As a working individual, a retirement plan should be essential on your list of to-dos. There are a lot of components that go into preparing for retirement, with housing being one of the most important areas of retirement planning. For many, it is common to think about downsizing and moving to a different area. Although moving to a smaller home may seem more beneficial, relocating to a larger, more spacious home will allow you to enjoy a greater quality of life as you enter your retirement years. With this in mind, we have made a list of the top 3 reasons why a bigger home is better for your retirement.
1. Financial Practicality
During retirement years, many individuals want to move out of the city to a more peaceful location. Housing in areas outside of city limits is typically less expensive so finding a home for less is attainable. With significantly lower property taxes and overall costs of living, having a home with more land will allow you to lounge in peace without breaking the bank. With a bigger home, there will be more room for your family to visit and stay, allowing you to strengthen your familial relations and enjoy the breathable air. The extra space will also allow you to engage in activities that you love, such as gardening, sports, and relaxation. Additionally, owning a large home will allow you to save on travel expenses to spend time with your loved ones. Instead of making the trip to your son, daughter, or grandkids, they will be able to come to you and spend the night or weekend in a roomy home.
2. Age Considerations
As you age, you’re likely to want a more spacious home. Open space is one of the most important factors you should consider when looking for new properties so that you can walk around your home comfortably. A sizable home that allows for open movement and easy access will allow you to move freely, without worrying about hitting objects or getting on and off your wheelchair. Additionally, with a larger home, you will be able to remodel your interiors and install ramps and accessible areas without worrying about rearranging or getting rid of your furniture. If you are looking to age in place with your loved ones, it is best to find a large property that is easily navigable.
3. Multi-Generational Use
Most retirees want to live with their family members as they age and acquiring a large home gives you the ability to do so. Shared housing between family members is called a homestead, which is a house you intend to live in for the foreseeable future with your children and grandchildren. Many people purchase these types of homes intending to leave the property for their loved ones when they pass. A larger home will allow you to create better multi-generational living arrangements wherein your family members can live in your home with privacy while still remaining close-knit. Not only does owning a homestead ensure you’re taken care of by someone in your family, but it also comes with tax advantages because you share financial support.
Upcoming retirees should consider acquiring a larger home or upsizing their property. As you age in your golden years, there are many factors to reflect on. Ask yourself: “What do I want for myself and my loved ones during my retirement years?” If spending more time with your family and enjoying downtime and relaxation is on your list, a larger home can make that happen.