What’s the perfect age to downsize?
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What’s the perfect age to downsize?
The ideal age to downsize is 64, but differs person to person.
If you’ve considered downsizing but aren’t sure when the right time to do it is, you’ve come to the right place. We Buy Any House have put together this article to help you decide when the time is right.
Half of over 60’s have admitted that they struggle to maintain their properties, and a third can’t keep up with maintaining their gardens. Through research done by Retirement Move, we’ve learnt that the perfect age to downsize is 64. Downsizing at this age allows you to get the best out of your house, and means that you don’t struggle with the stress and physical labour of moving house.
After retiring, you tend to have less income which is why downsizing is so popular if you’ve got a large house with space that you’re not utilising; if you’re asset rich but cash poor, downsizing releases your equity and lets you live more comfortably. There are a few things that it’s worth considering before you commit to downsizing-
- The cost of selling
- The cost of moving
- The potential change in taxes.
If you’re looking to downsize to save money in the long term, you want to make sure that these upfront costs are affordable and that your outgoings long term will be reduced in your new house. Your council tax, insurance, and utilities can change when you move depending on where you move, so it’s worth making sure that moving will reduce these.
How do I know when it’s the right time for me to downsize?
There are a couple of indicators that may mean it’s the right time for you to downsize- if you find that you’re struggling to maintain your house, for example. This is a common reason that homeowners downsize, as age or physical restrictions can make it difficult to clean a large house regularly. It can also be hard work if you have a large garden or hedges, as keeping these trimmed is a lot of work that can be hard as you’re getting older.
If you’ve recently retired, your income will be dropping and so you may decide that you want to decrease your outgoings to free up your money to enjoy your retirement. Usually, downsizing will mean you pay less for your utilities, council tax and mortgage. Selling a larger house and buying something smaller also releases equity and gives you the freedom to use that money however you choose instead of it being tied up in your property.
If you find that you’ve got a lot of unused space in your house, this can be another sign that it’s time to downsize. You may be paying more for your utility bills than you need to if you’re heating rooms that aren’t being used, especially if you had a large family but your children have grown up and moved out. Downsizing is ideal at this stage, as it can often be isolating to live in a big house on your own. It is also common for someone recently bereaved to downsize if they are finding themselves lost in the property they used to share with someone else.
Retirement is a time to celebrate and enjoy yourself, and often choosing to downsize can free up the funds for you to live your retirement to the fullest for cruises, travelling or whatever it is that you want to do. It also means that you have fewer ties and can spend more time away without worrying about your house being maintained.
Overall, when it comes to the right time to downsizing, the most important factor is what you feel is best. If you’ve been thinking about downsizing and want to know what your house might be worth, contact We Buy Any House today for a free quote.
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