Many baby boomers, the cute name for those born between 1946 and 1964, are now facing one of the most difficult choices of their lives: To downsize or not to downsize. There are no simple answers to this challenging question, but I’d like to put the case (as a baby boomer myself) in favour of moving to a smaller, but no less attractive, home. From improved financial freedom to reduced maintenance, making the downsizing transition opens up so many exciting opportunities for the future.
Financial freedom is the biggest benefit of downsizing and the major reason why one in five over 60s homeowners have downsized. If your current mortgage is fully paid off, you could gain nearly £500,000 in cash (on average) by downsizing from a five-bed to a three-bed house. Specifically, in Yorkshire and the Humber, you could make back 63 per cent – that is a fantastic top up to the retirement fund.
According to the latest statistics, most downsizers move to new or recently built homes, as they don’t wish to embark on major restoration projects. Low maintenance is a key attraction. Leaving the days of leaking roofs and broken boilers behind you and forgetting about the worries that they caused is an enticing thought. This is closely linked with lower energy bills, so important in these days of the soaring cost of electricity, gas and fuel. As an example, courtesy of Rightmove, if you move from a five-bed with an EPC rating of E to a three-bed with a C rating could save homeowners £3,206 per year on average, including council tax.
Thanks to the lower maintenance of your new home, you will have more time to do the things you love. Whether that’s meeting friends, painting or playing sport – whatever it is, downsizing allows you to embrace a simpler lifestyle. Moving to a smaller house does mean that you will be forced to declutter your home, creating a fresh start. After living in the same house for years, it’s easy to overlook the mirror or the desk that's been in your now 32-year-old child’s room since they were little. Your move is the perfect opportunity to let go of items like this that no longer serve you and embrace a fresh start. It’s not as painful as it sounds!
It is fair to say that there has never been a better time to downsize and to embrace the freedom and flexibility that comes with it. Whether you’re looking to make the most of your retirement years or enjoy a low-maintenance lifestyle, downsizing is a brilliant way to minimise your daily demands and focus on yourself. Imagine having more time for hobbies, socialising and exploring new interests without the hassle of maintaining a large property.
Downsizing your home after retirement isn’t only a way to save money — it also prevents the strangeness and sadness of living in an empty house. It isn’t uncommon for parents to become a little depressed once they have become empty nesters; the constant reminder of absence is present every time they walk past certain rooms. If your children have left your home and you’re wondering whether you should move to a modern little flat or a smaller townhouse, you are not alone.
The trend towards downsizing in Yorkshire has been graphically illustrated by the demographic showing interest in, and buying, our two-five-bedroom houses at our West Yorkshire developments in Shepley, Skelmanthorpe and Denby Dale. I firmly believe that downsizing does not mean compromising on comfort. Our homes are expertly designed to give you just the right amount of space – more than enough for your favourite furniture and personal touches, but without the upkeep of a larger property. We have a range of houses, so there really is something to suit all lifestyles. You’ll also benefit from the convenience of being close to local amenities, leisure facilities and the stunning Yorkshire countryside.
Downsizing offers a fresh start – less maintenance, more freedom and the chance to prioritise what truly matters. What’s not to like?
Paul Brown is the managing director of Huddersfield-based Vivly Living, the award-winning residential property company.
