Fact is you can consider to reduce housing costs in retirement.
During your retirement, one of the biggest expenses you have to encounter is housing. One of the most experienced people is Barry Weir when it comes to matters housing, whom you can consider borrowing a leaf from. Barry Weir made some good wealth from mobile homes business and 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. To reduce housing costs in retirement consider the following.
Think about downsizing. once the children at home grown up they need for a house in several rooms and a big compound ceases. In light of this downsizing to a smaller home that is less costly can help a lot. The costs and responsibilities of maintaining a large home that is not necessarily needed at this point in life is reduced.
Consider renting. Numerous responsibilities come with owning a home. Even more expensive is an aging home. You need to do everything possible to avoid such costs at such a stage in life. Therefore, renting is a good option. You can sell your home and rent up the house and thus free you up the hustles that come with being a home owner. Burden is transferred from you to the home owner and gives you the allowance of moving to other places you wish. You must however submit to the conditions of the home owner.
Clear your mortgage payments. Finish them up before your retirement nears. Your monthly bills will be significantly reduced. Your savings will be saved and assist you to focus on other needs such as insurance.
Think about moving from high costly places. After your retirement you are not tied to live in particular places as your workplace previously dictated. You are now more flexible to move anywhere you wish. Therefore, you should consider moving from high costly places to areas where the cost of living is relatively lower.
Living with your children is one of the considerations. This cuts your housing costs completely since you no longer have to pay rent. Other needs you need in your retirement such as insurance can thus been given more priority by your children.
Living together with other retired people. Another option other than living alone is to consolidate your resources together with other retirees. The costs become much less as the costs is divided among all people. Besides interacting with other people reduces loneliness and boredom. You will share life, experiences, good moments among others and even give you more reason to live.