Finally making that last payment on a mortgage can feel like crossing the finish line. The trouble is, by the time you own your home, it’s no longer what you need. If the children have grown up and flown the nest, you could find yourself the proud owner of a house that has far too much space and upkeep to bother with. The answer to this is to downsize the property you are in, in favour of an easier life. You shouldn’t feel like you have to downsize if you can manage the house you’re in, but when retirement creeps up you want to make life as simple as possible.
Your home could be sprawled over two or three floors, which means a lot of management and upkeep. When you get to a point in life that you don’t have much help around the house, googling ways to ‘sell my house fast’ can feel like a relief! The management of a house is hard enough but add into that the senior years and it’s easy to want to give up and find something more manageable. Not only that, but by opting to downsize on a home, you give yourself the chance to spend a lot less money on the utilities and general upkeep.
By selling your house to buy something smaller, you could end up with a significant amount of capital leftover to buy new furniture, or have a small nest egg put away for travelling. It’s important to get your home valued as soon as you can before you sell, so that you can buy a new house that ensures a leftover amount that you can play with. Adjusting to a smaller property can be difficult – especially if you have been knocking about a large house for many years. Whether your children have flown the nest or not, you may have been entertaining guests in a larger house for a long time so swapping the way you do things will take some time to learn. The best thing you can do here, if you are struggling, is instead of being the host for dinners and parties, you could be the guest and attend others for a change!
Downsizing may mean a physically easier life, but it can have its emotional drawbacks. Not being able to fit certain sentimental items like china cabinets or vintage baby furniture that the children once used could be a difficult feeling. However, you have to learn to see the flip side of that. Your home that you raised your children may have been perfect when the family was altogether, but now it’s not the case and things are going to change. Downsizing your home is an adventure – it means new furniture, making new memories and feeling more comfortable in a home that is easier to pay for in later life.
It’s not all bad – think of all the shopping you can do next when you feel nostalgia creeping in!