Is Your Current Home Too Much To Handle?

If you’re undecided about leaving the family home behind in favour of a smaller residence, this guide will help you understand the benefits of downsizing.

Do you feel overwhelmed by the prospect of leaving the family home behind and opting for a smaller abode as you find yourself growing older? It’s only natural to feel an emotional bond with your property, particularly if you’ve lived predominantly in one place for much of your adult life. Having spent years raising your children and watching them flee the nest, you may harbour dreams of welcoming grandchildren into the fold here as well. So with all the cherished memories which are tied up in the family home, why do so many retirees choose to leave them behind in favour of downsizing. In fact, there are many benefits, of which these are just a few!

Moving Closer To Family

If your family has moved a distance away and you’d rather be nearer to them, downsizing is a great opportunity to relocate a little closer and switch to accommodation that might be more suitable for you as you age. Sunrise Lodges explains that mobile residential accommodation is affordable and can be winterised so that it’s comfortable to live in year-round. You might even choose for your accommodation to be built as an annex on the site of your extended family’s home which would allow you to receive support from them as the years go by.

Raising Equity

It may be several years since you paid your mortgage off, and if you’re lucky enough to have a lot of equity tied up in your property, you might want to take advantage of it at this point in your life. By downsizing, you could release this cash to spend on the trip of a lifetime, a new car, or else to help your children and grandchildren out with their own mortgage commitments.

Save Money on Bills

By moving to smaller accommodation, you can enjoy a significant reduction in bills including a lower council rate band, minimal heating bills and a more energy efficient home. If you’ve previously lived in a large period-style property, you may have become accustomed to the draughtiness of your home and the associated maintenance costs of repairing old boilers and insulation. When downsizing to a more compact residence, you’ll be amazed at how much you can save in comparison to your previous address.

Accessibility

Age UK reports that 40% of people aged over 60 years old, are affected by Limitations on Activities of Daily Living (LADL). This increases to 75% of those aged over 80. Conditions such as arthritis can limit your mobility and make it difficult to navigate your home safely, particularly if stairs are involved. Downsizing is a great chance to move to accommodation which is single-level. There are over 6.5million UK retirees competing for around 2million bungalows across the nation, but lodge accommodation is also a fantastic option which costs a fraction of the price. You can be assured of a more accessible residence which is easy to move around safely and you’ll have much less housework to tackle too.

Downsizing can be a big decision but with so many benefits, it’s definitely worth exploring this as an option. Why not have a frank discussion with your family about the possibility of moving to smaller accommodation and then have a look at the style of properties that you might consider moving to?