When’s The Right Time To Downscale?
Once you reach a certain age, it’s important to decide when it’s the right time to downsize.
If you are fortunate enough to have parents, it’s worth talking to them about this sooner rather than later.
I have often come across elderly couples who are no longer able to move out of their much-loved home. The stress and anxiety is just too much to handle. At the same time, the cost to maintain their homes has also escalated beyond their income.
What often happens is that their properties become tired and neglected. They are not well maintained so these homes start to lose their value.
The homeowners end up with an asset which is worth less than they expected.
New buyers tend to push down the values of these homes. They justify making a low offer because of the amount of money they will need to spend to update the property.
You can avoid “empty nest syndrome” by planning in advance. When your youngest grows up and moves out, take it as a sign to think about where you want to be in 10 years time.
