Is downsizing a good idea?
Downsizing your home for retirement requires planning your new lifestyle. This means you’ll need to work out how much money you’ll raise by selling your home. You also need to have a clear plan on how you’ll spend your money… and time.
Here are a few things you need to consider before making a decision:
Work out your finances. The cost of downsizing includes estate agent and conveyancing fees as well as moving, maintenance and improvement costs. Plus, you’ll have to pay Stamp Duty if you’re buying another property. Find a detailed list of costs in our complete guide.
Changes in health and mobility could negatively impact your everyday lifestyle, so your current or new place should allow you to live comfortably. Plus, you need to keep in mind that care costs might rise as you grow older or develop any health issues.
Assess your options. There are multiple popular options such as retirement villages, that will enable you to live in a safe place and socialise with people of a similar age, as well as accessible homes that offer a comfortable lifestyle if you’re less mobile.
Think about lifestyle changes. Finances shouldn’t be the only factor that prompts your move. Make sure that your new home will improve your everyday life in terms of location, amenities, and social interactions.
Find more information on when might be the right time to downsize and how to downsize your home in our helpful articles.
Expert conveyancers will make the process less stressful and help you with the legal side of the process, so you can focus on the things that matter to you.
Thinking of downsizing?
The expert conveyancers we work with help you with the legal side of the process. Get a conveyancing quote for your move.