As we age, many of us will be considering the benefits of downsizing. A large and mostly empty property is a considerable burden both physically and financially. Downsizing is when you move into a smaller home. This can be considered for a variety of reasons, including saving money, reducing expenditure, to help pay for care services or for locating to a more suitable location.
What are the benefits?
Parting with the family home is a tough decision to make but there are benefits to downsizing in later life.
- Downsizing means moving into a property that is far easier to deal with and manage. This can make it easier to live independently for longer.
- An opportunity to move closer to family or friends perhaps.
- Reducing expenditure with smaller areas to pay energy for and lower maintenance costs.
- Much easier to keep on top of chores and tasks with a smaller property.
Are there any down sides?
Whilst downsizing can be a huge relief to many, it might not be the right option for you at this time, so it’s important to consider if any of these negatives might affect you:
- You might be leaving good friends and neighbours behind. If you have built up a strong network of support over the years, it can be hard to move away from this.
- A whole new area brings with it an element of the unknown. Be sure to find out as much as you can about the potential new area, including access to shops, public transport and how your hobbies might be affected.
- Are you being pressured into a move? You must be sure that you are doing it for your own benefit and not being influenced by friends or family, despite their good intentions.
- Of course, downsizing means having less space. Whilst this is what many seek as they enter later life, if you have lots of visitors or need space for hobbies, it might not be the right decision for you.
What to consider before downsizing
Downsizing can be an effective way to release some extra cash. Many older people feel that they are asset rich but cash poor so downsizing can be a good way to top up a pension or pay off a mortgage, for example.
If you are experiencing changes to your mobility, it might be wise to consider moving to a ground floor accommodation, bungalow or park home, for example. Find out more about Residential Park Homes at a site like Park Home Life.
If you have been bereaved or are experiencing loneliness, a move to a park home neighbourhood might be just right for you. A new home can feel like a new start and there will be a chance to meet and socialise with other people of a similar age.
Whatever your current living situation, whether you rent, own a property or live in council accommodation, there are several downsizing options available so do lots of research to find the ideal solution for your needs.