More money to play around with

Happy seniors drinking prosecco in the pool
Rawpixel.com / Shutterstock

Sure, it costs money to move and get your home ready for sale, but you’ll end up with a lot more cash in the bank.

If you have a mortgage, your monthly payments are suddenly going to get much smaller. And if you own your home or have built up a substantial amount of equity, you’ll be able to buy your new abode outright. That could make you eligible for a reverse mortgage to use on whatever you want, whether that’s living expenses or a vacation.

A smaller home can save you money in other ways, too. Your utility bills will have a lower number at the bottom, as you’re no longer paying to heat up and cool down those extra rooms and floors. You’ll also be able to sell your excess furniture — and you’ll buy less junk, since you have less room to put it in.

If you’re not planning to spend all that new cash right away, sock it into a high-yield savings account and sleep easy knowing you’re secure.

More time for your passions

Senior Man With Teacher In Pottery Class
SpeedKingz / Shutterstock

As we grow older, time seems to fly by faster. Do you want to spend your precious hours cleaning and organizing an oversized home?

A smaller space means less dusting, sweeping and mopping. Managing repairs and replacements will be easier when something breaks or wears out. Even modest maintenance can add up in a bigger home.

Use the extra time you save to focus on other things, like picking up a new (or old) hobby. Who knows, it could even turn into a money-making opportunity for you.

Greater accessibility

Portrait of senior man in domestic clothing trying to walk with walker in the room at home
AnnaStills / Shutterstock

Even if you’ve kept yourself in great shape, eventually our bodies start to ache. Basic motions we’ve done all our lives can catch us off guard.

With a smaller place, you’ll spend less time walking from room to room. If you find a single-level home that fits your needs, you can also put an end to wearisome trips up and down the stairs.

Bonus benefits

Senior friends enjoying city early in the morning.
Dragan Grkic / Shutterstock

Downsizing doesn’t have to feel like settling for less. In fact, choosing to move presents an opportunity to completely relocate and say hello to a new lifestyle.

If you’re feeling bored, move closer to family or friends and reconnect. If the climate is too hot or too cold, too wet or too dry, pick a new place that accommodates your lifestyle.

Be sure to do some research on the best and worst states for retirement so you can factor in important details like taxes, health care and the overall cost of living.

About the Author

Caitlin Cochrane

Caitlin Cochrane

Staff Writer

Caitlin Cochrane is a staff writer with MoneyWise, and has an educational background in human resource management and professional writing. When she is not writing, she is at home drinking tea and playing with her bunnies.

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