How to reduce housing costs in retirement.
During your retirement, one of the biggest expenses you have to encounter is housing. 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. To reduce housing costs in retirement consider the following.
Think about 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. Being an owner of a home comes with a number of responsibilities. An aging home is even more expensive. An old home is even more expensive. This stage in life requires you do everything possible to avoid such costs. Therefore, renting is a good option. To free up the hustles that come with being a homeowner, you can sell your home and rent up the house. You can move to other places you wish and the burden that comes with being a homeowner is transferred from you to them. You must however submit to the conditions of the home owner.
Your mortgage payments must be cleared. Clear them long before your retirement approaches. A significant amount of your monthly bills will be reduced. Your other needs such as insurance and lots of your savings and be saved.
Consider moving from high costly cities. After your retirement you are not tied to live in particular places as your workplace previously dictated. Now, you can move to any place you wish. Therefore, you should consider moving from high costly places to areas where the cost of living is relatively lower.
Living with your children is one of the considerations. This cuts your housing costs completely since you no longer have to pay rent. Your children can thus prioritize other needs you need in your retirement such as insurance.
Sharing a home with at other retired people. Instead of living alone you can consider pulling up resources with other retired people and living together in one home. Costs significantly reduced as everyone has to contribute to the course. Besides interacting with other people reduces loneliness and boredom. As you share life, experiences and good moments you get the desire to even live longer.