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. Having made some good wealth from mobile homes business, Barry Weir even offers consulting advice on the same.
In light of the enormous costs of housing, one has to think of the ways to reduce this cost even long before retirement. 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. Moving to a smaller home that is less expensive can help a lot. The costs and responsibilities of maintaining a large home that is not necessarily needed at this point in life is reduced.
Consider 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. You need to do everything possible to avoid such costs at such a stage in life. What comes in handy here is renting. To free up the hustles that come with being a homeowner, you can sell your home and rent up the house. 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. This however subjects you to the conditions that home owner that you must submit to.
Finish of paying your mortgage. Finish them up before your retirement nears. A significant amount of your monthly bills will be reduced. This will save you lots of your savings and help you cater for other needs such as insurance.
Another option is moving from places of high cost of living. 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. 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.
Sharing a home with at other retired people. You can consider putting your resources together with other retired people instead of living alone. Everyone has to contribute to the course thus costs at significantly reduced. 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.