Downsizing is a significant moment in the lives of many folks. It’s a time when you can scale back and enjoy the freedom of an empty nest.
Selling the family home to live in a smaller property requiring less maintenance is an attractive proposition for many in their 50s and 60s. And the profit of any sale can provide financial security and cash to spend on travel or hobbies.
But, always talk to a financial adviser to ensure you achieve the financial and life goals you anticipate from selling the family home.
Planning is the key to downsizing successfully, and you should always consider your needs in your more advanced years. Below are a few ideas for consideration as you prepare to downsize.
Social network
Location is so important when downsizing. It’s advisable to stay close to family and friends. Finding yourself in a new community can be daunting, even stressful.
Easy access
While you may be mobile today, do you see yourself running up and down a steep staircase in the near future? Probably not.
Wheelchairs
There may be a time when you or a loved one will need disabled access. Make sure your property can be modified for this possibility.
Low maintenance
A primary reason for downsizing is to reduce the time and effort spent on maintaining and repairing a home. Only consider properties that will free you from this burden.
Green thumb
Many folks get tremendous pleasure from their garden in their later years. It can keep you physically active and mentally engaged. Ideally, your next garden should have good paths for easy and safe access. Word of warning: don’t bite off more than you can chew.
Furry friends
A pet offers wonderful companionship, of course. If you have a dog, ensure the property fencing is secure so you don’t have to worry about them escaping.
Essential services
Before buying a smaller home, check its proximity to critical services, such as a doctor’s clinic and hospital.
Parking
You don’t want to fight for street parking every time you come home. Rule out any property without off-street parking.
Walking distance
If you need public transport or other amenities, such as neighborhood shops, ensure they are within comfortable walking distance.