There is no rule that says you have to downsize when you reach a certain age. However, it can often be a good idea to shrink the size of your home. After all, you probably don’t need all the space and you may not want to spend all your time looking after a garden.
But, before you rush into your downsizing project, there are a few tips worth knowing that can help you make the most of this opportunity.
Get the Value Right
If you own your home you probably bought it many years ago and paid a lot less than it is worth today. Because of this, it can be tempting to put your home on the market for less than it is worth as you will still be making a significant profit.
However, the money you make from selling your house won’t just help you purchase a new one, it can help you enjoy and afford retirement.
You need to speak to several estate agents and it’s a good idea to your local real estate auctioneer. They’ll give you an accurate and realistic value as well as the option for a quick sell. They can also be useful when looking to buy your next place.
Downsizing is designed to make it cheaper to run your home and potentially keep it warm in the winter. But, you also need to consider what your current space is used for and how much. For example, if you currently have a four-bedroom house and you use one bedroom, how often are the other rooms needed?
Working this out helps you decide if you need a one-bedroom or six-bedroom house in the future. Although a six-bedroom is not downsizing!
You also need to consider space for hobbies and to make sure you have enough room not to get under each other’s feet.
One of the most attractive reasons to downsize, other than money-saving, is the fact that you can choose a home on one level. This means you can avoid the hassle and risk of stairs and even a long driveway. Consider this aspect carefully before downsizing as you are unlikely to get a better opportunity to choose a house that you can age in.
Another thing that you need to consider is companionship. How many friends and neighbours do you have in your area? They can be instrumental to your aging at home and a good reason not to move. But, if you feel isolated where you are, downsizing is a good opportunity to find a mature community and create a new circle of friends.
Being Ready To Downsize
You can downsize at any time in your life, as long as you feel you have enough space for you and your family in your home. The secret is to declutter your home and you’ll quickly see how much excess space you have that you don’t need. This can help you to identify the perfect sized home for the future and start your downsizing quest. If you feel like your home is just too big for you, you can also sell it and look for a smaller property, a quick way to sell your current home is through a real estate investor like Your Trusted Home Buyer.