5 Questions to Consider Before Downsizing Your Home

44170f6192a8bf7f6a4f_Armando.jpg
44170f6192a8bf7f6a4f_Armando.jpg

As retirement approaches, your lifestyle and priorities begin to change. Chances are the days when you wanted more space – the sizeable dream home with the backyard big enough to entertain a growing family – are long gone. Instead, many retirees are looking for convenience, simplicity and accommodations more suited to their needs as “empty nesters.” As you approach this new life stage, take time to assess how your current living arrangements suit your changing lifestyle.

Here are five questions to consider as you decide whether downsizing is right for you:

1. Does your home still have the right feel?

Sign Up for E-News

A big house that was perfect for a family may seem overly spacious with just one or two inhabitants. It may be time to consider a change if you find that there are under-used rooms in your home or if you’re ready for a new environment. However, if you are enjoying the freedom more space brings, then your current house may be just the right fit. That might also be the case if your home is a gathering place for extended family and friends.

2. Is the upkeep sustainable?

In general, a larger house requires more work and regular investment. As you move into retirement, you may want to reduce the stress of cleaning and home projects. If working around the house and yard is something you enjoy, it may make sense to stay put. But, a smaller home will likely be less of a burden, especially if it’s move-in ready.

3. Are you ready to de-clutter?

Moving to a smaller space is a reality check for many people. All of the things you’ve been accumulating and storing for years probably won’t fit in a smaller home if you decide to downsize. That means you need to spend time going through your personal belongings to determine what’s of real value and what can go. This can take time, so it’s a good idea to get started well before it is time to move.

4. Are there cost savings?

In many situations, a larger house can be sold for a price that is higher than the cost of a smaller home. This could result in a smaller (or no) mortgage and potentially some extra money in the bank. But it is not always so simple. There are costs associated with buying, selling and moving into a new place that could impact your retirement savings if you’re not careful. Evaluate how downsizing would affect your budget and review your situation with a financial professional before taking action.

5. Where are you spending your time?

If your retirement dreams include traveling, visiting family or owning a vacation property, you may be away from home more often in retirement than you were in your working years. Having a smaller home that is easier to maintain could make sense in these situations. Alternatively, you may be looking forward to staying put and finally having time to enjoy the home you worked so hard to maintain over the years.

Downsizing doesn’t need to be rushed. Consider your priorities and if you decide to downsize, give yourself plenty of time to do it right.

###

Armando DiRienzo is a Financial Advisor and Vice President with Metzger, DiRienzo & Associates, a financial advisory practice of Ameriprise Financial Services, Inc .  He offers fee-based financial planning and asset management strategies and has been in practice 17 years. To contact him call 973-549-6702, 200 Campus Dr. suite 150 Florham Park NJ, 07932 or visit www.mdflorhampark.com

Investment advisory products and services are made available through Ameriprise Financial Services, Inc., a registered investment adviser.

Ameriprise Financial Services, Inc. Member FINRA and SIPC

 

© 2016 Ameriprise Financial, Inc. All rights reserved.    

 

The opinions expressed herein are the writer's alone, and do not reflect the opinions of TAPinto.net or anyone who works for TAPinto.net. TAPinto.net is not responsible for the accuracy of any of the information supplied by the writer.

TAP Into Another Town's News:

You May Also Be Interested In

Sign Up for E-News

East Hanover/Florham Park

Stigma-Free Morris County: Acting Group Educates About Mental Illness, Stigma

May 21, 2018

DENVILLE, N.J.- Using improvisational theater, the Mental Health Players teach their audiences to recognize the signs, symptoms and stigma suffered by people with mental illness by creating real-life scenarios of their interactions with family members and their community.

The group will perform THIS THURSDAY, May 23 at 7 p.m. at St. Francis Residential Community, 122 ...

Food to Travel For - Two Jersey Shore Dining Hot Spots in National Limelight for Specialty Eats

May 21, 2018

BELMAR, NJ — Two Belmar specialty eateries have made the national food-hopping map. Coney Waffle Ice Cream and Sweet Shop on Ocean Avenue and Hoagitos in Belmar Plaza are featured this month on television shows touting what makes them stand out from the rest.

The over-the-top ice cream creations of Coney Waffle are in the spotlight in Viceland’s “The Ice Cream Show” in ...

Jersey Shore Travel Update - Belmar Takes First Step to Toss Plastic Bags from Use by Businesses

BELMAR, NJ — Belmar businesses will need to toss those plastic bags and find a more environmentally friendly way to bag purchases.

And they would be given until next spring to find that new alternative, under a proposed measure introduced on May 1 by the borough council.

If the ordinance is adopted, Belmar would join a handful of municipalities in the state to implement a ban on ...

A.J. Perri Helping Veterans in Need - Again

May 18, 2018

TINTON FALLS, NJ – A.J. Perri is back helping veterans in need – this time launching a search for veterans and their families through a partnership with ABC-TV.

As part of the A.J. Perri Cares Program, a lucky New Jersey veteran and their family will receive air conditioning/heating relief this summer.

"They fought for our country, and their families sacrificed," said ...

AtlantiCast

AtlantiCast: Episode 15

On this week’s AtlantiCast, learn some important tips for controlling and avoiding diabetes from an Atlantic Health System expert, see how Atlantic Health is advancing cutting-edge research, hear what’s being done to keep health care environmentally friendly and much more!

 

Upcoming Events

Carousel_image_d8fe7128fed1d579150f_cedar_knolls_fd_pancake_breakfast_

Sun, June 3, 9:00 AM

ShopRite of Greater Morristown , Morristown

CEDAR KNOLLS FIRE DEPARTMENT PANCAKE BREAKFAST ...

Sun, June 3, 11:30 AM

Florham Mansion - Fairleigh Dickinson University , Madison

American Girl Luncheon

Arts & Entertainment Giving Back Home & Garden Other

Wed, June 6, 7:00 PM

Livingston Public Library, Livingston

Mindfulness Approach to Stress

Health & Wellness

TAPinto Featured Franchisee: Steve Lenox of TAPinto Paterson

This week's feature will focus on TAPinto Paterson's franchisee, Steve Lenox. Find out how the current owner of a public affairs firm went from a former State Director for Senator Frank Lautenberg to a proud TAPinto franchisee for New Jersey's third largest city.

 

Q. When did you join TAPinto.net?

I joined TAPinto.net in September, ...

Hanover Park Genocide Studies Classes Visit Holocaust Survivors

May 22, 2018

EAST HANOVER, N.J.- As the school year is coming to an end and June approaches, one thing that is for sure is that the classes are only participating in more activities, service projects, and taking on bigger and better tasks when it comes to the History Department. Last month Genocide Studies teacher, Jamie Boszko was featured for her project that began collecting buttons to ...

Obituaries

Beverly Jean (Charlton) Weimar, of Ship Bottom, and Florham Park, New Jersey passed away on March ...
Read more

SURVIVING A STROKE: Quick Medical Response Gives Mom Her Life Back

Carotid artery dissection. It’s one of the most common causes of stroke in younger adults.

And while you might not associate the word “stroke” with younger patients, the condition – if not treated immediately – could lead to paralysis and even death.

Lindsey Singh can attest to the importance of immediacy. The 31-year-old mother of two from Flanders experienced ...

Rocky Marciano, Jr. Unveils Rocky Marciano Wine at Par 440 on May 31

May 24, 2018

A Champion’s Commitment. The Taste of Excellence.

The wine will be unveiled at an invitation only event at PAR 440 Restaurant and Lounge in Short Hills, NJ, attended by Rocky Marciano, Jr.   

PAR 440 is the perfect venue for hosting the unveiling of the wine. The restaurant built by Mario LaVecchia, is decidedly modern with old school charm, and features amazing ...