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Financial and Retirement Planning Blog

Are You Thinking of Upsizing Your Home in Retirement?

The 2020 pandemic has taught many of us that being self-sufficient is the best way to stay healthy. This means that you need to be able to work, work out, eat well and be entertained all in one space. Upsizing your home is one way to make this happen.

Build In Ease

Whether you choose to expand your current home or move, keep an eye on your access to necessities. From doing laundry to carrying in groceries, now is the time to make changes that make it both easier and safer to take care of chores without incorporating too many steps.

Try to reduce the number of steps up from the garage to your home. If possible, put your laundry facilities near the master bedroom and create a hanging area for clothing right out of the dryer. Set up subscriptions so that retailers can keep your cupboards stocked with cleaning and paper products. 

Consider a Refinance

If you’ve got stock investments, they’ve probably been doing very well. Additionally, interest rates have dropped to the point that buying a house is less costly than in years past. You can enjoy all of your comforts, crafts and wellness needs under one roof.

Keeping the Peace

If you live with a partner, one of the big challenges of the pandemic may have included too much togetherness. For those who were working from home, it was a good test run for retirement. Even if you and your partner weathered the COVID-19 storm well, having a space to call your own is critical to your mental health and the health of your relationship.

With an upsizing, you can have a library, den and craft room. If you choose to renovate, be sure to get your HVAC needs checked out so that your home is comfortable no matter the weather. If you’re buying a new house, check the age of the windows to make sure your utility bills won’t be excessive.

Safety and Prestige

Larger, more luxurious homes tend to be in safer neighborhoods. Additionally, many of us have spent hours staying healthy and strong enough to live far past the age of retirement. If the idea of living in a smaller home means that you’re mentally facing a smaller life, then upsizing your home in retirement is a choice that will actually benefit your mental health over time.

Smart Financial Decisions

Of course, upsizing should not get in the way of making smart financial decisions about your retirement. If upsizing means that you retire with a 15-year mortgage, you may want to reconsider. Getting rid of as much debt as possible is still a good choice before you get the gold watch.

However, retiring from work can’t mean that you retire from the world, and your home base has a lot to do with your engagement with the world and your joy in life. Having a home that you can be happy to nest into and invite friends and family to is crucial to your well-being. 

Money Mindfulness

Each of us lost something in the pandemic. If you loved 

  • dining out at restaurants
  • travel
  • entertaining family and friends

you likely spent a great deal of 2020 pining for activities that used to give you great joy. Now that the world is opening up a bit, those actions will likely have more meaning for you. Getting your dream house where you can host family and friends, is a great goal for 2021 and beyond.

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