Maintaining a large home can be both costly, with expensive monthly bills, and time-consuming, with a large space to maintain. In this post, we’ve compiled our expert advice and guidance to make downsizing your home, nice and simple so that you can fully enjoy retirement – especially in the comfort of your new retirement home/apartment.
1. What are your Retirement Home Options?
Firstly, you need to know your options for downsizing, and decide exactly the location and type of property you want to buy. Let’s starts with the location, do you want to stay in the area you already live in? Or do you want move to a completely new area? This might be closer to family, or even by the seaside – you have options. Once you’ve decided on a location, you need to determine what style of property you need. Do you want to live in a smaller house? Or be part of a retirement community, like Churchill Retirement Living? It’s important to do your research and remember that most retirement communities provide independent living, so you don’t have to worry about your independence. You want to find a property that is right for you and the lifestyle you want.
2. Size Matters
By how much do you want to downsize? Perhaps you want a smaller version of your house or something completely different. Do you still want a garden to maintain? This is important if you’re a keen gardener and want to keep up your hobby. But, on the other hand, a residential retirement community, can still give you the conveniences you need, with the advantages of a positive social life with other retirees and the added value of the leisure facilities - which might be more suitable for you. If it’s outdoor space you want, retirement communities offer shared gardens, where you can still enjoy the hobbies you love.
3. Calculating the Costs of Downsizing
The next consideration is money, you need to determine your likely costs for downsizing. You can do this by calculating the value of your current home by contacting your local estate agents for valuations. Once you know the capital you have, you can begin the search to find your ideal retirement property. You also need to calculate the cost of the move itself – include everything from solicitor fees, estate agent fees, the cost of a removal company, stamp duty and the potential added cost of any decorating that might be needed. If you’re mortgage free the above costs will be relatively straight forward, however if you still have a mortgage, you might need to look into getting a home loan.
4. De-cluttering the Right Way
Once you’ve decided on the right retirement property for you, the next hurdle is figuring out how you’re going to de-clutter for the move. The likelihood is that you will have too much furniture for your new home - yes? So work out what you need and what you don’t. The furniture you don’t need will always go to a good home whether it’s with family, friends, charity or even something you can sell - the extra cash is always a bonus.
5. Reassess Your New Space
Finally, when you have purchased your new retirement home, get a new perspective on it and reassess the new space you have and the storage that comes with it. Be sure you know exactly what will fit in your new home or apartment before you get rid of your furniture. If the new place has plenty of room for storage, you could potentially fit a lot more in than you expected. You could even take measurements of the large furniture you want to keep, to determine what will fit.
With all this in mind, it’s time for you to start planning your downsize for retirement and remember simplifying your lifestyle and financial outcomes will always come up trumps!