Time to downsize?
You may find that buying a smaller property will give your life a welcomed boost.
If you would consider yourself to be an ‘empty nester’ then there are amazing opportunities for you to downsize to a smaller property and live the life you dream of.
When it comes to property, downsizing is the process of selling your house and buying a smaller property. There are many benefits associated with the concept, as a smaller house often means less responsibilities and far more freedom.
FREE UP CAPITAL FOR YOUR DREAM RETIREMENT
Downsizing is attractive to those soon to be retired as the difference in price between the two houses – old and new – can be used to boost income during retirement. With the profits made from downsizing, along with your pension schemes or alternative savings, you could have the retirement of your dreams! Reduced mortgage payments, utility costs and lower rates of property tax are all financial benefits of downsizing your property. As these savings build up, they could be used to pay off credit cards or loans, allowing you to relax and enjoy your retirement debt-free, or could even be put towards the item at the top of your bucket list.
FORM NEW FRIENDSHIPS IN RETIREMENT VILLAGES
As people reach retirement age or beyond, one option is to sell up and move into assisted living accommodation or a retirement village. There are a number of stunning residential communities for over-50s across Scotland, boasting a degree of neighbourliness unrivalled by cities or fragmented suburban towns.
As the pace of modern living continues to quicken, retirement villages offer a tranquil setting in which to enjoy life at a leisurely rate, surrounded by like-minded people.
And, contrary to what their name may suggest, you don’t actually need to be retired to downsize there! As long as you are within the correct age bracket, usually 50+ or 60+, you can move right in. And, while downsizing can be a sad time for many, often occurring as a result of losing a loved one, moving to a retirement village or assisted living community means constant company and companionship. Communal lounges and community hubs on site provide the perfect setting in which to mingle with neighbours and build new relationships. You’ll never be lonely again!
FAR LESS MAINTENANCE, FAR LESS WORRY
If residential areas catering specifically to those in their later years don’t appeal to you, simply downsizing to a smaller house with fewer bedrooms can also significantly improve your lifestyle once you reach a mature age. Smaller houses require much less upkeep, meaning that the older you get, the less you will struggle to stay on top of everyday tasks such as tidying and vacuuming. Less maintenance usually means less hassle, less stress and more time to sit back and relax.
THE PERFECT OPPORTUNITY TO DECLUTTER
Whether you are downsizing to free up capital, to enjoy a less stressful pace of living, or simply because you no longer need those three spare bedrooms upstairs, you will always need to declutter before you move. And, while this may seem like a daunting process, lightening your load of possessions can be extremely freeing. As well as creating a far more pleasant living environment, reducing the amount of “stuff” filling up your home can actually alleviate stress, reduce anxiety and can improve your sleeping patterns.
A good way to start your declutter is to mentally go through each room in your home, ticking off items of furniture you no longer need and those you will be taking with you. You can then make an action plan, outlining high-priority tasks, such as the selling or donating of a bed, and lower-priority tasks, such as sorting through your shoes.