Older people are under more pressure to downsize and sell their homes as the cost of living crisis gets worse. There are many good reasons to stay in your homes, even if there aren’t any good places to move to.
Here are five good reasons why people who own homes should not have to downsize.
1. You Earned This Luxury, So Keep It!
Work hard to build your savings. If you live in London, you might have to save for a down payment for a house for 11 years now, according to one website that helps people buy homes. Most likely, you’ve moved a lot in your life to move up to bigger houses, pay off a big mortgage, remodel, and live in a lot of mess as you went. Finally, you got the home you worked so hard for and one that served your family well for many years to come.
It doesn’t matter that life has changed a little. Only you can figure out how much space you need. If you have the same number of permanent residents as before, it doesn’t make your home any less important to you. Perhaps you need extra rooms for guests. The amount of space could even be bad for your health if you have claustrophobia or agoraphobia. You worked hard to get the things you have now, and you should enjoy them!
2. Your Home Holds So Many Happy Memories
People’s lives are written all over your house, from the simple things like how much food they eat to how many milestones they reach and how much they love and cry.
The rooms and everything in them can still echo, even if you have lost a loved one who was at its heart. For many people, these memories are genuine. They take you back in time to a happy place and are widely thought of as part of the healing process when someone dies. To break away from that before you’re ready can be emotionally painful and bad for your health.
3. Your Home Can Generate a Lot of Income
One in five homeowners took out a loan in the last year, and we all know how worried we are about rising prices and rising bills. As soon as you retire, downsizing may not be the best option for your money. If you live on a tight budget, downsizing may not be the best option for you. Lodging fees for your space could be of the most immediate benefit, while your home is still a good investment for your retirement.
With a room at total market value, you can usually get about £750 a month in London, or about £600 a month elsewhere in the UK, if you’re willing to have a lodger.
4. Get Company or Help in Your Spare Room
Family and friends may not always be able to give you the extra company or help at home that you sometimes want. Use the spare room to find what you need.
Cohabitas.com, for example, is a site for people over 40 who want to share a home with someone else. Home sharers give you up to 10 hours of their time a week in their living arrangement, and they pay you up to £350 a month for a room. Background, personality, and shared interests are some things that make people like each other. Homesharers can be of any age over 18. A retired doctor might look for a young vegetarian nurse who likes art or exercise.
5. Housing Crisis: Your Home Can Still Help
If you have a spare room that you can give away cheaply in exchange for a lodger’s time, you could help the country deal with a housing shortage, and you could even be a mentor to one of the millions of people who live on a tight budget.
There are 3.4 million 20–34-year-olds who can’t afford market rents, and many more people in a short-term situation, like a break-up, who are also in need of cheap housing. Getting rid of your house won’t help many people, but they could gain so much from living with you while you’re still in it.