More often than not, downsizing our homes seems like the best way to free up some extra cash to fund our retirement and give us financial peace of mind to enjoy our later years. However, many of us often delay the process of selling up, especially when we feel as though we can still manage. Moving can be tiring, stressful and physically demanding and it’s tricky to know exactly when you should take the leap.
However, the danger of putting off the move for too long could mean that you ‘miss the boat’ and have no option but to stay put. So, what does someone do if they can’t decide whether downsizing is currently right for them? Cathy Johnston from MHA Auchlochan has provided five signs which might indicate it’s time to bite the bullet and uproot.
There are several rooms you never or rarely use
It might sound obvious, but spending the majority of your time in just a few rooms is a key indicator that it might be good idea to move to a smaller property. Why spend time fretting over the up-keep of bedrooms which are not in use? Being in a big house, either alone or with a partner, can be lonely too. You might find a smaller home more manageable – emotionally and practically.
The garden is becoming more of a chore than a pleasure
Even for the most active amongst us, mowing the lawn, weeding and keeping everything spick and span can get difficult and uncomfortable, and as we get older it may eventually become impossible. Smaller properties which come with communal, tended gardens can be a great compromise for those people who want to do away with the stress of maintaining their own garden whilst still being able to enjoy nature on their doorstep.
You’re concerned about how your needs might change
It might be true that 60 is the new 40 but with retirement now lasting up to thirty years or longer, the reality is that the vast majority of us will become less mobile as we age, and many of us will require some form of care.
If you’re starting to worry more about everything from living on your own with no help on hand, to whether you’ll eventually be able to do simple things such as bend down to reach the oven, investigating retirement living options could do a lot for your piece of mind.
You’re still longing for that location you’ve been dreaming of for years
Many of us have had an idyllic location and property in the back of our mind for years. Whether it was on that commuter train every morning or in late night discussions with a partner that the seed was first planted, a perfect retirement home and lifestyle is a dream lots of us have been nurturing for years. When most people move to a property for retirement, they envisage it as their home for the rest of their life so now may well be the perfect time to fulfil those dreams.
You’re still active and able
It remains a reality that too many people leave downsizing until it’s a necessity, making the move stressful - emotionally and physically. Many retirees wish they’d moved out of their previous home years or even decades before they did, especially when moving to a new place and into a new community. It’s important that you have the energy and ability not only to make the physical move, but to deal with the stress of the change, throw yourself into your new life and get as much pleasure as possible out of your new home.
- Advice courtesy of Cathy Johnston
- For more money-saving tips, pick up the latest copy of Yours magazine
- If you’re planning to downside, why not apply for a FREE equity guide on how to unlock cash from your home.