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  • Writer's pictureDaniel sisto

Options when downsizing homes in Syracuse NY

As we get older, our kids are all grown up and we get closer to retirement, we may begin to look into downsizing our current home in Syracuse NY. We have to ask ourselves, are we ready for this change? For most of us we have been living in this home, have raised our children and have a lot of memories nestled up between those walls. The next step is usually one of indifference and can cause folks to stress about where this next adventure will take them.

So What Are the Options

  • The first step we need to consider is what is our housing preferences. Do you want to continue living in a single family home? Still have the chores of cutting the grass and taking care of your yard? Will you have to hire help to do this or are you still in good enough shape to take care of this on your own?

  • Do you still have family and friends close by? Do you really want to move away from them for the later part of your life?

  • Do you like change? Do you want to go out and make new friends?

  • What does your spouse think? Do they want to move?

These are all questions that you will have to consider when taking this step in your life. These decisions are never easy but with the proper planning, they can become much less stressful.

Where do you want to live?

The next question in your planning will be where do you want to live?

Stay in your current home - If you want to continue with the daily chores of being a homeowner and you are satisfied with your location, then maybe you want to think about staying in your current position.

Downsize - If you live in a house that is to big and has to much room, maybe you want to think about downsizing. You can either move into a smaller 1 family home, a condo or a townhouse.

Closer to children - Your kids have probably all moved out, they may have moved out of state. You are now in the position to move closer to your children and spend the later years of your life.

Financial Situation

Ok, lets touch on another aspect that is also very important.

  • Whats your financial situation look like?

  • Do you still have an income and how much money are you bringing in a month?

  • How do you want to spend the money that you have?

  • Will you be vacationing and traveling a lot or would you rather put that money into a home?

  • How much will your health care cost you in retirement?

These are also all questions that you need to ask yourself when deciding what your next move is.

Create a plan for your retirement. Understand your current financial situation and your options. Talk with your spouse and decide on a game plan that is going to work. Make sure you take some time on this decision and understand your retirement goals before you move forward.

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