Probably the main thing that retirees initially want and then come to regret is a home that is bigger than they actually need. Maybe they saved well for retirement and can finally afford a bigger house, or they want to live a more luxurious lifestyle, or they want plenty of extra rooms for the grandkids to stay in when they visit. The problem is that big homes mean big responsibilities. Cleaning takes a lot more time and effort, maintenance jobs can be more frequent, and if you want to pay for help with those things, that cuts into your retirement savings even more. On top of that, in retirement, most people naturally find themselves with more and more physical limitations, whether due to illness, disability, or simply aging. That makes home upkeep all the more challenging.
Here's what I tell retirees. That big house with the pool looks great, but the upkeep will wear you out. The bills alone can be shocking. Most people are happier downsizing to a smaller, single-level home with a small yard. It's just plain easier and safer. Find a place that works for you, not one you have to keep working on.
You know, flipping houses across Michigan, I see it all the time. Retirees fall in love with these huge properties, then the reality of maintenance on a fixed income hits them hard. I had this one couple who bought a place with a giant yard. By summer, they were exhausted and paying a fortune to keep it up. Now I just tell people: find a single-story, a small yard, and basic finishes. It's simpler and cheaper.
Around the Bay Area, I see retirees wrestling with their houses. Stairs become a nightmare for your knees, and that once-great pool turns into a constant chore. The upkeep costs can really surprise you. A single-level home is just easier. You get to enjoy your space without being worn out. I tell people to plan ahead with walk-in showers and wider doorways so you don't have to redo things later.
I stage homes for a living, and I see it all the time. Retirees fall for those trendy open floor plans or fancy finishes, then find the spaces feel cold and are a pain to clean. When I started designing classic, comfortable rooms instead, the complaints stopped. My advice? Choose comfort and easy upkeep over what's trendy, especially if you plan to stay put.
I have seen that many retirees tend to underestimate the value of good storage in their homes. Retirees often select home styles that are attractive but lack sufficient storage. Clutter, caused by a lack of storage, creates stress and detracts from your home's peacefulness. If you focus on purchasing homes with functional storage areas, such as cabinets that make the most of vertical space or multi-use furniture, you may find it easier to organize and create a sense of peace in your home. Retirees who have invested in high-end, luxurious finishes or the latest, trendy appliances may also be surprised to learn that more maintenance is required to keep their new luxury upgrades in good condition. The luxury appeal of a particular upgrade may wear off quickly when the reality of paying higher-priced specialists to replace the item is realized, especially during times of financial stress. They should select upgrades that are easy to use and low-maintenance, as these will ultimately result in greater long-term satisfaction and savings. They need to consider both current and potential future health and mobility expenses when purchasing a new home. Examples of design elements that could create challenges for seniors as they lose mobility include staircases and higher bathtubs, which make it difficult to access the space safely. When homeowners select a home designed with thoughtful universal design principles, such as walk-in showers and wider hallways, these homes not only reduce the risk of accidents but also allow retirees to live safely in their homes longer before needing costly renovations. Retirees need to focus on finding a home that fits their lifestyle so they can have a comfortable, affordable experience. The most important features for retirees should be easy living and require minimal maintenance, such as accessible floor plans. They would find it easier to purchase a home if they could view it as an investment in their lifestyle and plan for the long term, rather than as a place to live.
I've seen a lot of retirees choose homes that seem great on paper and eventually become a burden. So what tends to be the biggest culprit? Big homes. After years of "needing more space", many retirees spend the next 20 years cleaning, maintaining, and heating more space than they are using. Of course maintenance on big spaces especially a big yard or a multi-level home takes a lot of energy and money. Another challenge that commonly comes up is the yearning to add all the "luxury" upgrades like luxury finishes, swimming pools, and extravagant landscaping that sound so great after years of hard work. As you pour more money into these "rewards" over time and realize they never deliver the level of reward you thought only to add the stress of on-going maintenance and repairs, it quickly becomes a burden. A swimming pool may have sounded like a dream come to find out the cost of cleaning, chemicals, and safety maintenance is overwhelming for someone living on a fixed income. What I typically do recommend though, is a single-story home with an open concept floor plan, lower maintenance materials and a smaller area outside. A house with walk-in showers, wider doors and energy efficient systems are not just "age friendly" but common sense comfortable homes to live and resell resale value. The intention is to downsize and simplify your hassle not lifestyle. Smaller houses can be intentionally looked at to add more expansive freedom. (he/him)
Oversized homes, luxury upgrades, and high-maintenance features like pools, large yards, or intricate landscaping can become burdensome for retirees on a fixed income. Those features typically result in unexpected costs such as increased utility bills, maintenance and property taxes, not to squander enough time and even money on management. Staircases and large layouts may become unsafe or make it difficult to move around as needs and stages of aging evolve. Fashion-forward designs can soon be out-of-date and end up costing you more for rehab. But retirees should focus on single-story homes with open, accessible floorplans, low-maintenance finishes and energy efficient amenities that will help keep costs down in the long run, advises Lock. Reduced yards or xeriscaping can lessen maintenance and not prevent outdoor pleasure. Modifications such as walk-in showers, wider doorways and generous storage make for a comfortable and safe living environment. By remaining simple, efficient and affordable, retirees are able to live in a home that works for them and will not put them into the poor house maintaining or heating oversized or high cost features.