The size of the single-family home has changed dramatically over the years. Analysis conducted by the National Association of Home Builders (NAHB) reports that, in 1950, the average home size was 983 square feet—historically, the norm for most of us over the years. NAHB data for the first quarter of 2019 reported the average home size is now 2,584 square feet. That’s an enormous difference just over the span of a few decades.
Experts suggest that empty nesters take a broad look at their plans for retirement over the next 30+ years, which may encompass several different kinds of living situations. Some people downsize from a large suburban home to a condo in the city. Others maintain their home as a family destination for holidays as well as a home base for wide-scale travel. In every case, there’s a plan for 5, 10, or even 20 years, and factors entering into specific decisions include desired access to medical services, walkability, weather, real estate taxes, convenience to shopping and dining, plans for travel and more.
This means that downsizing your residence—or some call it right-sizing—is very important as your retirement plan plays out. Here, we’d like to call attention to five big benefits of downsizing in retirement, along with the advantages of maintenance-free living as you age.
- Save Money
Simply put, this is the big-ticket item. Housing expenses are the largest item in your budget, eating up 30-35% of your spending. Beyond mortgage or rent, these costs include utilities, insurance, taxes, interior and exterior maintenance, furnishings and decorating, association and neighborhood dues, and more. Stepping back and evaluating all of these costs over past decades might help you make more informed choices about downsizing your housing to fit the lifestyle you want today. - Save Time
It takes a significant amount of time to clean a big house and maintain a yard. Even if you have a housekeeper and landscaping company, it’s more work and more money coming out of your budget. A smaller residence leaves you more time to read, play with your grandchildren, plan and cook healthy meals, enjoy your favorite outside activities or resurrect an old hobby you had when the kids were growing up. If you want more time to travel, a smaller more manageable residence will give you more freedom to just shut the door and go. - Live Simply
Having a smaller home means less space to store your “stuff.” But do you really need or want all that stuff you’ve accumulated? Maybe it’s not even yours—like Johnny’s third-place trophy for javelin throwing in the 1988 state track meet. When considering a smaller residence, think of your new options not in terms of reduced space but as an opportunity to live a simpler life. Living in a smaller residence will force you to make choices about what to keep or donate and what to sell or give away. - Eliminate Stress
Are you beginning to see how having more money, more time and fewer possessions to worry about will reduce stress in your life? Paring down your possessions will increase enjoyment of your home. “Getting rid of unneeded furniture, unused exercise equipment, and outdated electronics will give you additional living space,” says Liliane Choney of ReVisions Resources, a nonprofit group that provides information on successful aging. “Clutter is not good for comfortable living,” Choney says. “Things are in the way. You can’t find things. Having things organized simplifies your life” . . . and eliminates stress. - Feel More Secure
Maybe mobility issues have become part of your life, making a smaller residence a real benefit to your changing lifestyle. Smaller space. Fewer steps. No stairs. Easier to get around. Greater accessibility. After all, your home life happens in the kitchen, living room and bedroom—all on the main floor—no need to take the stairs to the upper level of your home anymore. You just might feel safer and more secure in a smaller residence.
Maintenance-Free Living At The Carrington
As you determine the next step in your retirement plan, consider The Carrington at Lincolnwood. It’s a community designed for senior adults who desire a service-rich retirement lifestyle of growth, connection, security, and choice. Each residence—and multiple floor plan—is designed for an independent, maintenance-free lifestyle of convenience and comfort, with the flexibility and security of additional care services, if and when they are ever needed. If you want to take a closer look, download our brochure on the independent living lifestyle at The Carrington.
And don’t worry about the process of moving. The Carrington has partnered with Moving Station®, a leading senior relocation company dedicated to making your move smooth and easy. Working with The Carrington’s Personal Relocation Manager, Moving Station agents will assist with finding downsizing experts, real estate agents, a team to pack up your home, movers, and making other smart move-related decisions.
We’d love to show you our vibrant, fulfilling, and maintenance-free lifestyle. Call us today at (847) 744-9469 or submit a form online to schedule a personal tour.
