Statistics show that over half of those in the UK aged 65 and over would be tempted to downsize their home as they age. If this is something you have considered, there might be some good reasons to do it either now, or within the next decade. However, to make a balanced decision, it also makes sense to consider all the reasons you should stay put.
To help you weigh up the pros and cons, here are some reasons you shouldn’t downsize:
You Can Easily Manage The House
If you’re managing the house you currently have easily, cleaning it and keeping the garden under control and you still love it, then perhaps there’s no reason to make a move. Often, struggling to maintain a larger property is a strong impetus that makes people choose to move.
You Want A Live-in Carer
If you don’t ever want to move into a residential care home and instead think that having live-in care at home could suit you best, you may wish to keep a larger property rather than downsize. A live-in carer requires their own private room to stay in so the extra space could be valuable for the next stage of your life. You can find out more about elderly care options here.
You Love Where You Live
Sometimes, we think that we should move later in life but actually, we really don’t want to. If you love where you live and there is no strong reason to downsize, there is nothing wrong with staying in your current home.
You Want To Protect The Equity Of Your Home
Perhaps you live in a desirable area and the equity in your home could be growing. It makes sense not to spend any of that money moving house so you can protect your investment should you need it in the future or as a legacy to your family.
The Garden Has Taken Years Of Work And Is Your Pride & Joy
Keeping physically active and mentally stimulated can take the form of gardening for some. If your garden at home is your pride and joy and you have worked on it for years, that is a good enough reason to remain in your current property. And if you need some extra help with the garden in the years to come then did you know that many professional carers can help with the garden in addition to providing traditional personal care?
You Have Beloved Pets
Some smaller properties may not be appropriate for certain pets, or you may not be allowed pets if you plan to move into warden-assisted sheltered accommodation.
Downsizing doesn’t work for everyone. It can be a practical choice for many, but it is important to think carefully about whether or not it is the right choice for you. If it helps, speak to friends and family about it, or even to an independent financial advisor if you are concerned about any of the financial aspects.