Whether or not to downsize and move to a smaller bungalow or retirement home is a question that faces many of us when we reach an older age. We take a look at some of the reasons why you should consider making that move:
As we get older, the family home that was once brimming with activity may suddenly feel a little overwhelming. While all that space had its benefits back when there were children running around, now it is daunting, especially if mobility is becoming an issue. Many older people find that living in a house that is too large for them, especially if they have lost their partner, makes them feel more isolated and alone. Downsizing can be the chance to move closer to loved ones, or into communities where you will always be surrounded by friendly faces.
Moving to a smaller home means you won’t have as far to walk to get to where you need to be, lessening the strain on your body. It takes a lot longer to get to the bathroom or the kitchen than it did in your younger years, but this will be less of an issue if your living space is more compact. Older people are more prone to trips and falls; the majority of which, in the home, occur on stairs. Downsizing to a ground floor flat, bungalow or retirement complex can eliminate this risk, taking some of the day-to-day worries and stresses away.
Moving into a smaller property or flat can often be far cheaper than staying in your big house. For one, heating costs will be considerably lower for a smaller home than it will be to heat your current accommodation. Other bills are likely to be lower too in a smaller home. There is likely to be a significant price difference between your current home and your downsized house, meaning that you will have plenty of money to cover the essentials, putting your mind at ease a little more. This also provides you with the opportunity to invest a bit of money in other areas!
As seniors, it is likely that your health is not quite what it used to be. Unfortunately, the cost of care is unaffordable for many, and options for seniors with no money can be quite limited, so selling your houses and downsizing to a smaller abode can sometimes be crucial for raising funds to afford this care. If this isn’t the option for you, downsizing can also provide the opportunity to move closer to loved ones, so that they can visit you more frequently.
While it may not impact you, it is always nice to think of the younger generations. It is often a struggle for young families to find housing, yet research from the Associated Retirement Community Operators believe that if only 5 percent of older occupiers downsized their homes there would be around 210,000 family homes available on the market for families to move into!
What are your thoughts on downsizing? Let us know in the comments or via social media!