Downsizing

Downsizing can have a number of advantages. For example, you could:

• release capital, which could give you extra money to live on
• reduce your running costs
• cut down on housework and maintenance.

However, there may be some drawbacks:

• moving costs can be expensive
• smaller properties are not necessarily cheaper, depending on the area and type of property
• if you owned your own home and you have sold it, money left after the sale could affect your entitlement to means-tested benefits. For advice, contact our Helpline to arrange to speak to an adviser.

Before you move, consider these questions:

• Is there enough space for all the belongings you would want to keep?
• Will your friends and family be able to visit?
• What are the local facilities and transport links like?

It's also important to think about whether the property will be suitable if your needs change in the future.

You may feel that your house is not suitable for your needs. You could make adaptations to your home so that you can continue to live there – see our factsheet Adapting your home to stay independent. However, if you don’t want to have adaptations made to your own home, you might want to consider moving to a property that already has the features you need. Accessible and adapted homes are designed to support independence for people with disabilities and older people. For example, these homes may have step-free access and reinforced walls where grabrails or wall-mounted seats can be installed.

Some areas, such as London, operate Accessible Housing Registers (AHRs), which provide information about adapted properties to buy or rent. Ask your local authority or Citizens Advice for support with finding accessible and adaptable homes in your area.

Moving in with your family or good friends can be an attractive option, and this often works well. But it’s important to be realistic and make sure that everyone shares the same expectations.

Practical considerations

You should make sure the arrangement is right for you and set boundaries from the start. Some questions to ask include:

• Will you have your own space and be able to entertain friends?
• Will you be able to get out and about independently or have to rely on those you live with?
• Who will look after you if you need care?
• Does the accommodation need any adaptations?

Financial and legal considerations

Be clear about the financial arrangements. Moving in with family or friends could have implications for care home fees or means-tested benefits. It is important to clarify:

• who pays for what
• how the arrangement will affect the wider family
• what will happen if your needs change
• what you will do if the arrangement doesn’t work.

You should get independent legal advice and consider having a formal agreement drawn up. Visit MoneyHelper for more information on choosing an adviser.