Moving to a smaller house (commonly known as downsizing) is something that can be very beneficial once you don’t have a need for the space. Firstly, being able to free up some money can really help with your retirement. As well as this, you have less property to maintain, so lower costs of maintenance as well as less time and hassle having to actually do it, which can improve your quality of life – simply, why have a large property when you don’t need one?
Despite all of the benefits of downsizing, it can be an upheaval – emotionally it can be tough, especially if you are leaving a home that you have lived in for a long time and raised your children in, you will understandably have lots of emotional connection to it. There is also the fact that you are likely going to have to get rid of a lot of stuff as you need to fit everything into a smaller home.
However, it doesn’t have to be a stressful chore – planning ahead really helps. By splitting the process into small tasks, you will be able to do it in a more manageable way. Decluttering should come first, as then you can be ready to put your home on the market.
Find a good local estate agent like this estate agents Gloucester based company https://www.mwea.co.uk/ who have a good knowledge of the local area and will be able to advise you and help you throughout the process.
Costs and practical points before you downsize
Downsizing can make a home far easier to live in as you age. If mobility becomes an issue, look for a property with few or no stairs, wide doorways and an open floor plan, so you can stay independent for longer. A retirement community is another option, cutting down on maintenance and offering a ready-made social life.
It is not free, though. Surveys, legal fees and agent fees all come up front, and moving costs or upgrades to the new place can push you over budget. If you are selling a large family home, you may also be buying in a competitive market with little stock, so research prices carefully.
Do not rush it. Your furniture will not shrink with you, so take a few pieces out of each room and clear out things you no longer use well before moving day. Remember that relatives may need time to adjust to the move as well.
Weighing up memories, space and location
Downsizing is not for everyone, so it deserves careful thought. Many people have a strong emotional attachment to a house where they raised their children, and leaving a place full of happy memories can be hard. Set against that is the practical side of managing a larger home as you get older: more maintenance, more stairs and rooms to get around, and higher heating bills for space you no longer use.
If you own your property outright, moving somewhere smaller can release equity to spend on enjoying your retirement. There is also a wide choice of property types to consider, from bungalows and apartments to park homes. No single option suits everyone, so look at several before deciding.
Location matters too. Many of us settled where it suited our jobs or our children’s schools, which can leave us further from family than we would like. Once work and school runs are behind you, you have far more freedom to choose where to live, and being closer to relatives is a common reason to move.