What To Do When You Can’t Afford To Downsize

Downsizing is a super popular transition among seniors who no longer need all the space in the homes they raised families in. But nowadays, buying, selling, and moving in real estate are incredibly expensive—sometimes prohibitively so. Oftentimes, selling a larger home isn’t enough to cover the cost of a decent smaller one, and you don’t want to give up a low-rate or paid-off mortgage just for less space. So what can you do when you can’t afford to downsize? Let’s talk through a few practical ways to transform right where you are.

Shrink Your Monthly Bills Without Changing Addresses

The biggest draw of downsizing is often the lower maintenance fees, property taxes, utility bills, and other homeowner expenses. But you might be able to lower these costs (and pad your savings) without moving. Here are some tips:

• Call providers and ask about senior discounts and lower-rate plans.
• Review subscriptions and cancel anything you no longer use.
• Check property taxes, insurance, and utilities policies for ways to reduce costs.
• Plan one “no-spend” day each week.
• Make your current home more energy-efficient to shrink utility bills.
• Rent a part of your home you no longer need to use.

Make Your Current Home Feel Smaller in the Best Way

A home can feel “too big” because of clutter, not square footage. If the issue is feeling overwhelmed by everything you own and need to maintain, then start there. Go room by room, parsing through your belongings and getting rid of (via donation, selling, or trashing) everything that doesn’t serve your life anymore.

Once you’ve done this, take a look at all the new space you have to work with. If it’s too much, then, as we suggested, rent a part you can section off. Then, maximize space in the part you have left. For instance, you can consider space-saving ideas with wall beds, which will transform a spare room into a multipurpose area that your kids can stay in when they visit.

Get Support Without Giving Up Independence

Another draw of downsizing is feeling more independent in a smaller space because it’s easier to manage. If your larger home is asking too much of your time and energy, you can ask for help.

A family member, neighbor, or hired service can handle lawn care, maintenance jobs, and the like. You stay in charge, but you get the workload off your shoulders.

Closing Thoughts

You don’t need a big budget to make your home feel comfortable and manageable in your golden years. If you can’t afford to downsize, then focus on cutting your costs, padding your income, transforming your current space, and building from there.