Whether you’re dreaming of living in another part of the country, or your children have flown the nest, moving into asmaller home could make a fantastic and cost-effective decision. Downsizing in retirement comes with pros and cons,so it’s worth knowing more if you’re thinking about selling your property.
Why could downsizing be a good idea?
If you’re thinking of downsizing, you’ll need to plan your new lifestyle. In addition to working out how much money you’ll earn by selling your home, you need to organise your time.
A few things to think about before signing any paperwork could include:
Your health: If you’re struggling with your mobility or have a chronic condition, your home needs to be somewhere you can live comfortably. Bear in mind that healthcare costs could also increase as you get older.
Your finances: Downsizing still costs money. You’ll need to meet conveyancing fees, plus costs for moving, maintenance and home improvements. If you need some support in managing your budget, a conveyancer could guide you through the buying process.
Your lifestyle: Is your lifestyle likely to change? Don’t let your move be guided entirely by money. Your new home should be somewhere that improves your everyday life, especially when it comes to the location and social interactions.
What are the benefits of downsizing?
• Lower maintenance
With a smaller property, you’ll still have all the same type of space you need to live comfortably – just on a more manageable scale. For example, if you’ve got limited mobility, moving to a one-level home means you can comfortably live independently.
• Cost savings
Downsizing could save you money. It’s worth bearing in mind that a smaller home often comes with lower costs for buildings insurance and utility bills. This gives you more freedom to do the things you love.
• Being closer to family
Ready to move back home? Downsizing could mark a new chapter or give you the chance to relocate closer to family and friends. If you’re an empty nester or don’t want to look after a larger home on your own, it’s a sensible choice.
Are there any disadvantages to downsizing?
• Reduced space
Moving to a smaller home means it could take you a little while to adjust to the change in your living space. There’salso a chance that your new home won’t have space for allyour personal possessions and furniture.
• Moving house
Moving comes with emotional cost. It’s one of the biggest reasons why less than a third of homeowners who plan to downsize actually do it, since so many memories live at home. It’s completely understandable if you feel overwhelmed by the prospect of moving.
• Availability
You might be waiting months or even years to secure a property in your preferred local area. It could be necessary to compromise or move elsewhere.
Is downsizing right for you?
If you’re feeling ready to move and you know that you could make a cosy home out of a smaller house, downsizing could be just the right decision for you. It could also get you ready for even more adventures in life.
Just make sure to build a professional support network if you’re ready to plan your move. Having a team of trusted contractors, solicitors and conveyancers on hand will be a lifeline.