The pros and cons of downsizing your home

As we get older what we need from where we call home changes and sometimes that means not needing such a big place.

Got too much room? Would you like a smaller garden or not so many bathrooms?

If you’re asking yourself questions like these, perhaps it’s time to consider downsizing.

This article helps you weigh up the pros and cons of downsizing your home.

What is downsizing?

Downsizing is moving out of your home into a smaller one that is better suited to your needs and retirement lifestyle as you get older. People downsize for many reasons, so it’s important to consider your lifestyle, wants, needs and finances when looking at your downsizing options.

What is the best age to downsize?

The best age to downsize is different for everyone, and will depend on our own individual situation including financial position, our personal health and our family and support systems.

The most important thing to recognise is when the time is right for you.

What are the benefits of downsizing your home?

1. Boost your retirement savings

Selling your family home and downsizing to a smaller place may help to free up some of your money in retirement years. It means you may have some extra cash to pay off your mortgage, to invest or spend on that holiday you’ve been planning.

2. Less maintenance

If you’re still living in the family home where the kids grew up with four bedrooms, two bathrooms and a double garage, you may have more room than you need. A smaller place may be easier to maintain so you can spend less time working around the house. This could include smaller or no lawns to mow, minimal or no gardening, less rooms that require repainting and touch-up work and less guttering to clean and upkeep.

3. Less cleaning

Downsizing can result in a lot less time spent cleaning. Two bedrooms are a lot quicker to vacuum than four, and one bathroom to scrub is much better than two. Choosing to downsize means you can also look for homes that have easy-to-clean areas and surfaces, such as tiled or laminate flooring and easy-to-clean countertops. Downsizing can also give you a chance to declutter and think about the things you really want in your home, leaving less knick-knacks and décor to dust.

4. Cheaper to run

Heating and cooling a home can be expensive, so having a home with a smaller footprint positively affects your cash flow, which means that you could save more money when the electricity and gas bills come around each quarter.

5. Reduce your carbon footprint

Not only is it cheaper to run a smaller house, when you downsize you also reduce your carbon footprint. By using less water, electricity and gas, and generating less waste and emissions, downsizing also becomes an environmentally-friendly decision.

6. New location to suit your lifestyle

When you retire you've now got more time to do the things you love. Downsizing gives you the chance to move closer a new location that suits your needs, whether that be closer to family, transport, your hobbies and interests, or health services. Perhaps your family has moved away from where you currently live, or you find yourself no longer near the facilities you need, or maybe you'd like a sea change - a move to a smaller home in a new area might be just what you need.

7. Declutter your décor

Downsizing to a smaller home can help reduce your consumption. If there’s no place to put it, you’re much less likely to buy it. That means you may acquire less clothing, furniture and other goods.

8. Reduce your stress

Typically, a smaller home means less responsibility, a smaller workload, and greater flexibility. Homeowners who have successfully downsized may feel happier and less stressed when they’re no longer overwhelmed by the demands and responsibilities of a larger home.