There are lots of people who are living in a space that is basically too big for them. Rooms once filled with children, their friends and their accompanying clutter are now just places to store things you never really look at.
This, along with the desire to release some cash, are two popular reasons why so many older people are making the positive decision to downsize, and looking to gain lots of practical and financial benefits, which we outline below.
The financial benefits of downsizing
The new property is generally cheaper
Moving to a smaller house, bungalow, or apartment should cost less than the original place, which means there’s likely to be a cash bonus that can be used to fund adventure in retirement. Some people choose to sell (or release equity) and use the surplus cash to buy into a retirement village property, something like the park homes Gloucestershire has on offer.
Monthly outgoings are usually reduced
The new property may be in a lower council tax band, and being smaller means it should cost less to keep warm. Ongoing maintenance costs could be lower too if the new place is in great condition.
The practical benefits of downsizing
Less (or no) outside space to manage
Huge gardens with lawns and fruit trees are a lot to keep up with, even if you are a very keen gardener. After downsizing, you can easily secure a property with a smaller garden, or an apartment with a balcony for flowering pots. Another option is to pick out a park home you like the look of, as these tend to have a mix of private space and communal greenery.
There’s less clutter
Somehow we all seem to end up with lots of things we don’t really need, use, or want, so downsizing is a great way to get rid of those things. This can be a time-consuming task so it’s best to start on it early and ask friends and family for help and support through the task. Always declutter room by room, and sort things immediately into a keep-donate-bin system.
Domestic chores are reduced!
The smaller your home, the less cleaning you need to do. That’s got to be a winning situation for plenty of people.
