Live Small so you can Live Big
Ultimately – questions arise surrounding living arrangements as people approach their Golden Years. In previous posts, we discussed decluttering your home. I’m now going to talk about downsizing your home. Having a family with kids living at home might warrant a bigger house with a large backyard for children and dogs. But now that you’ve reached these Golden Years – do you need all that space?
I am an avid watcher of the HGTV show House Hunters. I see these empty nesters buy (or want to buy) a house large enough for their kids/families to visit. I never understand this. For the few times a year that families visit – do you really need a 5 bedroom / 3-bathroom house for two people? It always seems like a lot of wasted space that you now must maintain / keep clean for the rare visits. Is this money well spent?
A large majority of older adults (~75%) plan to age in their homes. Why? We’re comfortable in our homes. We like the routines, privacy, and freedom that come with homeownership. At our own home, we don’t have to ask if we’re allowed to have a pet or play our music loud. We enjoy having lots of space to spend time with friends and family. We don’t like the thought of being crammed into a small living place and having to get rid of our stuff. I get and understand this.
Remain in Home?
But can you stay in your home – as you age? Do you need to make home modifications to make it easier? Do you need grab bars in the shower? Are the handrails on the stairs sturdy? Are you still able to climb stairs? Are your hallways wide enough to accommodate a walker or wheelchair? Are you able to step into a shower – or do you still have the dreaded step into tub? You must consider all these questions and whether the cost of making home remodeling is worth it vs just moving.
Since most homes aren’t built for aging people, aging in place can (or will) increase health risks. As people age into their 70s, 80s, and 90s, their risk of falls – and resulting injuries – in their homes increases. One in four people over age 65 falls each year. More than 300,000 people are hospitalized each year from broken hips, and 95% of these fractures are a result of a fall. I didn’t make those numbers up. They are published figures.
Then – there is the normal upkeep of a house. Can you still handle all the housekeeping, laundry, cooking, and lawn care? Can you still change all the light bulbs? Who is going to change the dreaded batteries in those smoke alarms that go off in the middle of the night?
For me – I just learned how to use the snow blower last month when we were hit by ten inches of snow. My husband was visiting my MIL, so I had to learn the joys of heavy snow shoveling. I did it, but I certainly don’t want to do this in my Golden Years! Even with a snow blower – I was tired!
Is it time to pull up stakes?
The ideal situation is to downsize. Whether that is to a condo, townhome or smaller house – that is up to you. At some point (and I’ve been there for quite some time!) – you will not be able to handle / want to have stairs. A single-story condo / ranch will be ideal. Condo living (or a community with an HOA – Homeowners Association) might be ideal so you no longer worry about mowing the lawn, shoveling the snow, or maintaining the landscaping. Who wants to clean the family room plus a living room, and two extra bathrooms that you don’t need? Downsizing seems like the way to go.
Another option is to move in with roommates or your family. I know you probably never thought of having a roommate at this point in your life – but why not? Having another person to not only share the rent / mortgage as well as someone to talk to and do activities with sounds like a win / win situation. Or maybe you move in with your family? This could also be a win / win situation where you can help raise the grandchildren. At the same time – you lean on them for help.
Resource Tip: Simple tips are included in both of these articles:
As I state in the title of this post – “Live small so you can live big.” Consciously choosing a simpler lifestyle (often with less stuff and smaller spaces) will gain you financial freedom, more time to yourself, and ultimately less stress in your life.
