Here’s an analogy which you may relate to – You bought a large house in a suburb of UK with open areas for your kids to play 25 years ago. Now your children are all grown up studying or doing a job in the city, and you are going to retire very soon or maybe you’ve already retired. Your large house mostly remains empty, and there is no point shelling out for the high upkeep costs.
According to property industry reports, it has been found that downsizing your property post-retirement can be a logical and practical decision. A majority of people get afraid thinking about moving out from a large property to a smaller one leaving behind the memories of yesteryear’s.
However, the more you know about the advantages of downsizing, the less you will fear when making the decision.
Below are a few potential reasons why you should consider downsizing your home and why you shouldn’t be afraid of taking the plunge.
- When you occupy a smaller space, the electricity consumption reduces manifold resulting in lower electricity bills which eventually will save you money.
- The more space you occupy, greater is the effort to keep your home neat and clean which is indeed stressful. However, with downsizing, you needn’t worry much about cleaning and maintenance which will reduce significantly when downsizing.
- After you sell your current property, you can use the amount to pay the costs of your smaller property and settle any other debts which you may have. Imagine, no mortgage, not anymore; life would be a lot more peaceful and stress-free! Once you are debt-free, you can start building a new lifestyle and start building your assets for future peace of mind.
- With less space, you can better manage and decorate the interiors. With a smaller property you can decide to go for a cosier ambience that will make you feel right at home.
- If you are retired or about to retire soon, it’s time to start your second innings. You may wish to travel frequently and explore the unexplored. Small apartments are more secure so leaving your home for a week or two will give you peace of mind.
Although, you should never make a hasty decision to downsizing, consider your options, talk to estate agents, and evaluate the value of your current home. If the deal looks profitable, you should consider downsizing.