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Things to consider when downsizing in retirement

Downsizing is certainly a goal for many older adults who are looking to de-clutter to enjoy a more active and maintenance-free lifestyle.

Of course, you’ll find both advantages and disadvantages of downsizing home. When it comes to the size of your home, sometimes less is more. We advise carefully considering all points relevant to you before making an informed decision.

Here are the top pros and cons to help you decide if downsizing is right for you.

Release financial benefits

You can unlock the money from your current home if you downsize to a smaller and less expensive property. For many, the actual money unlocked can be modest and can compromise on space and style. Reducing or eliminating your mortgage and cutting your utility and council tax bills all help fund a better retirement. On average downsizers release around £80,000.

Enjoy the freedom

When you downsize your expenditure on your home is likely to decrease as well.  This gives you the freedom to live a little more. It could mean you take up a new hobby, enjoy more travel or indulge in more cultural and entertainment adventures. Platinum Skies have seen residents sail off on a cruise with their unlocked cash, with many taking their overseas trips more than twice times a year!

You can be debt-free

For many the opportunity to wipe the slate clean and get rid of old debts has a strong appeal, giving peace of mind and financial certainty. Downsizing helps to release money from your old home that can be used to give you a fresh start, a certain budget and the ability to relax and enjoy life.

Reduce your time and money spent on your home’s upkeep

Maintaining and keeping up your home and garden requires a sizable amount of time and money and this gets harder every year. Downsizing to a new property, particularly an apartment reduces the time, money and effort in upkeep and maintenance such as gardening or window cleaning.

Enjoy the right space for you

Homes that have the right size rooms to accommodate those living there and for guest when they say hello will feel, cosy, warm and comfortable. You can create and intimate environment and a warm and inviting atmosphere.

You can be part of a community

Many retirees who downsize choose a retirement living apartment because of the sense of community and belonging that this can bring. Retirement living sites such as Chapters, Vista, Esprit and Monterey provide communal spaces to socialise, chat with a neighbour and join in with activities as and when you choose to. Retirement living helps combat loneliness and isolation and for many couples and singles is ideal.

You’ll have fewer spaces for entertaining

A smaller home means you may no longer be able to host large family gatherings, at least not in the way you had in the past, due to smaller entertaining space. If you have traditionally had children, grandchildren and extended relatives stay in your home it could become challenging to organise big events. In each Platinum Skies retirement living sites, we have provided a guest suite for family and friends to feel welcomed, along with spacious living rooms, bistros, activity spaces, treatment rooms, TV lounges, and social outside seating in the gardens.

You’ll find your smaller home may feel cramped

While smaller spaces can feel cosy, they can also feel cramped. This is particularly the case if you’re accustomed to a much larger home.  One thing you can do to help ease the adjustment is to look for a home offering higher ceilings. Additionally, invest in a smaller home equipped with abundant windows that allow natural light to flow into the home, making smaller spaces appear bigger.

Platinum Skies have designed every home to boost everyday well-being. Larger than average rooms with big windows allow natural light to flood into the home and in many properties, enjoying the sun from the private balconies or terrace.

You’ll need to adjust your lifestyle

Looking after and living in a large home is a lifestyle in itself. Moving to a smaller home forces you to adjust how you live. You will need to consider the way you shop, maybe shopping more frequently; your hobbies and the space you need for them; how you entertain and how you accommodate visitors.

Situated in great locations that offer ease of access to healthcare, transport and lifestyle amenities. We have everything on your doorstep gives you freedom of choice.

You’ll have less storage space.

You may have been looking forward to having less space to clean and care for however the reality, though, can be very different. If you downsize you need to reduce furniture and other possessions to account for the loss of some of your space. However, there are a multitude of clever storage solutions, not least the ability to store thousand of treasured photographs, movies and even more extensive music collections and books digitally freeing up a lot of valuable space.

You’ll have to keep an eye on the costs

Moving home can be expensive.  You need to carefully consider the costs and how they will erode any equity that you release through downsizing. You should consider legal costs for the sale of your old home and the purchase of your new home; Estate Agents fees for selling your home; Removal costs and handy man costs for getting your new home set up; Stamp Duty costs and the cost of new furniture as you may need new items to fit in your new home.

This could be the smartest retirement decision you ever make

With Platinum Skies, instead of buying your new home outright, you pay just half of its full market value. This leaves you with a lot more cash unlocked to invest or use to enjoy life to the full. When you compare this with traditional ways of releasing money from your old property, it’s easy to see why so many retirees are choosing to make their move with us.

Contact us on 01202 088051 or to book a full guided tour of the homes and communal facilities or to find out more information on our services.

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