Downsizing could be the best option

ONE of the best ways to find a easier way of life is by downsizing into a home that is more accessible and easier to maintain – and now’s the time to do it. According to figures released by property company Mccarthy & Stone’s in their annual Retirement Confidence Index, half of people aged 65 and over are tempted to move into smaller homes.

And 38% of that age group would consider doing it now.

“The rise in the number of those who want to downsize is a consequence of the UK’S rapidly ageing population,” says Clive Fenton, chief executive at Mccarthy & Stone.

And because of this, now is the right time to move into a more suitable home for your needs – before there are lots of people trying to snap up the properties.

There are a number of reasons why downsizing could be advantageous, from financial to physical, and should be weighed up when deciding whether to make a move.

Selling the family home and moving to somewhere smaller could free up some cash, which can either be put away for a rainy day or used to enjoy retirement.

A smaller home, particularly if it is a new built house or flat, may also be more energy efficient, which could lead to smaller electricity or gas bills.

A smaller home also requires much less upkeep and means that as the owners get older they have less of a struggle to stay on top of things.

Moving into a flat would also mean that there is no garden to look after.

Or it may be that downsizing will provide the opportunity to move into a more accessible property, including a bungalow or homes adapted for people with limited mobility (ramps, stair lifts and easy entry baths to name just a few of the modifications).

When downsizing, many people look at retirement developments.

These are often blocks of flats or residential parks only available to people above a certain age.

For many people, this is quieter than living in mixed accommodation and offers the chance to socialise with people of a similar age.