There are plenty of reasons for downsizing and, if it’s something that you’re contemplating, you are probably well aware of some of them.
If you’re a parent whose adult children have left home, if you are recently divorced or if you are an elderly person who is suddenly living alone, the idea of a smaller home can seem especially appealing. It might even be the case that you are none of these people and may be wondering if a smaller property is a better choice. Here are a couple of benefits and various thoughts to consider if you’re on the fence about downsizing.
Can you put your current space to good use?
If, for whatever reason, there are less people living in the house then you have the chance to play with the new space that has been freed up. Some may be eagerly anticipating the chance to renovate a child’s old bedroom and install an office, home gym or something of the sort, while others may want to consider the benefits of this approach. If you have an elderly relative who is also looking to downsize then this could be the chance to kill two birds with one stone and look after them in their old age.
You should make a level headed analysis of the situation; do you really need this space? Maybe a smaller property would encourage a more economical use of space and improve the aesthetic of your dwelling. Smaller houses aren’t necessarily cramped either, you might find that a smaller family home may even improve relationships by bringing members together.
Releasing Equity: What could you do with the money?
One of the big draws of downsizing, the cash made from the sale of your home can be used to fund a major change in your lifestyle. Once you take into account the costs that come with moving this can be very liberating especially if you’ve been planning a large holiday, impressive project or are simply looking to improve your standard of living when you retire. Maybe a holiday home is on the cards?
Naturally, the upkeep on smaller properties can be significantly less than that on larger buildings and, by downsizing, you can expect to save on council tax, insurance, utilities and other assorted costs. Smaller properties can save you time as well by cutting down the amount of cleaning needed to keep things in order and encouraging you to be efficient with the space that you have. If you have a large garden that you are struggling to keep in order then, again, downsizing can save you the costs in time and money that come with excessive space.