Thinking of downsizing?
Relocating to a smaller property, or downsizing, can be a good move for many homeowners. Although it was once the preserve of the older generation, whose children had flown the family nest, things have changed, and it’s now seen as a sensible option by a larger proportion of homeowners. Changes in professional or personal circumstances are still key drivers in the decision to downsize, but the desire for greater financial stability and a better quality of life is also very much a factor these days.
Why downsize?
- Reduce your monthly outgoings – household bills such as council tax and utilities will usually cost less if you move to a smaller home, particularly if you opt for a newer property, as they are usually more energy efficient. The all important mortgage repayments should also be significantly lower
- Moving to a smaller and newer property will usually reduce the amount you spend on maintenance and upkeep. New builds will have the benefit of an ‘NHBC’ or similar warranty
- Streamline your life – for many, the opportunity to declutter and get rid of old, unwanted possessions is an attractive one
- Start afresh – downsizing can be a great opportunity to start a new life somewhere completely new
Downsides to downsizing?
- Although greater financial freedom is the primary motivation for most downsizers, there is a cost involved. Estate agent fees, conveyancing, stamp duty, removal costs and refurbishing all need to be factored in to your calculations before you make the decision to move
- Moving to a smaller property means you’ll have less room for your belongings. Although this can be a positive for some, other people may struggle to part with possessions they’ve built up over a lifetime, and you’ll need to be ruthless if you’re going to have significantly less storage space in your new home
- Family members (including yourselves) may find it difficult to part with a beloved family home. Don’t underestimate the emotional impact of downsizing
- Be wary of big changes – if you’ve always been a city-dweller, are you sure you want to move to a rural outpost? A drastic change can seem appealing, after all, the grass is always greener on the other side, but before you make the decision to change your lifestyle, you must be 100% sure it’s right for you
- Research your area – will you have access to the amenities you need, such as transport links, shopping and medical care? Is your chosen area affordable? If house prices are higher than your current location, you’ll end up with less of a lump sum to enjoy.
Weigh up the pros and cons
In short, downsizing can be a great option for many, whether you’re an empty-nester approaching retirement, or a young family in search of a better lifestyle. But as with any major life decision, there are positives and negatives that must be weighed up. So do your research carefully to make sure that the move is the right one for you and your family.
