Selling your home and downsizing to an appropriately sized property will allow you to sit back and enjoy retiring with ease.
When retiring, you are welcoming in a new era filled with hope, excitement and relaxation. It's time to start a new phase in your life and in a sense, it's a reward for all the years of hard work you have undertaken. Selling your home and downsizing to an appropriately sized property will allow you to sit back and enjoy retiring with ease. The best start to your retirement may be downsizing, we explore its benefits below.
As you get older, you'll start to appreciate a smaller home. Swapping your larger home for a smaller property such as a park home, will eliminate the need for you to climb stairs in your home.
Lower household bills
In general, moving to a smaller property will reduce your household bills. You'll have to pay less to heat and supply electricity to your home - and what's even better is smaller properties retain heat better. This will make a significant difference as you retire, as you'll spend a lot more time at home.
An excuse to declutter
Clutter and mess adds to stress; there's no mistake about it. Downsizing your home will force you to let go of old clutter that you no longer need - and in doing so you'll probably also make some extra money by selling your clutter!
It makes financial sense
Selling your large home will provide you with extra money to invest in enjoying your retirement, you can also put some away to leave to your loved ones in years to come. Retirement is a time to enjoy what you have earned and money from your home can allow you to tick off goals that you have always wanted to achieve.
Selling up and moving into a smaller property will release you from the obligation of maintaining a large home. Larger and older homes are prone to unexpected maintenance, breakages and therefore large bills - not to mention the effort of repairing it or finding a trustworthy tradesman! A smaller property will typically have less to maintain around the house in terms of manual work and cleaning.
Perfect for taking a holiday
If you're planning on travelling during your retirement, getting up and leaving your large home to go on a four week cruise can be a worry. Having a small and compact home will relieve some of this stress; a compact property without the possibility of returning home to upstairs leakages will put your mind at ease!
Whatever benefits you want to enjoy during retirement, make sure you make the most of it!
Click below to download our guide to releasing equity for retirement and discover three of the most popular methods for releasing funds to spend in your retirement.