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Dealing with the Cost-of-Living Crisis: Downsizing for Seniors

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Tue 07 Feb 2023

Dealing with the Cost-of-Living Crisis: Downsizing for Seniors

In recent years, a cost-of-living crisis has had a huge impact on seniors' ability to keep up with their financial responsibilities. As the costs of items like groceries and housing continue to rise, many seniors are finding themselves in a difficult position. One way that some seniors are dealing with this problem is by downsizing their homes and selling them. Let’s take a look at why this is happening and how it can be made easier.

There is no getting away from the fact that the cost-of-living crisis impacts people of all ages, and all backgrounds. A fresh study carried out by LiveMore indicates one-in-five in the over 50 age group is impacted by the crisis. The study reveals 15% of this age group are considering downsizing to improve their financial status.

The same study also shows that for people aged between 80 and 89, 27% of respondents felt this way.

However, for people aged between 80 and 89, this was said by 27% of respondents.

Leon Diamond, LiveMore’s chief executive officer, comments: “People aged 50 to 90+ are often portrayed as being financially comfortable but the LiveMore Barometer reveals that the truth is far more complex – not just across the different age ranges but geographically too. The reality is that our survey shows because of the cost-of-living crisis, many aged 50-90+ will have to make major financial decisions this year about what is often their greatest financial asset, their homes. We are conditioned to avoid debt in older age, a concern which is exacerbated by high street banks making it difficult for older people to borrow.”

Leon Diamond concluded by saying; “It is imperative that those seeking to release or generate extra cash get the right financial advice. There are flexible and affordable lending options for 50-90+ year-olds. For example, LiveMore’s oldest borrower is 92.”

How Can Seniors Make Downsizing Easier?

Downsizing can be an overwhelming process for anyone, let alone elderly people who may have lived in the same home for decades. Fortunately, there are steps seniors can take to make the process easier. The first step is to declutter your home before you even start packing anything up. This will save you time later when you need to pack up your belongings because you won’t have as many things to sort through. Additionally, try and get organised early so that it’s easier to find important documents or items when you need them later on in the downsizing process. Finally, consider getting help from family members or professionals if needed; don’t be afraid to ask!

The cost-of-living crisis has put many elderly people in a difficult position financially. For those who are struggling to make ends meet, downscaling their homes by selling them can help free up much-needed cash flow and reduce overall expenses. While this process can seem daunting at first glance, there are steps seniors can take to make it easier such as organising ahead of time and enlisting help from family members or professionals if needed. With the right approach, downsizing your home doesn’t have to be an overwhelming experience!

Contact Coakley & Theaker for all your Bury St Edmunds property market needs

At Coakley & Theaker, we aim to support the local community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today by calling us on 01284 769691.