{"id":748,"date":"2025-03-19T16:35:02","date_gmt":"2025-03-19T16:35:02","guid":{"rendered":"https:\/\/www.newerahomes.com\/blog\/?p=748"},"modified":"2025-03-19T20:09:40","modified_gmt":"2025-03-19T20:09:40","slug":"downsize-or-build-new-home-retirement","status":"publish","type":"post","link":"https:\/\/www.newerahomes.com\/blog\/downsize-or-build-new-home-retirement\/","title":{"rendered":"Downsizing With a Custom Home vs. an Existing Home in Retirement"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">As you approach retirement age, one of the most important questions you must ask yourself is where to live as you grow older. <\/span><a href=\"https:\/\/www.aarp.org\/home-family\/your-home\/info-2021\/home-and-community-preferences-survey.html\"><span style=\"font-weight: 400;\">According to AARP<\/span><\/a><span style=\"font-weight: 400;\">, three out of four adults aged 50+ want to live at home in retirement \u2013 and this is nothing new. Over a decade of survey data indicates that the majority of people prefer to age in place.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The problem is that most people approaching retirement don\u2019t already live in a home that will fit their needs over the coming years. Maybe the house requires a lot of maintenance, has a lot of stairs, isn\u2019t wheelchair accessible, or is simply too big for just one or two people. For the majority of retirement-age adults, downsizing to a smaller home becomes the logical next step.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In this article we will go over the pros and cons of downsizing in retirement as well as some considerations you should make when deciding between buying an existing home or building a custom home.\u00a0<\/span><\/p>\n<h2><b>The Pros and Cons of Downsizing When You Retire<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The kids are finally out on their own, and suddenly home feels a lot emptier than it used to. Rooms start to go unused, and maintaining the house seems like more work than it&#8217;s worth nowadays. Maybe it\u2019s time to move into a smaller place. To help you decide, here are the pros and cons of downsizing.\u00a0<\/span><\/p>\n<p><b>The Pros<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Less House to Maintain<\/b><span style=\"font-weight: 400;\">: Frequent housecleaning and yard work when you have a lot of unused space can feel like a huge pain and is harder to keep up with over time. Downsizing to a smaller home will make it easier to manage, which is even more beneficial if you want to travel a lot during retirement.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Less Expensive to Live<\/b><span style=\"font-weight: 400;\">: Smaller homes require less energy to run utilities and cost less to maintain. Downsizing also gives you the opportunity to find a home with a lower mortgage and property taxes.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Extra Cash on Hand<\/b><span style=\"font-weight: 400;\">: If you\u2019re able to sell your home for more than what you buy when downsizing, that can put a considerable amount of cash in your pocket. You can use this extra money to put towards hobbies, travel, or anything else you decide to pursue in retirement.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Opportunity to Declutter<\/b><span style=\"font-weight: 400;\">: Moving is a stressful process, but it can also be a great opportunity to get rid of stuff you don\u2019t want or need anymore. A good purge will not only make your new home easier to keep tidy, but your children will appreciate having fewer items to sort through after you\u2019ve passed.\u00a0<\/span><\/li>\n<\/ul>\n<p><b>The Cons<\/b><\/p>\n<ul>\n<li aria-level=\"1\"><b>Less Space and Privacy<\/b><span style=\"font-weight: 400;\">: Now that you\u2019re retired, you\u2019re going to be home more often. The last thing you want is to feel suffocated by a lack of personal space and too little storage. You have to be careful not to downsize too much and realize you need more room than you thought.<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Savings Not Guaranteed<\/b><span style=\"font-weight: 400;\">: The amount of money you\u2019ll save by downsizing can vary widely depending on the market. You will also have to factor in expenses from selling your home and moving, which can be expensive.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Less Room to Host Guests<\/b><span style=\"font-weight: 400;\">: Smaller spaces make it harder to host guests overnight. You might miss the ability to regularly invite over friends and family now that you\u2019ve downsized.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Emotional Attachment<\/b><span style=\"font-weight: 400;\">: Chances are you\u2019ve spent many fond moments and accumulated lots of sentimental items in your current home. Entering a new chapter in life is a highly emotional process, and it can be hard to physically leave behind those memories.\u00a0<\/span><\/li>\n<\/ul>\n<h3><b>\u201cRightsizing\u201d for Your Retirement Lifestyle<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Rightsizing is a design philosophy about organizing your life in a way that prioritizes your unique wants and needs. For many people that means downsizing to a smaller home, simplifying your life, and reducing expenses. For others, it can mean buying a home that is the same size or larger but has a better layout and location. The goal of rightsizing is to strategically design your new living space so that every area has a purpose and is fully utilized.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">When looking for a new home, consider the features that would help you enjoy retirement to the fullest. Maybe it\u2019s a spacious outdoor deck, plenty of natural light, a dedicated room for your hobbies, or lots of built-in storage. When you think about downsizing (or upsizing) in terms of \u201crightsizing\u201d, you can be more strategic about finding a forever home you will always love, whether that means buying an existing property or going with a custom build.<\/span><\/p>\n<h2><b>Building a Custom Home vs. Buying a Pre-Owned Home<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">In this housing market, it\u2019s in your best interest to weigh every option available. Both custom and pre-built homes come with distinct advantages and disadvantages, and the correct choice entirely depends on your personal situation and preferences.\u00a0\u00a0<\/span><\/p>\n<h3><b>Building a Custom Home<\/b><\/h3>\n<p><b>The Pros<\/b><span style=\"font-weight: 400;\">:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Choose Your Floorplan and Finishes<\/b><span style=\"font-weight: 400;\">: Custom and semi-custom homes offer plenty of flexibility in terms of layout and style. Choose a floorplan that fits your lifestyle and finishes that give your home a personal touch.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Build With Accessibility in Mind<\/b><span style=\"font-weight: 400;\">: Build your home with aging in mind from the get-go rather than having to retrofit and renovate later on. Incorporate ramps, slip-resistant flooring, grab bars, accessible kitchen appliances, motion-activated lighting, and other safety features that will allow you to continue living independently.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Low Maintenance and Updated Features<\/b><span style=\"font-weight: 400;\">: A new home is less expensive to maintain because your appliances, electrical systems, plumbing, and HVAC have never been used before. New energy-efficient equipment will help lower your utility bills and come with warranties in case you need repairs. You\u2019ll also have the opportunity to install smart home technology that will make everyday life easier as you get older.\u00a0<\/span><\/li>\n<\/ul>\n<p><b>The Cons<\/b><span style=\"font-weight: 400;\">:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>More Expensive Process<\/b><span style=\"font-weight: 400;\">: New construction is generally more expensive than an existing home. The more premium features and materials you decide to include, the more expensive your construction costs will be.\u00a0\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Slower Time to Move In<\/b><span style=\"font-weight: 400;\">: Once you decide to go custom, you\u2019ll have to decide on a construction plan and wait for your home to be built before moving in. Unfavorable weather, a last-minute change of scope, and supply chain issues can cause unexpected delays out of your control.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Developing Neighborhoods<\/b><span style=\"font-weight: 400;\">: Given the cost of land in established neighborhoods, it\u2019s common to have new homes built in young developments. These areas may not yet have an established community and be farther away from city centers.\u00a0<\/span><\/li>\n<\/ul>\n<h3><b>Buying an Existing Homes<\/b><\/h3>\n<p><b>The Pros<\/b><span style=\"font-weight: 400;\">:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Greater Affordability<\/b><span style=\"font-weight: 400;\">: Existing homes often have lower mortgage rates and closing costs than new construction. Lower upfront cost alone could be the deciding factor for retirees on a budget.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Move-in Ready<\/b><span style=\"font-weight: 400;\">: The home is already built, so your timeline to move into an existing home is much shorter than a custom build. You\u2019re also unlikely to experience a delay unless the home needs extensive repairs or you\u2019re planning to renovate before move-in day.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Established Neighborhood<\/b><span style=\"font-weight: 400;\">: Preowned homes are more likely to be found in neighborhoods with mature landscaping, an established community, and easy access to grocery stores, shopping, healthcare, and recreational facilities.\u00a0<\/span><\/li>\n<\/ul>\n<p><b>The Cons<\/b><span style=\"font-weight: 400;\">:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Limited Personalization<\/b><span style=\"font-weight: 400;\">: Available homes on the market may not fit your preferences for layout and design. Additionally, most homes aren\u2019t designed for aging in place, so you may have to add modifications further down the line which vary widely in price.\u00a0\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>More Competition<\/b><span style=\"font-weight: 400;\">: More home buyers tend to go for existing homes, especially in desirable neighborhoods. You\u2019ll face more competition and may end up in bidding wars that drive up prices.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Higher Maintenance Costs<\/b><span style=\"font-weight: 400;\">: Preexisting wear and tear may require you to pay for home repairs and system replacements sooner rather than later. You can also expect to pay higher utility costs since older homes tend to be less energy efficient.\u00a0<\/span><\/li>\n<\/ul>\n<h2><b>Gracefully Age in Place With New Era Homes<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">When it comes to downsizing vs. upsizing and buying a new vs. custom home, there isn\u2019t a single right answer. It all comes down to what you value and the lifestyle you hope to lead in retirement.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If personalization and flexibility are most important to you, building a custom home is an excellent choice. With many different floorplans and finishes to choose from, New Era Homes can help you design the perfect forever home for you in retirement while keeping costs relatively low. Compared to other Bend-area home builders in our price category, we include more premium features at no additional cost.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Gracefully age in place with a beautiful new Central Oregon home designed with affordability in mind. Learn more about <\/span><a href=\"https:\/\/www.newerahomes.com\/homes.shtml\"><span style=\"font-weight: 400;\">our unique building process<\/span><\/a><span style=\"font-weight: 400;\"> and <\/span><a href=\"https:\/\/www.newerahomes.com\/contact\/\"><span style=\"font-weight: 400;\">get in touch<\/span><\/a><span style=\"font-weight: 400;\"> to discuss how we can help you make your ideal retirement lifestyle a reality.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>As you approach retirement age, one of the most important questions you must ask yourself is where to live as you grow older. According to AARP, three out of four adults aged 50+ want to live at home in retirement \u2013 and this is nothing new. Over a decade of survey data indicates that the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":750,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[],"class_list":["post-748","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-custom-homes"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Downsizing in Retirement: Custom Homes vs. Existing Homes<\/title>\n<meta name=\"description\" content=\"Should you downsize with a preowned home or a custom home? 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