If we were to roll back time, the philosophy that used to be on most house buyers’ minds was that bigger is better. To some extent, these rules still apply. For example, most first-time buyers are desperately trying to claw together enough money to buy a reasonably sized house, and that’s the end of the matter.
However, as the years start to catch up with you, a change in mindset sometimes occurs. Whether it’s because we are less mobile or the kids have fled the nest – the reasons are aplenty.
If this is something that you might be considering, today’s post is going to mull over some of the major downsizing considerations you should keep in mind.
Well, a lot of the time, it does come down to finances. However, when you are doing the math during this period, it’s always worth looking at the wider picture. In other words, your financial situation as it stands is probably going to change a lot as things progress. For example, when you retire, your income immediately reduces. Then, you have got things like the cost of paying for a funeral, elderly care and all sorts of other issues that you will have never come across.
Before you downsize, make sure you are doing it for the right financial reasons – taking all of the above into account. Sometimes, when you do start to consider all of these little extras, you’ll find that you may even need to downsize more than you were initially planning to. Or, in some cases, the opposite effect may occur. It simply involves being aware of your situation and what might be about to change.
It’s something that most of us don’t consider in our younger years, but when you are thinking about downsizing, it’s not always about the size of the property. Sure, going smaller is your principal aim – but there should be other factors which influence your buying decision.
One of these revolves around local amenities. Like it or not, growing old can make us less mobile, and this means that we need amenities that are on our doorstep. For some of us, driving becomes out of the question, and this might be when you need those local stores which can provide you with the necessities to live comfortably.
This point follows on from the previous one; you’re not going to be as mobile as you once were so you need to make changes in your house buying decision process. For some people, this might mean that they consider a bungalow. It’s not a fashionable choice, but the lack of stairs can make life significantly easier.
Of course, it doesn’t always revolve around the stairs. For some people, it might be a house that’s based on flat terrain – so there’s no muscle-burning workout to get up the drive each and every day. Again, this isn’t strictly related to downsizing, but it should form part of your decision-making process.