Downsizing your house is a big decision. For most people, their home is their biggest asset and means a lot to them, particularly if they have brought their family up there. However, a house is also their biggest expense. As we progress into our retirement, things are changing rapidly and moving home may feel too overwhelming to consider. Emotionally, it's hard to let go of a home filled with memories. This is why many people wait until late into their retirement to downsize. Here are the reasons why you should consider downsizing sooner rather than later.
1. Freeing Up Equity
Depending on your current situation, you can free up cash by selling your large family home and moving into a smaller apartment which better meets your needs. Retirement is a time when many people want to try new things, travel, pursue an interest and enjoy life to the full. Many worry about how they will be financially secure at this time of their life or even if they can afford to retire at all. Moving to a smaller property can help to make all your dreams a reality.
2. More Time
Maintaining, cleaning and generally running a large household takes a lot of time, energy and effort. This is something that is precious in later years. This can become tiresome in later years and takes away from your enjoyment of life. It can be a major issue if you have mobility issues either now or in the future. Consider living somewhere that is more manageable and accessible. It’s best to make the change now rather than later. Time should be spent on enjoying yourself, being with the ones you love and relaxing after a lifetime of hard work.
3. Lower Utility Bills
Having a smaller living area will result in lower heating and general utility bills. When there is only one or two of you in a large home, it makes no sense to heat and run empty space. As you are budgeting for retirement, it is important to take this into consideration. With the rising cost of fuel and electricity, it makes sense to downsize and start saving as soon as possible.
4. Mentally Freeing
As we grow older, we accumulate more and more possessions from a lifetime of birthday presents, ornament collecting and car boot rummaging. Each and every thing holds some kind of sentimental value and it’s impossible to fit these into your new home. Keeping the most precious few items and dispersing the rest to loved ones or the charity shop can really free your mind of all that clutter!
5. Finding the Perfect Location
Moving house is a great way to reduce direct costs but it can also affect indirect costs if you move to the location that’s right for you. A new location can put you within walking distance of friends or family. You could position yourself closer to facilities and amenities. Perhaps you often take trips to the seaside or to town and would prefer to live closer and give up the expense of a car. There are so many options. If you are considering retirement living, browse our apartments for sale page for a location that’s right for you.
These are just some of the reasons why downsizing can benefit all areas of your life to help you to have a happy and secure retirement. If you’re unsure on how to downsize your belongings to fit your new home, have a look at our post on tips for decorating your retirement apartment for ideas.