Downsizing May Be a Wise Move
Many people approaching retirement age find themselves living in a large multi-level home with a big yard. When children have grown up and moved out to live independently, that large house can start to feel like more like a burden than a comfortable home. In this case, downsizing might be on the cards and typically, it is likely to end up downsizing your Houston home insurance premiums too.
Downsizing might be of financial benefit in some cases too when a mortgage can be reduced or discharged altogether. For some, this could reduce expenses during retirement. However, it may prudent to consult an accountant or financial advisor for information on tax implications and assistance in retirement planning.
Moving to a smaller, single-level home with a smaller yard might also make your retirement years easier. Typically, the more people age, the more difficult it can become to negotiate stairs in the home. Also, that big yard which used to be a great gathering place and playground for your children and their friends, may become harder to keep up as you grow older.
Although adult children sometimes balk at the prospect of parents selling the old home, downsizing might save you time, work and expenses, including Houston home insurance costs and utility bills. It might all leave you with more time and money to spend on vacations and grandchildren.