Could a Tiny Home Be Perfect for Retirement?
Tiny homes are for everyone, including those who are planning to retire. It is easy to see why tiny homes are appealing to people no matter what their age. For younger people, these homes are adorable because of their small size. However, more than the look, they epitomise a much simpler way of living. You can get the opportunity to reduce your expenses while still living comfortably.
According to estimates, about 40% of people living in a tiny home are made up of those older than 50 years old. It is expected that this percentage will continue to grow, especially with many individuals who will enter retirement soon.
Before you take on the journey, however, it is important to understand what tiny living is about. It can get complicated, especially as you choose to let go of many possessions to enjoy a simplified lifestyle. There are emotional, logical, and even legal hurdles to think about as well.
Downsizing in Later Life
By the time you reach 50 or 60, you have already collected a ton of stuff. From bikes to gadgets to clothing to unread books – you have them all in your home. When raising children, many people would justify living in a large home. The many rooms felt like a necessity, but over time, you will discover that downsizing is much better.
Downsizing is a personal choice, but it can make you happier as you go on with your life. You have to consider its direct benefits, including:
- Freeing up many financial resources so you can pursue other passions
- Being mindful about what you own, which is a top psychological benefit
- Less clutter, more energy to focus on the important things
- Gaining a deeper sense of satisfaction in life and awareness about yourself
- Leaving behind what does not truly matter, especially on a material level
When you downsize, you understand your priorities and values. Additionally, all the items you no longer want or use can go to charity. You end up helping make the world a better place.
Community and Independence
Support groups, including home wellness solutions and camaraderie in a small community, can benefit seniors. They can continue to live in their own tiny home but still get the help they need.
Independence is also essential to both physical and mental wellbeing. Older adults can join programmes that allow them to stay active in the community. Meanwhile, they can stay at home without other people bothering them.
Upon retiring, you should think about how you can save money. You will no longer earn like you used to, even though you will still get some financial aid. Depending on your plan, it may already be enough, but not more than you need. You do not want to be among the 45.9% of households that spent more than they could afford during the first two years of retirement. Therefore, downsizing and choosing a tiny home can help you achieve your money-saving goals.
Here are the top reasons why you may want to downsize and move to a tiny home with saving money in mind:
- It is an economic necessity. As you get older, it will be more common for you to face unexpected bills, especially medical expenses. You want to be prepared for them when they happen, which is why the last thing you may be thinking of is paying for a mortgage or rent. Additionally, you have to think about increasing insurance rates as a homeowner.
- The utility costs in Australia are not getting cheaper as well. Therefore, it makes sense to sell your huge house and move to a more affordable and convenient space.
- Tiny homes are great for those with health concerns. As mentioned, you may have to pay for emergency medical bills. When you get home, you may need care from a nurse or a certified professional. Therefore, you want to make everything more affordable by moving to a smaller home as you maintain your good health.
- Tiny homes offer convenience. Think about the amount of money you can save from the housekeeping services you pay for. The larger your home, the more expensive the service becomes. When you move to a tiny home, you may not even have to pay for such a service. If you are not a fan of housework, you can still hire a housekeeper, but the cost will surely be less expensive.
If you or a loved one is moving to a tiny home, it is not a process that you can rush. There is a procedure to follow with many considerations as well. The new space could be in another location with another family member. It may be with a professional for an assisted living option.
Before anything else, it is necessary to plan everything, including where certain items will go. Some things can be thrown away to reduce the clutter while others can be donated. It may be necessary to document the whole process where you take notes and even pictures of those that you may have to give away.
When purchasing a tiny home, it is also important to think about the available necessities. You may have specific needs and preferences, such as living near a convenience store, park, or a quiet neighbourhood.
Although tiny homes are, well, tiny, they can vary in sizes. Downsizing does not mean living in a cramped space. Even though the house is small, it should still provide comfort without the feeling of being suffocated.
Tiny homes are great options for retirees, especially those who want to downsize. Are prepared to let many of your belongings go and you wish to have a clutter-free life? Contact Fox Tiny Homes to find out which tiny home best suits your new lifestyle.