Are you considering downsizing? Downsizing to a smaller home can be a great opportunity to save money, have a property that is more in tune with your current lifestyle and allow you to enjoy the equity freed up from the sale of your existing home.
What is downsizing?
Simply, downsizing is the process of moving to a smaller property. There are many reasons why people consider doing this, including saving money on your monthly bills, to help you pay for care or to move into a more suitable home or location.
The pros of downsizing
The decision to downsize can be difficult as we often have many memories built up in a family home or ties to a location. But there are many benefits which could make your move worthwhile.
You may want to move closer to family or friends. Perhaps a change in your circumstances or a health issue means that your existing home no longer suits your needs. It’s a lot easier to keep on top of household chores in a smaller property and generally your council tax and energy bills with be lower. Maintenance and repair costs are also likely to be lower.
For some, changes in their health or mobility may make it more difficult to live independently in your home and necessitate a move. If this is the case you might be more comfortable in a bungalow, ground-floor apartment, or assisted housing. If you have had to stop driving, relocating to an area where friends, activities, and amenities are within walking distance or more easily accessible by public transport could make a big difference.
Downsizing may enable you to create a whole new lifestyle, in a new location which will allow you to pursue hobbies and activities that you have been dreaming of. You may have longed to move to a more rural location so you can enjoy walking more easily, or to be by the sea.
The sale of your existing home may free up funds to allow you to live more comfortably and enjoy a better lifestyle. These funds could help to pay off a mortgage or loan, help relatives, to allow you to go on holidays, or to buy a new car.
A move is an ideal time to refresh some of your furniture or accessories and create a new space that suits you – so take advantage of that.
The cons of downsizing
Would any of the following cons affect you….
If you are moving house to a new area would leaving friends and neighbours be difficult? Consider your social life and activities, if you are moving to a new area can you continue your normal activities?
Do you feel pressured by relatives to make a move? If you do take time to reflect on how you feel and if the move is the right option for you.
Whilst a smaller home can be an advantage, will it allow you the space for your hobbies, and possessions or to accommodate any visitors if you need to? Will you need to replace some or all of your furniture?
The costs of moving need to be factored in, as with estate agent fees, solicitors, stamp duty, and removal costs moving can be very expensive! If you are moving for financial reasons, you may also want to consider renting out your existing home and then renting a property to move to. Getting independent financial advice may help to make things clearer and could present options that you haven’t thought of.
Knowing when and if you want to downsize will depend on your personal circumstances, the important thing is to take time to make sure you have all the information and are making an informed decision.
If you are considering downsizing and would like a removals quote, please get in touch, our friendly team will be only too happy to help!