Dear Baby Boomers: Know the Advantages of Downsizing
Baby Boomers across the country are trading in their larger homes for smaller residences and simpler lifestyles. It may seem odd that homeowners would part with so many belongings they have accumulated through the years, but there are a few very good reasons why this has become the popular thing to do. Below are a few advantages Baby Boomers should consider when it comes to downsizing.
- Smaller Mortgage – When there are no kids or grandkids living in the home it does not make sense to make high mortgage payments. Depending on the amount of equity in the home, downsizing could mean not having a payment at all. That’s something anyone can find attractive!
- Cheaper Expenses – The mortgage payment is not the only thing that often decreases. Downsizing also generally comes with smaller utility bills and reduced taxes and insurance premiums.
- Less Upkeep – Living in a large home can also mean plenty of maintenance to stay on top of. Not only that, you may need to pay for lawn maintenance and snow removal services. Downsizing can help reduce the size and number of items requiring upkeep.
- Move Where You Want – Retirement communities are popping up all over the county in areas where there are a ton of things to do and see. Several cities in Florida have long attracted retirees, but today there are cities all over with extremely high populations of baby boomers.
- Upgrade Lifestyle – Ditching that high mortgage payment puts more money in your pocket to live the lifestyle you want. Whether you would love to be able to exclusively buy organic food or if you have been longing to travel, having more money to work with will allow you to do everything you have been saving for.
- Improved Health – Baby Boomers who are not tied down to an expensive oversized house are more active – which helps keep the pounds off. Those that move to a retirement community or a walkable city tend to get around by foot or bike, too. An active lifestyle helps keep the doctor away!
The idea of downsizing can be scary. This is especially true when you start to think about getting rid of all of those possessions you are attached to along with the idea of selling a home where you have made countless memories. However, once you do downsize, you will put yourself in a position to not only have more money but also more time to enjoy life.