How to reduce housing costs in retirement.
One of the biggest expenses during retirement is housing. Housing is one of the biggest expenses during retirement. One of the most experienced people is Barry Weir when it comes to matters housing, whom you can consider borrowing a leaf from. Barry Weir made some good wealth from mobile homes business and even offers consulting advice on the same.
Owing to the fact that there are enormous costs of housing one should think of the ways to reduce this even before retirement is due. There are various ways you can use to reduce housing costs in retirement and they include the following.
Consider downsizing. once the children at home grown up they need for a house in several rooms and a big compound ceases. In light of this downsizing to a smaller home that is less costly can help a lot. At this point in life the cost and responsibilities that come with maintaining a large home is not necessarily needed and thus reduced.
Think about renting. Numerous responsibilities come with owning a home. Even more expensive is an aging home. You need to do everything possible to avoid such costs at such a stage in life. Therefore, renting comes in handy. The option of selling your home and renting up the house will free you up the hustle that comes with being a home owner. This transfers the burden from you to the owner of the home and it also gives you the option of moving to other places as per your choice. The home owner however subjects you to these conditions that you must submit to.
Finish of paying your mortgage. Finish them up before your retirement nears. This takes away a significant amount of monthly bills. Your savings will be saved and assist you to focus on other needs such as insurance.
Consider moving from high costly cities. You’re not tied to live in particular places after your retirement than previously dictated by your workplace. Now, you can move to any place you wish. Think about relocating from places of high cost of living to where it is relatively lower.
Living with your children is one of the considerations. Your housing costs are cut completely as you no longer have to pay the rent. More priority can best be given to your other retirement needs such as insurance.
Staying with other retired people. Another option other than living alone is to consolidate your resources together with other retirees. Everyone has to contribute to the course thus costs at significantly reduced. This reduces boredom and loneliness too as you interact with other people. As you share life, experiences and good moments you get the desire to even live longer.
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