When you downsize, it means selling your larger home to move into a smaller, less expensive property. There are many benefits to making this decision in retirement:
- Reduce your outgoings
The cost of living in a larger house is not all in the mortgage amount. The cost of utilities and upkeep will be greater as well, sometimes coming to hundreds of pounds extra per month.
Perhaps the area you live in has a higher cost of living than other areas and moving to another neighbourhood could reduce your expenditure on fuel and other amenities.
Home maintenance can prove very costly and older people are among the most likely to have not had repairs or maintenance carried out recently. This could be due to a lack of available money but means they are far more likely to suffer housing problems as a result. This has a longer-term effect on the value of a property.
Consider how much money you would save by having a property with a smaller living space, garden, landscaped areas, roofing, patios and energy systems. Do you have current areas that are causing you too much hassle and expense to keep up? These could include conservatories, ponds, spare bedrooms, garages or large garden spaces.
In terms of saving money on utilities, a smaller home costs less to cool or heat, a smaller or non-existent garden means less watering and mowing, and a larger, older home was not built with energy conservation in mind.
- Better quality of life
As well as improving your financial situation, downsizing can make you happier in your quality of life. Think of all the time and effort saved, when there’s not so much to maintain, organise and clean. Perhaps your move is taking you closer to family and friends, so you can spend more time with the most important people in your life.
You could choose a retirement park where there are lots of activities and like-minded people. This will help you to keep busy, meet new people and not feel alone. For Bedfordshire Park Homes, visit http://www.parkhomelife.com/park_pineview.aspx
Consider the following when looking for a suitable place to spend your retirement:
How close is it to family and/or friends?
What is the weather like?
Are there plenty of opportunities nearby for adult education classes, social clubs or hobbies?
Is there a GP surgery or hospital nearby?
Is the air quality good?
What are local crime rates like?
How available and costly are local recreational facilities?
What is the local public transport network like?
Are there plenty of shops and restaurants close by?
Is the smaller property easy to maintain?
Does it have stairs? What if your mobility needs change?
Is the property wheelchair-friendly if it needed to be?