What Retirees Should Know About Downsizing in Austin
For many seniors, downsizing their home is the best option for retirement. Downsizing, or moving into a smaller home with fewer possessions and less responsibility, offers retirees a fresh start, lower living expenses and a simpler lifestyle with more amenities and freedom. One of the best parts about downsizing is having the opportunity to choose a new city to live in – and if Austin isn’t already on your list of top places, it needs to be.
US News ranks Austin #4 on the list of top retirement destinations in America. Austin has a youthful, fun vibe – but not all who venture to the city are young. According to data from the most recent U.S. Census, Austin is home to the fastest-growing population of adults between 55 and 64 years old – which demonstrates its attractiveness for retirees. The city is known for its vibrant music and art scene, as well as warm temperatures. Those looking to escape the cold and those who have a passion for the arts are especially drawn to Austin.
Ready to downsize in Austin? Here’s what you need to know:
Downsizing: What are the Benefits?
According to Merrill Lynch, more than 4 million retirees move into a new home each year, and over 64% of surveyed retirees reported they expect to move at least once during retirement. Most of these moves were downsizing moves. Some of the common reasons for downsizing include:
• A simpler lifestyle. Most retirees simply do not need the space they did during their younger years. Amenities like multiple bedrooms, large yards or pools can be more trouble than they are worth as people age.
• Lower costs. Downsizing usually entails a smaller mortgage payment, lower property taxes and smaller utility bills – all of which generate more available monthly cash. More cash flow means you have more money to do the things you want during your Golden Years.
• Closer to family. If you have children, they’ve likely moved out of your home, and they may even have children of their own. Choosing to downsize can help you be closer to your family so you can continue to make memories during your retirement.
• Proximity to healthcare. Just about every retiree ultimately needs some form of assistance with their health or personal needs. Choosing to downsize can help retirees better manage their activities of daily living.
It is important to keep costs, conveniences and desired lifestyle in mind when choosing where to downsize. The cost of living in Austin is more affordable than the majority of other major metropolitan areas across the country. According to the Austin Chamber of Commerce, the cost of living index for the city is 96.3. This is below the US average (index of 100), and well below other major cities.
Downsizing: What Are the Options?
One of the first things to think about when you consider downsizing is how you would like to live the next part of your life. Retirees have a few options, and the most suitable option for you will depend primarily on your health and personal needs.
Buy a smaller home
Owning a multi-bedroom home with a lot of space for you and your family to live comfortably likely made sense earlier in life, but as time goes on, children move out and lifestyles change. If you still want to own a home but do not need the space you currently have, you can consider buying a smaller home in Austin.
Move to a retirement community
Retirees who are independent and do not require health care assistance can consider the benefits of moving into a retirement community. Living in a retirement community means you do not have to deal with the burdens that come with owning a home outright – namely lawn and home maintenance. You can make the most of the opportunity by making new friends and establishing new routines all while living in a quiet, residential community.
Move into an assisted living facility
If your health and mobility needs go beyond just needing assistance with home maintenance, you may want to consider moving into an assisted living facility. There are many top-rated communities in Austin and more that are considered nearby. Assisted living is a long-term senior care option that provides personal care support services, which can include:
• Medication management
Ready to Downsize? A Real Estate Agent Can Help
Downsizing is undoubtedly a stressful process, but it does not have to be completely overwhelming. Hiring an effective and trustworthy real estate agent can help you accurately determine the value of your current home and find a new home that matches your needs, preferences and budget.
If you’re ready to take the plunge, Contact Edna Stalk Today. Her experience has given her the skills to help clients of all backgrounds with one of the most important decisions of their life – committing to real estate for retirement.
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Seniorhomes.com: an organization dedicated to supporting senior citizens and their families. Our mission is to raise awareness about the available care options and resources that can help seniors stay connected with their community.