To move, or not to move?

Deciding whether to downsize your home or stay where you are in later life is a big decision
Downsizing has become popular among older people who find themselves living in homes much larger than they need. So should you do it, and if so when? There are many things to consider.
The first is location. It's tempting to be lured by a flat or bungalow by the sea or in the countryside. But it's also important to consider access to the facilities you'll need as you age. And will you be moving closer to, or further from, your friends and family? What about shopping and hospitals? It's also essential to consider your finances. Will they benefit from freeing up some capital by selling a larger property and buying a smaller one? You could consider selling and then renting rather than buying.
You also need to think about what level of support you might need in the future. Few people like to give up their independence, but nearly all of us will need some form of support as we age. There are now many retirement villages all over the country, where you have your own property but can benefit from 24-hour support by dedicated staff.

What are the alternatives?
You don't have to downsize. If you love the house you have lived in for years you just need to consider whether it is practical to stay there, and whether moving would be worth it.
For example, if you have worsening health or mobility problems it might be better to move somewhere without stairs, or that already has mobility aids. There is also the larger upkeep a big house requires in terms of bills and maintenance.
On the plus side, if you are determined to stay put you could free up some money to pay for care and household costs through an equity release scheme. These once had a bad reputation but there are now some very good ones. A financial adviser can explain the options.

Some lenders also offer interest-only retirement mortgages. The loan is not repaid until you die or go into long-term care, when the house will be sold.

Downsizing checklist
◆ Consider your reasons for doing it. Is it something that appeals or is there another solution if you would prefer to stay put?
◆ Consider where you want to live. Increasingly older people are moving from their houses in the country to smart apartments in towns or cities.
◆ Look at the type of properties that appeal - and calculate whether you can afford them.
◆ Consider whether you want to pay off your mortgage fully when you move.
◆ Sort out the things you need. Give those you don't to family members and charity, or throw them away if there is no alternative. It's an opportunity for a big clear out. If the prospect fills you with panic, there are plenty of companies that can help you declutter your home.
◆ If you're downsizing, prepare your house for viewing by prospective buyers. Consider whether it would sell more easily and attract a better price if it was redecorated. Consult an estate agent if you're not sure.
◆ Start viewing properties and firm up what it is you're looking for.
◆ Moving to a smaller property can save money on upkeep and bills. According to Ofgem data in January this year the estimated average monthly dual-fuel bill for a one or two bedroom house is £115.14, compared to a £228.74 for a house with four bedrooms or more.
◆ Some developers offer downsizing schemes. They will help you find a buyer for your current property so you can buy a new build from them. Picture: Adobe Stock