Is ‘rightsizing’ in later life the right option for you?

22 Feb 2023

As we continue to navigate the cost-of-living crisis, many will be considering the option of changing their homes for one which better suits their shifting needs, especially as they approach retirement age. We explore the benefits of rightsizing and whether it’s suitable for your needs.

The ongoing cost-of-living crisis is impacting many of us but, for those contemplating their retirement options, there is a constant influx of media stories bringing into question how retirees will be able to afford the lifestyle they want or expected. This gloomy outlook must be worrying for those who have worked hard to plan for their retirement over the years.

During this period of uncertainty, many may well be considering downsizing – or ‘rightsizing’ as we prefer to call it - as a potential way of freeing up equity to enable a more comfortable retirement, as well as enjoying all the benefits of a home that’s more suitable for changing needs or aspirations to travel for large parts of the year.

A larger property naturally equates to more maintenance and higher outgoings, so we expect to see many people considering this option in response to the current climate.  We have outlined some of the benefits of ‘rightsizing’ to give you some food for thought if looking at whether this is something that is suitable for you.

A cost and energy efficient way of living:

If you are moving from a four or five-bedroom home to a one or two-bedroom, you’ll be instantly making savings on the additional rooms you were previously heating. Also, many of our retirement properties include communal laundry rooms, lounges and kitchens which naturally help residents save on their utility costs.

As well as releasing equity, rightsizing can eliminate the responsibility of never-ending home maintenance (whether you’re doing this yourself or hiring help), whilst increasing your disposable income and giving you the gift of time, so you can enjoy investing in hobbies or spending time with loved ones and doing things that you enjoy.

A home more suited to your changing needs:

One misconception about rightsizing in retirement is people opting for this choice thinking that they must dramatically compromise on their living space. Many purpose-built retirement properties are designed with this market in mind so the main living spaces (and often hallway and storage spaces, too) are often generous in size.

Whilst the number of bedrooms in a retirement property is usually smaller, it’s worth bearing in mind that some retirement communities offer visitor accommodation. Many of the properties that we own or manage at ELM Group have on-site guest suites which family members can stay in at a minimal cost whilst visiting their loved ones.

Making new connections and enjoying more freedom

Rightsizing presents a unique opportunity to start afresh and meet new people. Those who opt for an independent retirement living property can also reap the benefits of being part of a community of like-minded individuals, get involved in social activities and discover new hobbies.

One of our residents told us that:

“Having lived in the same street with my husband for over 50 years we knew all our neighbours but over time many moved away…when my husband sadly passed away, I realised how few neighbours I knew and apart from family visiting occasionally I had little or no interaction.  My lovely family home became a lonely place, and I realised I needed to make the move to a retirement estate before it was too late.  This was the best decision I made - I love being part of a community and have made several new friends and enjoy the social activities”.

Across our 110 estates, residents organise plenty of regular social activities from 'crafternoons' and coffee mornings to chair exercise classes, wine and food appreciation, movie nights, carpet bowls, allotment clubs and many more. There are also frequent opportunities to get together with other residents for special events like Christmas or Royal celebrations.

One of the best things about living in a retirement community is having a friendly, helpful Estate Manager on hand. ELM Group’s Estate Managers provide much-needed freedom and peace of mind to residents, ensuring properties and grounds are well taken care of, even when they are away – keeping a watchful eye on homes, making sure external windows are cleaned and post isn’t piling up.

Some of our residents shared their feedback on the freedom they have enjoyed through independent retirement living:

“Complete, peace of mind, I love my holidays and knowing I can just shut up shop and that my property is in good hands means I enjoy my holiday all the more.” 

“Being able to relinquish responsibility for much of the building maintenance was one of the main reasons for moving to a leasehold property and frees up time to enjoy living”.

To find out more about independent retirement living, visit: https://www.elmgroup.org.uk/looking-for-a-new-home/