![]() Her doctors don’t know what causes it, and they think the fatigue is likely to get worse over time. She also suffers from periodic bouts of fatigue. His doctor keeps telling him he’ll eventually need a knee replacement, but Joe’s been putting it off.Įlvira is an award-winning gardener, who hates to cut grass. However, he has a trick knee that goes out on him occasionally. ![]() Joe hates to do yardwork but loves golf and fishing. Joe and Elvira are both in their mid-50’s, in reasonably good health, and both are physically active. Let’s imagine that we have a suburban couple, Joe and Elvira Walnut, who are considering downsizing. Perhaps the best way to gauge all of the factors and decisions involved in downsizing is with a narrative. There is so much to consider, it can become a bit overwhelming. There are emotional decisions about people, animals, and things. There are decisions regarding selling your current home and decisions regarding buying a new one. There are decisions involving money, friends, and family. It involves a lot more considerations and decisions than you might imagine. The process of downsizing involves many factors. Here’re 10 most affordable States in the South and the Midwest to consider when buying a house in 2024… 2. If you have the flexibility to move anywhere in the U.S., where could you buy the cheapest home? After examining data from Zillow and World Population Review. This is the typical scenario for older homeowners who are looking ahead to retirement.ġ0 Most Affordable States to Buy a House in 2024 They want to gain a financial advantage, while at the same time, they also want a smaller home that is easier to maintain. Most homeowners who downsize, do it for a combination of both reasons. Any plan to downsize must also include an analysis of potential tax implications. Financial downsizing is complex, with numerous moving parts, like taxes. They may also be looking to shift some of the equity they’ve built up in their home into other investment vehicles, such as an IRA. They’re talking about moving to a home with a lower market value, in order to either reduce, or perhaps completely eliminate their monthly mortgage payment. Most of the time, when you hear a homeowner bring up the subject of downsizing, they’re referring to financial downsizing. Here’re the 10 Best Cities to Live in Oregon… B. But it also has dense forests, mountain ranges, and high desert country. It has 363 miles of the most breathtaking coastline you’ll encounter anywhere in the world. Simply by moving from a multi-level home to a single-level home won’t automatically result in a smaller structure with less square footage of living space, but in most cases it probably will. By downsizing to a single-level, ranch-style home, each family member can have ready access to all areas of the home. If someone in the home has had a major change in their health, and can no longer get up and down stairs easily, then your three-story home, with basement, may no longer be practical. Maybe you have some acreage, and the land requires too much management. ![]() Bigger yards require more maintenance, and more maintenance means more time spent riding the John Deere, and less time fishing and golfing. Perhaps the yard area has become a burden. But you’re an empty nester now, and those extra bedrooms just collect dust. It made sense twenty years ago, when you had young children, and everybody needed plenty of space. The way your home is physically laid out may no longer be suitable for your personal needs or your health requirements. One refers to the size and configuration of your current home. There are actually two components to downsizing. It might also become advantageous, or even necessary in the event of some significant life change, such as a career change, health crisis, or a divorce.ġ. Homeowners also downsize to gain a financial advantage.ĭownsizing might result in a lower mortgage payment or a more favorable investment portfolio. Looking ahead to retirement, smaller suddenly looks better. As a family ages and matures, children leave, and the couple doesn’t need such a big house anymore. Retirement is the most common reason why people downsize their homes. There’s actually a variety of reasons why a homeowner may want to downsize. The home that was perfect years ago for your growing family, with everybody’s stuff and everybody’s friends over all the time it just doesn’t make sense anymore. Downsizing is almost a staple of aging and the American Dream. “Downsize? You mean move! You want to move? We can’t move!”Īt some point in your life, if you’re a homeowner, and you’ve been in your home a while, you’re likely to have a conversation with your spouse, similar to the one above.
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