Moving Home in Later Life
The thought of downsizing to a smaller property is not something that we really want to think about and for the younger generation it’s something that can be put off into the future, but as we get older, the benefits of moving to a smaller property, might be something worth considering.
There are many reasons why people move house in later life and whilst downsizing is usually one of them it isn’t the only thing to take into account when deciding to move home as we get older. One of the advantages of smaller properties are that they are generally cheaper to run and easier to maintain but moving home to be nearer family members who have moved away might be an incentive for an older person to move and there are several options available which are worth considering and which might bring
added benefits that you haven’t thought of before.
If you really don’t want to downsize it might still be worth thinking of living on one level and moving to a bungalow that is a similar size to your current home. The single floor layout brings obvious benefits in terms of not having to negotiate stairs and this might be an easier space to maintain and manage and suit the physical requirements of an older purchaser. The benefits of moving to a smaller property than your current home is that a smaller property is likely to be cheaper to run and easier to manage and it might be a potential way to raise money by buying a cheaper property than the one that you are selling.
Another option that the older generation might consider when thinking of moving home in later life is the possibility of moving into managed accommodation or sheltered housing as it is sometimes known. In recognition that the UK has an ageing population several private companies are now building apartments or flats that can be rented or purchased and which are specifically designed for those aged 60 and older. This type of accommodation tends to have communal areas where tenants or owners can meet to socialise but also has the benefit of allowing for independent living in self-contained apartments or flats. Management of such properties is usually carried out by the owners or builders or their agent and includes 24 hour supervision which may appeal to those who seek independence with the support that communal living provides.
If you’re thinking of moving home at any age you need to weigh up the pros and cons of what your current property offers and what the property that you’re thinking of moving into has to offer. With regard to managed accommodation always be aware of any management fees or service charges that might apply to the property that you’re thinking of renting or buying. Always ask as many questions as you need to about the property and always read the small print before entering into any contract. As I always point out there are lot of local experts who can guide and support you with any property purchase or rental decision that you decide to make.