According to AARP, over the next 15 years Baby Boomers will be turning 65 at a rate of about 8,000 people per day. If you are in your 60s you may be considering retirement and right-sizing into a home that better fits your needs. Maybe you've found yourself in an empty nest. Or maybe you've decided that your current home is taking too much to maintain. Perhaps retirement is on the horizon and you want a home that better fits your lifestyle and retirement goals. Whatever your reasons are for downsizing, there are several things to consider before making the move.
Finances. Have you built up enough equity in your current home to make purchasing another home in the current market feasible? After you retire, you may be living on a fixed income. Working with a financial planner can help you decide how much you can comfortably spend while maintaining financial security through retirement.
Lifestyle. Do you plan to travel, spend time playing golf, fishing, or maybe you'll continue working? Knowing how you'll be spending your days can help you choose a community that best fits your lifestyle. Reno has several luxury communities that will fit a variety of lifestyles and budgets.
Social Network. When you downsize, will you be moving to another city or to a different part of town? Are all your friends in your current neighborhood? Before moving, consider how the new location will affect your social life.
Timeline. Before moving, consider if this will be a long-term move. If you're planning to age in place, a home without stairs and better accessibility may be the best option. Communities that have recreation, shopping and social events within the community can help homeowners stay active for years to come without having to often travel outside the community.
If you are planning to downsize, there are several communities in the Reno area that could fit your needs including luxury golf course communities, communities with acres of open green space, and neighborhoods with easy accessibility to amenities and city services. For more information on selling or purchasing a home in Reno, please give us a call at 775-453-4568.