Midlife is a time of transition. Our bodies grow older, our minds evolve and we might start to appreciate the power of letting things go. This might include our family home. Downsizing in midlife can be tough — both mentally and physically exhausting – but still quite a game changer and despite its cherished memories, our family home eventually loses its purpose.
This typically occurs when children have left the house and we long for a newfound freedom. For those who don’t require a lot of space anymore, exchanging a larger home for a smaller one, can mean less maintenance and cleaning. Additionally, for those who plan to travel during their retirement, downsizing can mean purchasing a smaller, more affordable home.
Overall a great chance to free up some cash.
Benefits of downsizing in midlife
Transitioning from one home to another might not be as easy as you expect especially when it means leaving behind memories. But it’s definitely a cathartic process and a great chance to start over, allowing you to declutter the accumulated junk in the garage, cellar, or overstuffed storage cupboards over the years, and eventually set your mental space free, too.
The sooner you decide on this, the better it will be for you. If you’re still not sure, here are some benefits to consider when embarking on this life-changing process.
Downsizing can help free up time as well as reducing the physical demands of running a bigger property. Moving to a smaller home definitely helps you to evaluate your possessions, decide what really matters and also what will fit into and suit your next home. Today, there are plenty of options for passing on preloved items and any money raised could be put towards buying better-suited furniture or a post-move holiday.
A smaller home typically offers the advantage of having fewer stairs, and in purpose-built schemes, there might even be a lift available or the infrastructure in place to install one in the future. Additionally, with a smaller square footage, the layout of the home becomes more accessible, which is particularly beneficial for later life. Gone are the days of long corridors stretching from one end of the home to the other or the need to navigate multiple flights of stairs numerous times a day, ensuring a safer and more convenient living experience. And of course, fewer rooms to clean!
Downsizing also means embracing a minimalist lifestyle, increasing joy, and improving our overall well-being. By reevaluating our consumption habits, we can create a life focused on what truly matters. means living a simpler life within simpler means, offering you the freedom to worry less about rainy days.
Downsizing can provide financial freedom by reducing monthly and capital expenses associated with maintaining a larger home. This can result in savings on running costs and potentially unlock cash to invest or enjoy. The extra funds could be used to support retirement savings, hobbies, or travel, providing peace of mind and financial security for unexpected future expenses.
More time to explore
Downsizing is a liberating experience. It can offer the freedom to embark upon new adventures as a smaller home requires less maintenance, allowing for regular weekend breaks or longer trips travelling the world. The ‘lock up and go’ lifestyle means a lot less hassle and fewer worries.
What to consider before downsizing
If you’ve finally come to the conclusion that a large home is more trouble than it is worth, then you may be considering selling your house. Since it is likely that your current furniture and possessions will not all fit into your new home, you will need to declutter. But there are a number of things to consider first.
- Be clear on why you are downsizing and if it is the right decision for you. Downsizing can create practical and emotional challenges, so it’s important to weigh the pros and cons before making a decision.
- Determine what size accommodation will suit your needs. It can be difficult to know how much space you’ll need without experiencing it, so consider renting a smaller space before committing to a purchase. Also, pay attention to storage space and potential differences in taxes and service charges.
- Research the area you’re considering moving to. Consider how the move will affect your commute, access to shops, and most importantly, your connections with friends and family.
- Decluttering is a necessary step when downsizing. If you’re unsure of what possessions to keep, try putting them in storage and practising living without them.
Moving to a smaller and more manageable home can be a life-changing decision, so it’s important not to dismiss the emotional impact it may have. While some may feel a sense of freedom and rejuvenation, others may struggle with the transition. Seeking support from family and friends can make all the difference in navigating this difficult process. It’s important to remember that adjusting to a new home takes time, but with patience and perseverance, it can be a positive change.