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Are You Planning To Downsize Soon To Save More Money?

Downsizing For Retirement

Downsizing For Retirement?

During the ’80’s, also known as the “me” decade, lots of young professionals (remember yuppies) were bent on accumulation. The survivors of that time, now greyer and hopefully wiser, are looking for coping strategies because most of that coping did not consist of tangible assets that can now be used for retirement. While these pre-retirees want a comfortable lifestyle, they have decided they can be comfortable with less. More and more people over 50 are considering the virtues of downsizing for retirement.

Part of this might even be psychological, and not just financial. Many middle-aged people watched and helped their parents struggle with getting rid of possessions when they needed to leave their family homes for assisted living or nursing homes. These children of the WWII generation realized they would rather it get it over with sooner, rather than later. Besides, boomer do care about issues like sustainable living, conservation, and frugality. They always have. Now’s just the time when they’re called to do it.

Why Are Boomers Downsizing Now?

You might have thought that middle aged people would have sold expensive, highly taxed, and pricy to maintain homes a few years ago. That was when the economy was at the ebb tide.

  • According to AOL real estate, some boomers had been trapped in their homes because the housing market was slow. An improving real estate market is encouraging boomers to sell their homes so they can move into cheaper digs.
  • Middle aged people might not be so tempted to buy another house to rent another one. They have realized that a house can be a good financial investment and source of stability, but it can also be a trap.

This might just be the right time to downsize, though it is a move that lots of older workers have been planning for years. While many folks say they will trade their larger home for a smaller one, others are thinking differently. They would rather rent so they can change their lifestyle, afford to live nearer centers of culture, or simply move with the job market. Others eally want to get a home and property that will allow them to live a much more frugal and sustainable life.

Downsizing Housing Options

There are lots of different ways to make the switch. Choosing between a purchased home or a rented apartment is only the most obvious choice, but there are several others.

  • Condos have become increasingly popular choices all over the U.S. People say they purchase condos because of the building amenities, their ability to afford housing nearer to cultural centers, and simply out of a desire to minimize.
  • Manufactured and modular homes have been selected over traditionally constructed houses too. They are faster and cheaper to build, are sometimes located in neighborhoods with very nice amenities, and come with modern appointments and appliances.
  • Mobile homes, the full-time RV lifestyle, and micro-houses are also getting the nod from more adventurous members of this generation. These are people who want extreme downsizing, frugality, and flexibility.

By the way, before you turn up your nose at the idea of a mobile or manufactured home, because you associate it with the older term – trailer house – you should read this article: How The Trailer Park Could Save Us All. The article is about a place called Pismo Dunes Senior Park, a place the residents like to call Pisomidise (because it is nice), and it’s right across the street from the beach. Yes, it is also what we would have called a trailer park back in the day.

Tips To Downsize Your Home

There are lots of options. The hard part might be knowing how to start. Sometimes the thought of simply cleaning out the garage or your kid’s abandoned bedrooms might be intimidating enough to get you to delay your dreams of living on a sailboat. Some people do best when they force themselves to throw out decades of accumulated stuff in a single week-end. Others feel great if they can get a dresser or closet cleaned out every week. You will have to work in a way that suits you, but the important thing is to begin and then stick with it.

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