Downsizing in later life

Downsizing is becoming increasingly popular in the UK, with a recent study finding that almost half of over 55s plan to downsize to live in smaller and cheaper accommodation in later life. For some, you might consider downsizing if:

• Your house is too big to maintain
• You’d like to cut monthly outgoings
• You have a spare bedroom or bedrooms which you aren’t looking to let
• Your garden is too large to manage
• You’d like to save money
• You have mobility issues and are struggling to continue living independently
• You are living alone and would like to move somewhere that offers companionship

Planning ahead and making sure you have all the information you need can help make the move into a new home easier and worry free.

The advantages of downsizing

Downsizing can come with many benefits, below we take a look at a few of them.

Advantages of downsizing in later life

• Reduce maintenance: Moving into a smaller home will require less upkeep, allowing more time to focus on other aspects of your life. 
• Save money: Living somewhere smaller will reduce monthly outgoings as you will likely save money on energy bills, tax, mortgage repayments and other maintenance costs.
• Live closer to family: Downsizing offers the opportunity to move into a home that is closer to family members and loved ones.
• Move somewhere with better links to the community: For those who may feel isolated by living in a rural location, downsizing may allow you to choose somewhere with better community links, public transport and local amenities.
• Reduce concerns about health and mobility: Living in a large house alone can be daunting if you have mobility or health concerns. Moving into a smaller home, bungalow or sheltered house with staff can give you peace of mind about your safety and security.