If your home has become a bit too much to manage, or you feel you no longer need so much space, then now could be the right time to move to a smaller property. Here, we weigh up the benefits:

1. FREES UP FINANCES:

When the mortgage is nearly, or completely, paid off, it gives you financial freedom, but opting to downsize to a smaller and cheaper property could provide you with complete financial freedom as the extra cash will allow you to do as you wish. Could this fund that once-in-a-lifetime trip you have put off going on?

2. CHEAPER TO RUN:

With increasing fuel prices, larger properties are expensive to run. However, a new-build retirement home or smaller property is often more energy efficient, meaning cheaper running costs, and because there are fewer rooms to heat, you should see a drop in your electricity and gas bills.

3. EASIER TO MANAGE:

A smaller home also requires much less upkeep and means that, as you get older, you will 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. However, you may not miss out, as some have beautifully landscaped communal gardens, so you really do get the best of both worlds.

4. YOU WILL NEVER BE LONELY:

Sometimes people are forced to downsize after the loss of a loved one, but if you opt to move into a retirement village or park home, there is a great sense of community, so you will soon make friends and always have company. There is often a communal lounge or community hub on site which is the perfect place to socialise with your new neighbours.

5. SPECIAL INCENTIVES:

Some property developers, retirement villages and park home companies offer special incentives that make the move stress-free. For example, you could benefit from up to £12,000 paid towards your moving costs and sometimes part exchange is available too.