Over 55 and Stressed? The Telltale Signs It's Time to Downsize Your NJ Home
Making the big decision to sell your longtime beloved family home in New Jersey and downsize into a smaller senior-friendly residence can be extremely difficult and emotional. But for many Garden State retirees and baby boomers, downsizing ends up being a positive and rewarding move. It allows them to reduce stress, save money, be closer to family, and live in a space that is safer, more manageable and better suited for their lifestyle needs.
New Jersey isn’t an ideal state to retire in. If you're a senior homeowner in New Jersey contemplating if now is the right time to downsize or move out of state, here are important signs to look for:
Your New Jersey Home is Too Large
One of the biggest indicators it may be time to downsize is when your home starts feeling too spacious. Now that the kids have grown up and moved out, you may discover you and your spouse have too many unused bedrooms. The multiple levels, large yards, winding staircases, and oversized rooms become difficult to keep clean and maintain as you age. Downsizing to a properly sized home or condo can save greatly on property taxes, utility costs, heating and cooling bills, cleaning services, and general upkeep.
Home Maintenance Becomes Challenging
As we age, home maintenance tasks like landscaping, house repairs, and snow removal become more strenuous and hazardous to do alone. The thought of climbing up a ladder to clean gutters or shoveling snow on icy driveways can become daunting for seniors. Downsizing to a community that handles exterior maintenance, or moving closer to children who can help out, alleviates this homeowner burden.
Desire to Be Closer to Family
One of the biggest reasons New Jersey seniors consider downsizing is the appeal of being closer to children and grandchildren. Having family nearby for frequent visits, assistance when needed, and the comfort of generational connections is a major draw. Downsizing to a smaller home in the same town as family or relocating cross-state nearer to where children have settled are options.
Seeking an Easier Lifestyle
The freedom from homeowner obligations that downsizing provides allows seniors more time to enjoy retirement. Freed up time and energy can be redirected into new hobbies, travel, and time with family. A smaller living space means less cleaning, decluttering, homemaking and responsibility. Some seniors seek warmer climates, cultural opportunities in urban settings, or resort-style active adult communities with amenities like golf, clubs, classes, and built-in social activities.
Reduce Living Costs
For retirees on fixed social security incomes and nest eggs, lowering housing costs is crucial. Property taxes and heating/cooling bills for larger aging homes can become burdensome. Downsizing into a smaller home, condo or rental apartment allows cost savings that can then be directed into retirement funds, medical needs, and leisure. Selling a highly appreciated home also lets seniors cash out home equity.
Generate Added Retirement Income
Some New Jersey seniors choose to downsize in order to free up extra income to boost inadequate retirement savings. The profits from selling a larger home can supplement monthly income needs, especially when downsizing to a significantly cheaper dwelling. Moving to an affordable area with lower taxes also creates monthly savings.
Types of Downsized Housing for Seniors
New Jersey retirees have several appealing options when downsizing their residence, including:
Smaller single-family homes - Look for a 2-3 bedroom ranch style home that has minimal stairs and single floor living. These are easier to navigate as physical mobility decreases. Attached garages reduce parking challenges.
Condominiums/Townhomes - Great for low maintenance living, condos offer security, community and amenities like pools and clubhouses. Townhomes allow yard-free living with no exterior upkeep.
55+ Senior Apartments - Income-qualified seniors can reside in government subsidized senior housing for reduced rent based on their income level.
Continuing Care Retirement Communities (CCRC) - CCRCs provide different levels of care from independent living up to skilled nursing on-site. Residents can age in one location with peace of mind.
New Jersey Seniors Aging in Place
The key for New Jersey seniors is partnering with a trusted real estate professional who listens to your needs and helps you find the right downsized home in your desired area that suits your lifestyle and budget. With careful planning, downsizing can be an extremely positive decision, allowing you to live comfortably and happily in your later retirement years.
