Weighing the benefits of downsizing
With the cost of living marching ever upward, many people, especially as they reach their latter years, are thinking about ways to cut back on costs. Perhaps it is eating out less or making sure to turn off house lights. However, for others the idea of downsizing into a smaller home is an excellent way to keep costs down, while also making life easier at the same time. The advantages of downsizing are not just financial however and all options should be weighed up when deciding whether to make a move into somewhere easier to manage. 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 new-build 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 cleaning and means that as the owners get older they have less of a struggle to stay on top of things round the house like hoovering and dusting. Moving into a flat would also mean that there is no garden to look after – so no more wrestling with the lawnmower. 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.