declutter and get rid of so many things, including the ones that sentimental values. And if your current furniture is too big for your new smaller home, you will have to do away with them and buy new ones.