Downsizing is the process of moving to a smaller property, which can be a tough decision for many, as their current home may hold a lot of fond memories. However, it can prove to be a benefit for many people; it can boost an individual’s finances, help reduce expenses, move to a more suitable home, better location or even help you pay for care. Research has concluded hat 64 is the best age to downsize, with people still being mentally agile enough to deal with the house sales process whilst also benefitting from getting rid of the unused space.
It's worth considering downsizing if the following points seem beneficial to you:
- A chance to move to a more favourable location, possibly closer to family or friends
- It’s a way to raise money by selling your current home. In most cases smaller properties are also cheaper to run, generally you can expect lower council tax and energy bills. Repair costs and maintenance are also likely to be lower
- The chance to move to a property that’s easier to manage, helping with the pursuit of independent living. Tasks are easier to keep on top of in a smaller property
