One of the biggest expenses during retirement is housing. Housing is one of the biggest expenses during retirement. When it comes to matters housing, one of the most experienced people is Barry Weir 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. Different ways you can use to reduce housing costs in retirement include.
Downsizing is one of the considerations. once the children at home grown up they need for a house in several rooms and a big compound ceases. Therefore, downsizing to a smaller home that is less costly can help a lot. This reduces the costs and responsibilities that come with maintaining a large home that is not necessarily needed at this point in life.
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. Burden is transferred from you to the home owner and gives you the allowance of moving to other places you wish. The home owner however subjects you to these conditions that you must submit to.
Finish of paying your mortgage. Clear them long before your retirement approaches. Your monthly bills will be significantly reduced. This will save you lots of your savings and help you cater for other needs such as insurance.
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. Where costs of living at high, consider moving to places that are relatively of lower costs.
Another option you should consider is living with your children. This cuts your housing costs completely since you no longer have to pay rent. More priority can best be given to your other retirement needs such as insurance.
Staying with 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. As you interact with other people, it also lessens boredom and loneliness. You will share life, experiences, good moments among others and even give you more reason to live.