Tips Empty Nesters Should Consider When Downsizing Into An Apartment
January 6, 2021
Author: Park Property Management
Is your house bigger than you need now that the children have left home? It may be time to consider downsizing into an apartment.
We've got a few tips to help you consider downsizing after the children have left the nest.
Downsizing is a big decision and it's important to take your time and consider your choices carefully. As you start thinking about it, we recommend envisioning what your lifestyle will look like 10 years from now. You will need to ask yourself and your partner some important questions about how much space will you need, what your finances will most likely look like as well as whether or not there will be a chance for any physical limitations that you or your partner may experience.
While owning a home there are monthly mortgage payments, property taxes, maintenance costs along with general repair expenses to deal with. Renting can help to eliminate most of those expenses that home owners have, freeing up your funds for other more important things like travelling.
You should also consider the size of your home and all the maintenance needed. Aside from the extra time it takes to clean a house versus an apartment, there's less physical strain when living in an apartment. You won't have to climb stairs, mow the lawn, shovel snow, or do any repairs.
If you have any concerns about potential physical limitations, finding an apartment on the ground floor or in a building with elevator access should be top of your list. Also, once you retire and are on a fixed income, surprise payments will throw off your budget, so look for either an all-inclusive rental or somewhere you'll have limited fluctuations in your monthly bills.
Moving to an apartment doesn't just mean downsizing your space; it also means having to condense the amount of your belongings. Instead of holding onto heirlooms, give them to your children to enjoy now. Also, let your children choose a few items from the house to keep, and then work on purging the rest.
With less household maintenance and other related chores, you'll find your days freer. Some couples use this time to travel, take up a new hobby, volunteer, or socialize. Apartment renting doesn't come with long term commitments, so you'll have more freedom to travel, or even to move to a different area or city.
When you're ready to downsize into an apartment, we've got a variety of suites available.