If you are looking to save money for retirement, one of the most common ideas is to sell your bigger house to move to a smaller, cheaper property. There are many benefits to making this decision in retirement:
- Reduce your expenses
The cost of living in a larger home is not all in the amount of the mortgage. Utility and maintenance costs will be greater too, sometimes up to hundreds of extra pounds per month.
Maybe your area of living has a higher cost of living than other areas and moving to another environment can reduce your expenses for fuel and other facilities.
Home maintenance can prove to be very expensive and aging homeowners are the most likely not to have carried out repairs or done recent maintenance. This may be due to a lack of available money or physical restrictions but means they are far more likely to suffer housing problems as a result. This has a long-term effect on property values.
Consider how much money you will save by owning a property with a smaller living space, garden, landscape area, roof, terrace, and energy system. Do you have an area now that is causing you too much trouble and expense? This can include a conservatory, pool, spare bedroom, garage or large garden space.
In terms of saving money, smaller houses are cheaper to cool or heat, plus a smaller or non-existent garden means less watering and cutting. Consider also that older, larger properties are also not built-in an energy-efficient way.
- A better quality of life
In addition to improving your financial situation, downsizing can make you happier in the quality of your life. Think of all the time and effort saved, when there is not so much to maintain, manage, and clean up. Maybe your steps bring you closer to your family and friends, so you can spend more time with the most important people in your life.
You can choose a retirement park where there are lots of activities and like-minded people. This will help you to stay busy, meet new people and not feel alone. For Bedfordshire Park Homes For Sale, visit http://www.parkhomelife.com/our-parks/pine-view-park/
Consider the following when looking for a suitable place to spend your retirement:
How close are your family and/or friends?
What is the weather like?
Are there many opportunities nearby for adult education classes, social clubs or hobbies?
Is there a GP surgery or a nearby hospital?
Is the air quality good?
What is the level of local crime?
How available and expensive are local recreational facilities?
What is the local public transport network like?
Are there many shops and restaurants nearby?
Are smaller properties easy to maintain?
Are there stairs? What if your mobility needs change?
Is the property wheelchair friendly if necessary?