5 Tips for Cutting Housing Costs in Retirement. – It is not unusual for many people to look for ways to cut costs of their housing to enable them to spend money on other things. This is especially true for older adults that may be looking for ways to save money or to retire early as they live on a fixed income.
There are several ways in which you can improve your housing cost in retirement read on to find out some of our best house cost-cutting tips.
– Plan for multiple phases during retirement
It is most likely that you will live for a long time during your retirement years. The home that is right for you in the beginning of your retirement when you’re 50 or 60 may not be as fitting for you when you are in your late 70s 80s or 90s.
A good way to cut down costs for these various stages of your retirement is by planning ahead. You might want to stay in a family home or assisted living care environment as you reach older years but in the beginning of your retirement, you may want more of an active adult living lifestyle. Or maybe you want to begin your retirement by traveling around to several different destinations after selling your home all of these things can be planned for before you reach retirement so that you have a better idea of the expenses of each phase in your retirement. Since housing is such a large expense knowing as much as possible of your plans before you are living them will help you to be able to afford your housing costs.
– Home sharing
If you are single many retirees have gone with the option of home-sharing. Home sharing is one way to lower housing expenses by splitting them with another person or multiple other people. If you currently have a large home you can easily make this part of your plan by advertising for roommates.
This of course is one of the most talked-about ideas for saving on housing costs in retirement the idea of moving from your current home into a smaller and less expensive one. This can be a means of continuing to afford your own home while still living on your own. You could even find yourself living mortgage-free with the amount of equity some Americans hold currently in their homes.
– Move to a retiree or retiree tax-friendly location
Some districts have higher property taxes than others this can be true in areas where education highly drives the community. Some areas that are not driven by funding schools in the immediate area because there aren’t as many will have lower property taxes. There are also some locations that are known for being retiree friendly and have lower or no sales tax or income tax for retired persons. While yet other locations simply have a lower cost of living or a tax benefit for people living on a fixed income.
– Refinance your mortgage
Right now has never been a better time to refinance a mortgage and benefit from low mortgage rates that would have you paying a much lower monthly mortgage payment. If you have not refinanced in the recent past it is well worth looking into you may be surprised at the savings you could incur.
If you are looking for a great retirement community or retirement property in Mesa Arizona or surrounding areas please contact me at any time I am here to help you find the best home for your retirement years.