At What Age Do Most People Downsize Their Home

Mention downsizing and many people will think of an elderly couple that can no longer manage the upkeep of a family home. They may struggle to move around the property and are probably looking to release some equity to help fund their retirement. 

However, downsizing is much more than simply shrinking the size of your home. It’s about finding a place that is more suitable to your needs. That can be because of mobility issues or because the space you have is no longer needed. When done properly it gives you more freedom.

Freedom comes as you will reduce your bills and have more disposable income. It also allows you to check out an NDIS property investment, either to boost your income through investment or to make the most of the homes they have on offer. You can even choose a location that offers you additional support, allowing you to be part of a community.

The Right Age To Downsize

There is no right age! It is common to downsize between 55-60 years old when your children are grown and have left the family home. However, as an increasing number of people are having children later in life this age is creeping upward. 

In addition, children are generally staying at home for longer as they struggle to get onto the property market. This can mean that you will be well into your sixties before your child is ready to leave home and you’re ready to downsize. 

Downsizing Doesn’t Always Mean Smaller!

You probably bought your family home when you were young and the main emphasis was on the number of bedrooms and perhaps the size of the yard. When you’re ready to downsize you’ll find that you can still release equity without getting a smaller house!

The secret is to drop the number of bedrooms you need and increase the size of the spaces you do use, like the living and entertaining areas. It’s also possible to have a smaller yard as you will only be entertaining in it. However, before you shrink it too much consider the likelihood of you having grandchildren to visit. 

In this case, it isn’t so much downsizing as finding a home that’s the right size. 

Future Proofing

Another important concept when downsizing is that you’re probably choosing the home you’ll grow old in. That means you need to think about potential mobility issues in old age. You can choose a house on one level or one that has an array of mobility aids added. Or, you can opt for the house you love and add the necessary aids before you need them.

Don’t forget, downsizing is also an opportunity to live in your dream home. You may finally be able to afford that cottage on the beach. Or, you may prefer to move to a dedicated downsizing community where everything you need is on hand, including cafes, group activities, and swimming pools.

With this in mind, downsizing is simply another exciting step forward in your life.