During your retirement, one of the biggest expenses you have to encounter is housing. When it comes to matters housing, one of the most experienced people is Barry Weir 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. There are various ways you can use to reduce housing costs in retirement and they include the following.
Downsizing is one of the considerations. Once the children grow up, there ceases to be need for a large house with several rooms and a big compound. There ceases to be need for large house with several rooms and a big compound once the children have grown up Therefore, downsizing to a smaller home that is less costly 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. Being an owner of a home comes with a number of responsibilities. Even more expensive is an aging home. At such a stage in life you have to do everything possible to avoid such costs. What comes in handy here is renting. 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. This however subjects you to the conditions that home owner that you must submit to.
Finish of paying your mortgage. Clear them long before your retirement approaches. Your monthly bills will be significantly reduced. Your other needs such as insurance and lots of your savings and be saved.
Another option is moving from places of high cost of living. You’re not tied to live in particular places after your retirement than previously dictated by your workplace. You are now more flexible to move anywhere you wish. Where costs of living at high, consider moving to places that are relatively of lower costs.
Think about living with their children. Your housing costs are cut completely as you no longer have to pay the rent. Your children can thus prioritize other needs you need in your retirement such as insurance.
Staying with 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. As you interact with other people, it also lessens boredom and loneliness. You will share life, experiences, good moments among others and even give you more reason to live.