5 Myths People Believe About Downsizing for Retirement

Posted on September 11, 2017 | Back to blog

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More than half of all retirees decide to move to a smaller home to free up time and make retirement more financially secure. But others are worried about the hassles and sacrifices of moving. If you’re trying to decide whether to move or stay in your current home, make sure you don’t fall for any of these common myths about downsizing for retirement.

Myth #1: Downsizing Your Home for Retirement is All About Saving Money

Although downsizing can save you quite a bit of money, it’s not the only reason to move. There is another valuable benefit: more free time.

Almost half of retirees report that maintaining a larger home is just too mweuch work. They’re sick of mowing the lawn and cleaning a large house that’s mostly empty. After downsizing, many retirees report a greater sense of satisfaction with their lives, and that is priceless.

Myth #2: Downsizing Means You’ll Be Cramped for Space

Do you keep a guest bedroom in your home? A formal dining room? If you’re like most people, you probably don’t use them much on a regular basis.

The majority of retirees report that they don’t really need as much space as they used to. According to a recent study by Merrill Lynch, 64% of retirees have already moved or are planning to move, and 51% of retirees choose to move to a smaller home.

Myth #3: Downsizing Means Giving Up Your Favorite Belongings

Thinking about downsizing often comes hand-in-hand with the idea of giving up treasured family heirlooms. But many retirees are surprised to discover a newfound sense of freedom after keeping their favorite belongings and selling or giving away the rest.

Besides holding a yard sale or estate sale, today it’s easy to sell items online through Craigslist, eBay and/or Nextdoor. The proceeds from the sales could help finance your move.

Myth #4: You Love Your House Too Much to Downsize

About one in three retirees choose not to move in retirement, and 54% of those who stay say that they love their homes too much to move. While the emotional value of your home is undeniable, downsizing doesn’t have to mean settling for a home you don’t like.

After downsizing, most retirees enjoy the flexibility, and 67% say they are free to live wherever they want to. For some, that means the freedom of moving out into the country to escape the noise and traffic. For others, it means moving into the city for easy urban living with more amenities and a vibrant cultural scene.

Instead of settling for a home they don’t love, 65% of retirees say that they are now living in the best home of their lives.

Myth #5: Downsizing Your Home Is a Major Hassle

This may be the most common myth of all. What’s holding many retirees back from downsizing is the fear of all the time and trouble involved in selling a house.

Many older homes need new paint, repairs, and a list of “ugly” problems that need to be fixed. Ordinary realtors want those problems taken care of before they will list the house for sale.

But with We Buy Ugly Houses®, you can sell your home as-is, in any condition. There are no showings. All of the paperwork is handled for you. You can even pick your own closing date.

Contact us today and sell your house for cash. You’ll find out how easy it is to downsize for retirement, starting today.

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