Many retirees are downsizing once they retire and get a handle on their finances. They are packing up and moving out of their current homes into something that is more affordable, smaller and often in a new area. This is a great idea for those who are ready to do this. However, we do have a few tips that you need to keep in mind. We have seen many retirees downsize and then find that this does not suit their needs as much as they had thought it would. It can make a move one of the worst experiences of your life…and no one wants that!

Be Sure to Crunch the Numbers

Too many retirees think that downsizing is going to save them tons of money. However, this really depends upon where they downsize at. For example, a large home in the suburbs may actually be cheaper than a cottage that is right on the beach. Do not automatically assume you know where is going to be the cheaper option without running the numbers first!

Sort and De-Clutter

A big part of downsizing is learning how to sort through what you have and knowing that you must get rid of some items!  You know you cannot go from a home with over 4,000 square feet to one that is barely 1,000 square feet without getting rid of a few items. We recommend that you do this before you move so that you are not paying the movers to move items that you are going to get rid of anyways. If you simply cannot part ways with a few things, then you need to consider the extra cost of having a storage unit for these things.

Work with a Trusted Realtor

When you are moving for retirement, be sure that you are working with a realtor that you can trust. You are going to be relying on this person to find you something that is not only in your price range, but is also going to be the home of your dreams for your retirement. This is especially important if you are moving into an area that you may not know much about.