Life events have a major impact on what you need from your home.
For many of us, retirement is around the corner (woohoo!) Retirement is a major life change that often causes us to stop and reflect on our current and future home needs.
Retiring on Sanibel
Retirement is one of the biggest reasons people choose to relocate or purchase a second home on Sanibel Island. Depending on your situation, a smaller home might be the best option for your retirement lifestyle.
A recent article from The Balance talks about why downsizing homes could be a great option, saying:
“There are many reasons to buy a smaller home—or to downsize from your present home—but sometimes, the idea that “less is more” is what propels homeowners to buy a smaller home.”
Less Is More
When you downsize homes, you often free up time that would otherwise be dedicated to cleaning and maintaining a larger home. More free time = more time enjoying your favorite Sanibel activities.
Should You Downsize?
We can think of a few situations where buying a smaller home would be a great option. If you,
- Own two homes and split your time between them
- Wish to retire early and need cost savings
- Cannot maintain a larger home yourself, and/or don’t desire to pay for someone to maintain it
- Would like to reduce your belongs and simply live with less “stuff” (I’m guilty – click here to read my blog on this)
Our blog, “Don’t Rule Out 1-Bedroom Condos” mentions the benefits of being able to rent smaller condo units when you are not using them for yourself. This could be a great option for retirement as well!
Home Equity Can Help
Since we’re on the topic of retirement and downsizing, I should mention one factor often forgot about – your home equity! We wrote about how home equity was on the rise in 2020, and it’s continued to grow over the past year. Don’t forget to consider the added equity in your home when budgeting for your retirement home.
Curious about how much equity you have in your home? Feel free to give us a call. Susan and our team of agents have years of experience helping our clients find unique solutions that best fit their lifestyle changes and home needs – and we’re especially familiar with retirement moves!
As always, don’t hesitate to reach out with your real estate questions – 239-472-1950 or firstname.lastname@example.org.