The decision to downsize can be a difficult one, but bigger doesn’t always mean better, writes Jane McGowan...
When it comes to the subject of downsizing, the most common reasons people cite include bereavement, redundancy and divorce – all pretty traumatic, I think you will agree, and so it’s no wonder that the subject sometimes gets bad press.
However, there are positive reasons to make the move into a smaller home – retirement or just a lifestyle change to free up cash for family events, for travel or to simply be mortgage-free.
Research conducted earlier this year by retirement home builder McCarthy & Stone found that 5.7 million older people across the country were considering downsizing, or say they would do so if they were given a tax break as an incentive.
The survey also revealed older homeowners hoped to free up around £80,000 of equity when downsizing, which could either help them clear debts or top up their pension.
And while it’s true that selling the treasured family home will bring a certain amount of stress and upheaval, life coach and counsellor Lynda Field says “right-sizing” as she terms it, should be seen as a very positive move for retirees.
“Moving home can be such an emotional experience at any age, but it’s realising that this is about moving forward not backwards, and thinking about the changes this could make to your quality and enjoyment of life right now,” explains Lynda who is working alongside McCarthy & Stone to help make the transition for its clients a little easier.
It would seem, according to a recent study by property experts Savills, that Surrey is the perfect spot for those rural homeowners looking to swap their country idyll for a more urban existence.
Towns such as Reigate, Guildford and Farnham which all have a wide range of facilities, including independent retailers and restaurants, as well as thriving art, leisure and café culture are proving very popular with movers.
And while the prospect of needing company or support in our later years, is not something that people are eager to address, downsizing to a retirement property is something we should maybe consider sooner, rather than later.
Georgina Ackers, regional sales and marketing director at McCarthy and Stone South East, says: “For those who do make the decision to spend their later years in a new purpose-built retirement development, there are so many lifestyle benefits to be enjoyed; such as the freedom of living in a low-maintenance property where changing needs are ‘future-proofed’, and the opportunity to be surrounded by like-minded people and the many prospects for companionship this brings.”