Downsizing or ‘rightsizing’ is all about moving to a property that better suits your needs as you get older. Many people decide to do this after retirement as they no longer need or want a large family home or their lifestyle changes.

For instance, they may want to spend more time travelling or doing hobbies and less time looking after a home now they have greater freedom. They may want to be closer to their family or simply want to start a fresh and build a new future.

Some people may have to move to somewhere more suitable because of health or mobility reasons as they find that their current home just isn’t working for them any longer.

Whatever the reasons, there are many benefits of downsizing. Here are some of them which may help you decide if the time is now right for you to consider a move:

• Boosting your finances – retired homeowners can be asset rich but cash poor. Your pensions and investments may not be enough to give you the lifestyle you want in retirement. Selling your home and renting can free up capital that can be spent any way you wish.
• Moving to a more manageable sized home – a smaller property can mean fewer rooms to clean, cheaper utility bills and no surprise bills for repairs and maintenance. Also, no longer having the time-consuming task of taking care of a large garden can be a big benefit.
• Moving to a new location – deciding to downsize can be the ideal opportunity to move somewhere you have always dreamed of living. Whether that is to the coast or countryside, closer to family and friends or just somewhere you can start anew in retirement.

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