Downsizing to easy life could pay dividends

WITH the breakneck pace of the modern world, it’s no wonder that many of us are trying to find an easier, maybe even slower, way of life – whether it’s moving to the country for a bit of peace and quiet, or being closer to loved ones.

With that in mind, downsizing into a home that is easier to maintain and more accessible could be the best option – and now is the time to do it.

There are a number of reasons why downsizing can be advantageous, from financial to physical and these benefits 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 could either be put away for a rainy day or used to enjoy retirement. A report by Lloyds Bank shows that moving from a detached three-bedroom home to a flat or bungalow could earn downsizers an average of £109,659.

A smaller home, particularly if it is a newbuild 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, stairlifts and easy entry baths to name just a few of the modifications).

When downsizing, it is common that people will consider 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.