If you have got to the point in your life when the kids have left home, and you are rattling around in your family home you may have considered downsizing. This is a great option if you want to live in more compact accommodation and release the equity from your home. Before you book the moving truck though, here are five things to consider when downsizing.
Some people like to stay close to home when they downsize as they want to be around friends and family. You may have a dream location in mind, somewhere you have always wanted to live but never got the chance to. Now might be the perfect opportunity. Many older people retire to warmer climates or places that will give them a good lifestyle for the money they want to spend. The choice is yours, but this should be the first thing you think about before you start looking.
What Space Will You Need?
You have been used to having a lot of space so deciding what you need and what you can do without can be a challenge. Make a note of the things your new home must have and things you can do without. For example, you might only need two bedrooms, but your laundry room might see the most use of all the rooms in your house. This is a wish list, but you should be prepared to compromise if you find your dream house.
Type of Complex
Do you want to live totally independently in a smaller home, or do you need support? A facility like McKnight Place can offer you independent living while giving you access to skilled nursing staff 24/7. Consider what amenities you need to have around you and how you will get to them. If you drive everywhere then you might not mind if the shops are a few miles away but if you want the option to walk you might prefer the local amenities to be closer.
What Possessions You Need
If you are downsizing, you can’t take everything with you and you will need to get rid of a lot of your possessions. Don’t try to sort through everything on moving day. Give yourself a few months to de-clutter and decide what you really need before you sell up and go. That way it won’t be so daunting.
You should crunch the numbers before you start putting on offers on a new home. Work out how much you will have to spare once you have sold your home. Don’t forget to factor in the cost of moving, paying a real estate agent, solicitor, and removal company. If you have been in your home for a long time, you may be surprised at how much the cost of these services has risen. Once you are satisfied that your dream home is within your price range you can make an offer.
Consider these five things when you are downsizing, and you will have a good idea of where you want to be before you start looking. This will help to take the stress out of the process and make your new home a happy one.