Many couples with kids invest in larger homes so that there is adequate room for the whole family and so they can be in a property that is close to schools and other vital family amenities. However, once the kids have flown the nest and moved into their own home, there seems little point in continuing with a larger home when you don’t need one.
Running a family home can be costly and time-consuming, so as an older couple with kids that have now left home permanently, it is well worth considering downsizing. You can, of course, stay in the same area if you wish to. However, if you are retired you can also enjoy the freedom to move to a different area. By downsizing, you will be able to save yourself money on the cost of running a larger home as well as the time it takes to clean and maintain a larger property.
Points you need to consider
There are various points that you should consider if you are considering downsizing. One key point is whether you want to stay in the area you already live in or move elsewhere. If you decide to move to a new area that you are not familiar with, make sure you research if beforehand. You can conduct research online and carry out everything from a sex offender search to an area background search to check on the safety and suitability of the area.
You also need to think about how much you want to downsize. For example, you may want to go for a one bedroom property since there are now no children living there. However, if you regularly have guests or your children come over to stay, you might want to look for something a little bigger. In addition, the type of property has to be considered. While you may have been in a larger family house previously, would an apartment be more suited to your needs now or would you prefer to stick to a house with a garden?
As with any property that you purchase, when you downsize you should make sure you move to a place where you have the necessary facilities and amenities within close range. While you may not need to look for things such as schools now that there are no kids living at home, there are still other important facilities you should consider. This includes medical facilities, shopping, and entertainment venues amongst other things.
By considering all of these points, you can more easily find the right property to downsize to, which means that you can start looking forward to the various benefits of moving to a smaller property. In addition to easier maintenance and cheaper running costs, you will also be able to look forward to making some money on your old property if you have already paid off the mortgage. You can then use this as part of your nest egg for your retirement.