Joy Stapley, Our Dundee Property Manager lists potential benefits to finding a smaller property.
The thought of downsizing as retirement gets closer can be daunting. Especially when your property has been the family home for many years and holds a lot of happy memories. However, it is often a sensible option for various reasons once offspring have flown the nest.
As you move towards retirement it is important to look at the benefits of downsizing from both a financial, health and practical perspective.
Financially, the task of heating and maintaining a large home can be a significant expense. Selling your current home and moving into a smaller and therefore cheaper property should release capital which you can use to enjoy your retirement. This could then be invested to provide extra income, pay off any residual mortgage or debts or provide a deposit for a child’s first home.
Location is important. It is sensible to plan for a time when using a car may not be possible so you may want to consider a home within walking distance of everyday amenities or close to a bus route. Your children or grandchildren may also been keen that you are closer to them which is worth giving some thought to.
Also, choosing the best type of property to suit your particular needs and preferences is important. Would you prefer the security of a modern flat with the benefit of low maintenance, the reassurance of security and no garden to keep? However, if you are thinking of moving to an apartment block, check there is lift access to make things easier in case stairs become more challenging at some point.
Or perhaps your ideal retirement home would be a small bungalow with a garden to give you more flexibility and freedom while still reducing overall property maintenance costs and problems.
Considering the option of downsizing early will allow you to consider how you live a ‘downsized’ lifestyle before you are forced to do so. You’ll be able to choose a home which will suit you throughout retirement and one you can enjoy for many years.
There is little to be gained by putting off the decision, as it does not get any easier. If you are considering a sale, now is the best time to act.