Should you downsize in retirement?

Many of us have and will spend years and years working tirelessly and investing much of our hard earnings on the big family home, where children are raised, and memories are made. However, when we get to retirement age, the once upon a time big achievement, often turns into a burden. The financial and physical strain to maintain the home such as cleaning, council tax, heating bills, the garden, general household repairs, the list goes on…

This is where an integrated retirement community could be just what you’re looking for!

Independent living with ExtraCare

There are plenty of options when considering downsizing your home, but how many of them come hand-in-hand with a whole new lease of life?

ExtraCare retirement villages are not just about providing new places to live, they enable people to enjoy healthy, active, and independent lifestyles in their later years. We believe that health, age or financial means should be no barrier to an enhanced quality of life. Therefore, we have a variety of beautiful one and two bed retirement properties available for sale, shared ownership, or to rent to suit all financial situations.

What holds people back from downsizing?

So many are put off downsizing for lots of different reasons – Nathan Long, senior analyst at Hargreaves Lansdown asked 2000 people what holds them back from downsizing.

Here’s some of the findings…

• I’m too attached to my home: 38%
• I’ll have enough money without it: 30%
• Moving is too expensive: 17%
• I couldn’t free up cash to make it worthwhile: 11%
• I’d pay too much stamp duty: 5%
• I’m planning equity release instead: 4%
• Other: 16%

Before you make any decisions, here are some of the many advantages of downsizing to a retirement community:

Downsizing in later life often means choosing a single floor property, instead of having to contend with stairs and limited accessibility. Retirement properties are designed for ease and comfort, allowing you to remain independent. They include features such as easy-to-reach switches and fittings, and shower rooms that are equipped with slip resistant, self-draining floors and are easily accessible to wheelchairs.

Retirement communities provide the freedom to live in your own home independently whilst having the luxury of being able to enjoy gardens and a wide range of facilities and not have to maintain them!

There’s no better place to make new friends and have the opportunity to socialise with other like-minded residents of a similar age.

For those that live alone in a larger property, you may worry about safety and security, therefore moving into a smaller property within a retirement village is guaranteed to make you feel safer and protected. This not only brings peace of mind to you, but your relatives and friends too.

All our retirement villages will deliver any future care you may need. Even if you don’t require this service right now, there may come a time when you do. Dependent on individual circumstances ExtraCare can support residents with significant assessed care needs and wellbeing services.