Pros & Cons of Downsizing Your Home As an Empty Nester| Learn from My Regrets #over50
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The Pros Of Downsizing
There are real advantages to downsizing your home:
1. Easier To Manage
Smaller homes are easier to manage, particularly as you get older, with less cleaning and upkeep.
2. Relocation
Downsizing is a chance to move to a new area that may suit your lifestyle better. If you no longer need to be in the city for work, it’s an opportunity to live somewhere with a quieter pace of life and/or be closer to friends and family or recreational activities that you enjoy.
3. Money
There are considerable financial benefits to downsizing. A smaller, cheaper house will release equity in your property for other things - holidays, working fewer hours if you’re still in employment, or helping your children get on the housing ladder.
The Cons Of Downsizing
The main disadvantage of downsizing is the lifestyle changes accompanying the move. When moving to a smaller home, you’ll likely need to get rid of some of your possessions and furniture. You may have less space or opportunity for hobbies - gardening, for example, and you won’t have as much room for having guests to stay.
Can Downsizing Make You Better Off?
Yes, downsizing from a more expensive property to a cheaper one will allow you to free up the capital if you have paid off the mortgage.
Buying A Smaller House
This is the most common option, with homeowners selling a larger home with multiple bedrooms and moving into a smaller, one or two-bedroom property. I
Here are a few things to consider before you decide
1. Is Now The Right Time?
Selling your home, where you have lived for many years and perhaps raised a family, is going to be an emotional experience, so make sure you’re ready. Remember that many more young people live at home until their 30s these days. If there’s a prospect of your children wanting to live with you again, would you regret your move?
2. Are You Sure About Location?
Before deciding on your location, consider what you are looking for in your new home, as it is a long-term commitment.
3. What Type Of House Do You Want?
Do you want a slightly smaller house? How much maintenance do you want to be responsible for, or are you prepared to pay the service charges that come with an apartment?
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Негізгі бет Over 50? Here's What You Must Know Before Downsizing Your Home!
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