As you near or enter retirement, downsizing the family home is likely to start popping up in your thoughts and conversations more and more.
For some, the prospect of moving to a more suitable home, hand-picked for retirement seems the ideal solution—while for others, making such a big and life-changing decision makes them feel a little nervous. Wherever you sit, it’s clear that downsizing is something that we should all at least consider, as it has the potential to make our lives easier and less stressful in the right circumstances.
So whether you’re an empty nester with excess space, or looking to reduce the work and financial load of owning a larger house, read on to discover 3 key reasons downsizing in retirement is a smart move.
Image: Stafford Lakes Retirement Village Apartments
More time for fun
First and foremost, downsizing offers the perfect opportunity to reduce your to-do list around the house. When you have a smaller home, there is less space to clean and tidy, which means you’ll have a little more time each day to spend on something you enjoy, rather than chores.
This is especially true if you choose to downsize to a modern apartment or unit in a Retirement Community. When you reduce or cut out completely the need for outdoor maintenance, it means no more weekends mowing the lawn or weeding. Instead, your time can be spent catching up with family and friends around the barbecue, relaxing with a cold drink in hand!
Image: Compton Gardens Retirement Village Independent Living Unit
Start a new chapter
Aside from the practical benefits, downsizing can also be the perfect way to give yourself a fresh start and celebrate an exciting new direction. You have the opportunity to choose a modern home that makes your life easier and more comfortable, and has everything you need right now for this next stage of your life.
Decluttering your existing home can also hold a host of benefits in itself. Letting go of the things you no longer need will boost your wellbeing, reduce stress and help you feel lighter. With a clean slate, you have the option to keep your favourite belongings and/or update your interior with something new. From larger pieces like a special new comfy chair, to the little things, like a new set of coffee cups, filling your home with things that you love will give you a sense of pride and allow you to enjoy your home that much more.
Freedom to travel
With no ties to work, many retirees make the most of their new-found freedom through travel. Whether you take the opportunity to visit family interstate more often, enjoy regular short breaks on weekends, or plan a bigger adventure to the overseas destinations on your bucket list, when you have a home you can lock up and leave, it makes travel that much easier.
If you are planning extended periods away, the security of living in a Retirement Community will provide you with added peace of mind. Knowing that your neighbours and the community managers are always around and can keep a close eye while you’re not home makes for stress-free travel.
Start the conversation today
Whether you’re planning ahead for what’s to come, or are already noticing signs that your existing home is no longer ideal, starting the conversation about downsizing allows you to see the possibilities – and to start to get excited about them!
While there’s no doubt that downsizing is a big decision, it doesn’t have to be daunting. Talking to your partner, family and friends about your ideas can help clarify and give you confidence about your next step. So, if you think downsizing could be a good move, review your finances and have a look (either online or in-person) at the available smaller homes, units, apartments and retirement communities in your preferred areas. Once you have a big picture view on your options, you can talk to your trusted financial advisors and loved ones and make an informed decision.