Some older homeowners may want to stay in their bigger homes, while others may be looking for a change and consider buying a smaller home.
Below we list some tips to help older homeowners decide if downsizing their home is the right option.
Equity in your home
The equity in your home could help with your general living costs, the average over 55 has about £135,000 equity in their home.
Save on bills and upkeep
Bigger homes cost more to keep. Your overall cost are likely to be less if you move to a smaller home. So, you may find that downsizing will save you money each month, and you’ll also free up cash from the equity that’s built up over the years.
Look for a space that works better for you
At various stages in our lives, we require different things from our home, and it’s a good idea to look at what you need, now and further down the line.
Would it be beneficial to you to have your living space all on one level? Would fewer bedrooms work for you? Do you want less garden or more space for hobbies? If you’ve lived in your home for a long time, it can be difficult to let go of all the memories, however, try to think practically about your home and focus on what would be best for you and your life, right now.
Focus on stripping back to only the things you really need.
Having less space for your belongings means you’ll have to be thorough when clearing the clutter. Tackling that garage or loft that has been accumulating stuff for years may seem daunting, but it will need to be done if you’re considering a move to a smaller home.
Maintaining your home can be more difficult as you get older, so why do more than you need to? A smaller home means less housework, fewer surfaces to dust, and fewer rooms to hoover, giving you more time to enjoy this new time in your life.
If you are looking to downsize, our team will be happy to advise you.
Feel free to get in touch with us here.