Downsizing to a hassle-free property can be the savvy way to shake off the shackles of responsibility and release some cash once a business has boomed or a family fled. Here’s why you should…
Downsizing allows you to gain access to the wealth held in your property – the baby boomers of today are those who have cashed in on the value of their home. This cash can provide funds for retirement aspirations or to help other family members cover important costs like home deposits or university fees.
Reducing Domestic Maintenance
Having fewer rooms and space to care for can be a relief – at any age. Aching joints and fast minds weren’t made for cleaning and gardening. You’ve got better things to to with your time in early retirement.
Downsizing in later life can allow people to move into properties better suited to their physical needs and that can have a positive impact on their health and wellbeing.
Moving to a smaller and retirement-focused 50-plus property gives people access to greater social contact and interaction. This can help prevent experiences of social isolation and loneliness, which can have negative effects on wellbeing and health.
Downsizing… when is the time right?
Diane Sprouse is an estate agent for YOPA with ten years of experience in helping property clients in Yorkshire downsize.
Changing life habits
Often people don’t think of the little things they might miss when downsizing.
Being able to keep your options open. For example, if you leave behind a house with a garden will you miss being able to have the choice to sit out on a summer afternoon? Even though you neglect your yard for the rest for the year?
Being mindful of replacements for when moments like this happen so they don’t cause stress: Is there a nearby park to satisfy your urge to sit in the sun?
Need space for visitors? Just invest in a blow-up mattress/camp bed or convertible sofa for family visits.
Don’t stress about Christmas gatherings – book a restaurant on Christmas day instead of having a gathering in the family home – no-one will stop loving you just because you’re in a different house!
An estate agent can almost be lie a therapist says Yorkshire estate agent Dianne Sprouse.
“The most important thing I can do is have a conversation about different aspects of downsizing. Just by chatting it can provoke something a vendor may not have thought of. Asking thought-provoking questions may be better than direct advice in some cases.”
Downsizing your belongings
Be logical when sorting through your belongings; although some things might hold some great memories, they simply may not be useful in your new setting. However, it’s important to not be too cut-throat; leaving behind a family home can be emotional, so be sure to keep some items that hold those precious memories!
Keep it in the family. Ask around relatives to see if they would like any of your furniture or belongings that can’t find a space in your new home. It’s a great way to make room but not let go completely; particularly important for larger, more valuable pieces or those with family history.
If you just want to get rid then hold a garage sale or take yourself off to the car boot. For those larger ticket items head to a local auction house. Be mindful that all of this takes time, so to save rushing always overestimate the amount of time it’s going to take. Don’t forget charity shops, which are constantly asking for donations, and will give you a boost that you’re helping a good cause.
Be aware that storage costs can really add up!
Quality of life
Saving money is an obvious improvement to quality of life. Downsizing can be cheaper in many ways with smaller house less expensive to run.
Save money on:
A cleaner – less muck and maintenance !
Expensive bills for heating a larger empty home.
Use saved money for indulgences along the line. Tracking these funds and setting goals could spin a positive if downsizing begrudgingly.
Being unable to manage household upkeep can often be overwhelming, which might lead to all sorts of emotions like guilt or sadness.
If you’re downsizing because your family have grown up and moved out this can also be an emotional time.
By moving into a new space it can help alleviate these feelings and create much more positivity in your life.