There is no ‘right’ age to downsize. It’s all about when it’s the right time for you.
Beckoning retirement and offspring flying the nest are common prompts for moving to a smaller home, although people do so at different stages of life.
Whatever your motive, you’ll want to make sure you’re physically and mentally able to manage the process, as well as enjoy any money you might free up from doing so. With that in mind, it’s a good idea to at least start thinking about it sooner rather than later.
Factors to bear in mind
- Your financial situation: Whilst some people downsize to help pay off their mortgage, others do so to lower their mortgage repayments, as some downsizers still require a mortgage. If you’re struggling to keep up with energy bills and are living in a property that’s larger than you need, you could save money by moving to a smaller property.
- Individual and family circumstances: It’s increasingly common for adult children to live in the family home. For many homeowners, this will be a consideration in thinking about when to downsize. You might choose to stay in your property while they need a room, or you may contemplate helping them get a foot on the property ladder with some of the cash you free up by switching to a smaller home. Perhaps your grandchildren often come to stay so some extra room may still be needed.
- Your health: It’s important to think about your health, both now and in the future. Whilst none of us have a crystal ball, planning the move while you have the energy will make the process more manageable. Plus, if you’re keen to spend the extra money travelling or simply making the most out of life, you’ll want to be in the best position to enjoy it.
- Personal preferences: Ultimately, what you want to do will also play a big role in your decision. Perhaps you love your current home, you’re close to friends and family, and feel you can make it work for as long as possible? As long as you’ve thought ahead and considered the practical elements too, you should be well-prepared.
When is the best age to downsize in the UK?
The right time for you will depend on a number of personal factors.
So, whether you’re downsizing in your 50s or 70s, or switching to a smaller property at a younger age, it’s never too early to start making plans. Moving at the right time allows you to focus on the next stage of your life, in a place that suits you best.
