9 Ways to Downsize When You Retire

4) Rent A New Space

This may be perceived as counter-intuitive or taking a step backwards, but in some cases, it makes sense. Once you close on your old home, you’ll have the funds to invest in something new.

Most people automatically think about buying another, smaller home. But why not consider renting? It may equate to the same, or less than, if you buy a whole new house. Remember, as a renter, you don’t have to worry about maintenance costs or general labor. This is especially attractive to retirees because due to their older age, these things aren’t as easy to accomplish. It also ensures your housing expenses every month will be predictable. There won’t be any surprise cost for broken appliances or roof repairs as this is your landlord’s responsibility. Try to negotiate a rent controlled deal. Otherwise, you risk a rent raise at the end of your lease.