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Fact is you can consider to reduce housing costs in retirement.
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.
Owing to the fact that there are enormous costs of housing one should think of the ways to reduce this even before retirement is due. Different ways you can use to reduce housing costs in retirement include.
Think about downsizing. once the children at home grown up they need for a house in several rooms and a big compound ceases. Moving to a smaller home that is less expensive can help a lot. At this point in life the cost and responsibilities that come with maintaining a large home is not necessarily needed and thus reduced.
Consider renting. Numerous responsibilities come with owning a home. An aging home is even more expensive. An old home is even more expensive. At such a stage in life you have to do everything possible to avoid such costs. Therefore, renting comes in handy. The option of selling your home and renting up the house will free you up the hustle that comes with being a home owner. This transfers the burden from you to the owner of the home and it also gives you the option of moving to other places as per your choice. 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. This takes away a significant amount of monthly bills. This will save you lots of your savings and help you cater for other needs such as insurance.
Consider moving from high costly cities. Your workplace previously dictated that you live in particular places but after retirement you’re not tied to this. You now have the freedom to move to any places of your choice. Think about relocating from places of high cost of living to where it is relatively lower.
Living with your children is one of the considerations. Your housing costs are cut completely as you no longer have to pay the rent. Other needs you need in your retirement such as insurance can thus been given more priority by your children.
Sharing a home with at other retired people. Instead of living alone you can consider pulling up resources with other retired people and living together in one home. Everyone has to contribute to the course thus costs at significantly reduced. This reduces boredom and loneliness too as you interact with other people. You will share life, experiences, good moments among others and even give you more reason to live.