Why a smaller home in retirement could be just what you need

What do you think of when you hear the word ‘downsize’? Making something smaller, going down in size – neither sounds great, but have you ever thought that a smaller home could be just what you need?

As you step onto the property ladder as first-time buyers. it’s likely you’re dreaming of eventually owning a forever home, a place where your family can grow and eventually grandchildren can visit. But as you get older, are you finding that your goals and needs are starting to change? What may have worked yesterday no longer seems to fit the bill, and there are numerous benefits to finding a property that will better serve you in the years to come.

Here are our benefits of downsizing your home in retirement.

More money

It may be an obvious point to make but it’s also a good idea to do the maths to see just how much you could save every month by downsizing. You’ll be spending less on your mortgage payments and typically there is less wasted space in smaller homes, reducing your energy bills and saving both your purse and the environment.

As well as saving money on your bills you will also have reduced maintenance costs. Keeping a larger property running can be expensive, especially if it’s a period property requiring regular upkeep. Moving to a less demanding property could benefit your bank balance, giving you more in your account to enjoy life to the fullest.

Less Consumption

What is it with space? The more room you have, the more ‘stuff’ we seem to want. The problem is, we often fill it with stuff we don’t actually need. With less space, you are likely to buy unnecessary items such as clothes, food and consumer goods. This will again save you money, and you will start to focus on what you need and use. We’re all guilty of overspending but having fewer storage options and less space to fill will help you save for what’s important.

More Time

With fewer rooms to clean and a smaller garden to maintain, you will have more time to do the things that you want. By reducing the time you would usually spend on the upkeep of your home you can think about what you’d rather be doing instead. You are probably already aware of how much time it currently takes to clean your home and keep up with the gardening.

More Freedom

With time on your hands and more disposable income, you can enjoy your freedom whether you’ve retired or just have reduced your hours around work. You will have more time with your family and more freedom to travel knowing it’s not going to break the bank.

Less Stress

Adding all of these benefits together will minimise your stress. You will have fewer responsibilities around the home paired with greater flexibility, meaning less stress in your everyday life.

More Options

Whether you’re moving to a smaller home in a new area, freeing yourself up to travel, or have yet to decide, this new chapter of your life will allow you to do whatever makes you happy. You may want to splurge on key furniture pieces or invest in a holiday or motor home, the world is your oyster!

However you plan on enjoying your retirement, the keyword is ‘enjoy’. Retirement shouldn’t be stressful or overwhelming; downsizing will allow you to enjoy all of these benefits in a home that you love.

If you are searching for a smaller home, call our branch on 01633 870777 to book viewings at properties in your chosen area. We cover the whole of Newport and Cwmbran and can also help with the sale of your current home with a free valuation.