A recent reports that retirees should consider downsizing earlier to save money. In the long run, the savings can make a large difference in how long retirement funds last.
Some retirees think that the cost of maintenance fees in a condo will cost more than home ownership but research does not support that belief. In a condo much of the cost of insurance and other maintenance is paid with the monthly fee. In a home, there are many hidden costs and real estate taxes can certainly be higher in a single family home.
Other worries are that relatives will not feel comfortable visiting. Depending upon their length of stay and how often, it could be less expensive to simply pay for a motel to accommodate visitors. Renting or buying a condo can also help contain cost as these will be fixed.
Downsizing can save retirees a great deal of money, even if they have already paid off a mortgage.
For info on condos in the Southwest Florida area, please call or email your Suncoasteam.