The idea of downsizing for retirement is often met with mixed emotions by many facing the decision. On one hand, there is the excitement of having more freedom in your life to do what makes you happy, but there’s also the stress of moving out of your family home to a new location.
Either way, it is a big transition so being prepared and ready for it is the key to success and hopefully thinking about the following questions will help you in your move:
- Think about what your reasons are for downsizing in retirement
What are your financial goals in downsizing? How much money can you free up for yourself monthly by downsizing in retirement?
What are your main lifestyle reasons for downsizing? Are you moving closer to family and friends? Moving to a more accessible living space? Moving somewhere warmer for better weather?
You can use these two points as a basis for deciding what is possible and the best locations for your requirements.
With your goals defined, you can now think about when you want to downsize. Is it something you need to do because of financial constraints? Or are you looking to just enjoy your retirement to the fullest and not be tied down to larger mortgage payments?
Timing is key here. Be conscious of the current state of house prices, interest rates and of course Brexit, and how will this affect home prices.
Are you staying in the country or relocating abroad? What type of property would best suit your needs? Going back to point 1 and your goals, your financial constraints, and the lifestyle you want to lead will help you decide the best location.
- Renting vs Buying
When you downsize, are you looking to buy another property, or have you considered renting? If you’ve owned a home for a long time, then you may not consider renting, but it’s worth revisiting your original goals and the reasons for downsizing
- Downsizing your goods for retirement
With the downsizing of your home, your current belongings may not fit into the new home.
For the non-sentimental items, you can either given them to charity shops or sell them before you move. Places like Facebook Marketplace, Gumtree, eBay and car boot sales are great for selling on second hand goods.
For the sentimental items, you can either get a family member or friend to free up some space for your items, or you can use a self-storage company like ours so that you know your items will be stored safely for you until you need them again.
If you’re thinking about downsizing in 2019, then come and talk to us about the most suitable storage space for your requirements.