Baby boomers are now retiring, and that means it may be time to think about estate planning and downsizing to a smaller property. After all, you no longer need your large home now your children are now living away with families of their own. This means you’re free to move to more manageable living arrangements, such as those in San Diego senior housing.
Many retirees are now thinking about renting properties instead of buying them. There’s a lot of positives to this idea. You no longer have to worry about mortgage repayments or maintenance, and there’s no worry about what will happen to the property if the worst happens.
However, it does come with its own set of challenges, too. Here’s a guide to help you navigate them and find a home that’s right for you.
The Challenges of Estate Planning
– Selling your home: The first thing you will have to do is sell your current home. This can be upsetting, especially if you’ve lived there a long time and raised your children there. Also, you will have to go through all the legal wrangling in order to get the sale completed. That sale money will most likely, at least in part, go towards the rental of your new home.
– Finding the right property: While you’re selling your home, you’ll also need to find a new home too. Rental homes are often more popular with different demographics, which is why so many retirees choose to go with a San Diego senior housing arrangement. You’ll need to keep an eye out for who your neighbors would be, and what’s the area for you.
– Legal challenges: Of course, there’s a whole set of legal challenges for retirees, too. The biggest worry can be setting up a trust, in case you’re ever in need of a conservatorship. If you find the right legal expert, they can walk you through this process. That means that you’ll find the whole experience a lot easier, and it can hopefully put your mind at rest.
The Benefits of Downsizing
Of course, along with the challenges come the benefits. Here’s just a few reasons downsizing could be for you:
– Saving money: When there’s less house, there’s smaller bills to go with it. A smaller place is cheaper to heat or cool as needed, and you’ll need much less furniture to go in it. You can even make a few dollars by selling surplus items before you move into the new property. When many retirees are thinking about how they’ll save money, you’ll have made a sensible step towards being financially sound.
– Reduce stress: You’re retired now, you want to start enjoying your free time. You can’t do that if you’re caring for a large home. A smaller one cuts down on the maintenance needed dramatically.
– It’s more eco friendly: Remember that a smaller home meant smaller bills? That means you’re having less of an impact on the planet. If you’re always looking for ways to reduce your carbon footprint, you can’t do much better than downsizing.
– Start a new chapter: If you’re suffering from empty nest syndrome, this may be the jump you need to take. Downsizing will help you move on with a new chapter in your life, and all the positive things it will bring.
Downsizing sounds like it’s stressful, but it doesn’t have to be. Plan your house move right and get a trust in place, and you know your future is secure. You’ll be amazed at how much your standard of living will increase.