Research reveals best age to downsize your home
10th August 2015
In preparation for the 50+ Show at London’s Olympia, Retirement Move conducted a study of more than 1,000 people over the age of 60 in order to find out what age is the best to consider downsizing.
The research concluded that 64 is the best age to downsize, as people are still mentally agile enough to deal with the house sale process and benefit most from getting rid of unused space. Seven in ten of those questioned agreed that they would feel able to make the most of a new property at this age, without relying too much on help from others.
Extra rooms and unmanageable gardens were also reasons for many people wanting to downsize their home, with half of over 60s admitting that they struggled to upkeep their property, while a third found it difficult to maintain the outside areas to a suitable standard.
‘Life really does begin at 60’
While the prospect of moving home is often quite daunting, there are many benefits to downsizing when the time is right, aside from being able to manage the upkeep of the property more easily. The money acquired from moving into a smaller home can also help to pay for things such as accessible walk-in baths and showers and stairlifts should they be needed, or be used as a rainy day fund for added luxuries.
Richard Drew, CEO of Retirement Move, told the Telegraph Online: “Moving at the right time means retirees can get the best out of their new homes, ensuring a focus on living a fulfilling and enjoyable time of life, rather than worrying about property maintenance or upkeep for a place that’s no longer suitable."
Image Credit: Sunset Removals (Flickr.com)
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