If your house or grounds are getting too much to manage, you have far more space than you need or maintenance bills are too high, it might be time to consider downsizing your home. A wave of baby boomers has hit the real estate market in recent years, and there is more competition when it comes to looking for easy-to-manage properties with fewer bedrooms and smaller floor space.
If you need a more compact house, you aren’t alone. Many people are currently in the process of sorting through their possessions to make it easier to move out of their home. For many older adults there is little point in staying in the same place once the kids have moved out and life has started to slow down, especially if the home is now unsuitable due to size or layout.
Travelling more than necessary can become unappealing as you get older, and many people of retirement age find it useful to move nearer to the places they want to visit frequently, or closer to family.
Practical people might want to be close to supermarkets, leisure activities and restaurants, and they may look specifically for low-maintenance homes. Others want a rural life in a quiet place that still has easy access to amenities like doctors, hospitals and shops. Retirement villages are a secure choice for those who want support close by in case they need it.
If your savings plans have come to fruition and you are mortgage-free (or near enough), selling a decent-sized home and buying something smaller is a good way to free up some cash for holidays, spending, or even buying a newer home. Think about what you’d like to spend the extra money on, and you may find that you would be happy to live in a smaller house if you had more money at your disposal.
If you are not in your twilight years, a home for retirement could still be relevant as an investment property. If you can afford to buy a small home and rent it out now, it will be ready for you when the time comes to downsize.
Sentimental items are important to people, but downsizing is difficult if all the furniture, keepsakes and ornaments have to be moved too. It can be hard, but try to be sensible and realistic and decide what you want and need in your new, smaller home. Some precious items could find a new home with your children’s families.
Clearing out your possessions can be tiring, and moving house is physically and emotionally stressful. Start planning ahead to give yourself time to be ready for the change. Be sure to enlist help from friends or a professional moving company to make the process smoother and easier for you.