Most people aspire to own large homes and gradually move up the property ladder over the course of their lives, but many people eventually downsize their home, perhaps because of a change of circumstances or so they can release assets.
No matter the reason for downsizing a home, moving to a smaller property comes with advantages and disadvantages. To ensure you’re making a good choice and to go about downsizing in the best way, there are several things you should consider.
Reasons for Downsizing a Home
There are numerous reasons why you might decide to downsize your home and it’s not often an easy decision to make. Not only is moving house time-consuming and costly, but moving somewhere new and smaller in size can represent a significant lifestyle change.
Some people downsize due to factors outside of their control, whilst others make the choice willingly for financial or lifestyle reasons. Here’s why you might choose to downsize your home:
Releasing equity
By downsizing your home, you are most likely moving into a lower-value property. In effect, this allows you to release some of the equity tied up in your house.
Releasing funds in this way could be attractive for several reasons. Perhaps you need a lump sum to pay off some debt or a mortgage; maybe you would like to give your pension a cash injection or you simply want to help your family by giving them some money.
Saving money
Moving into a smaller home usually means you’ll enjoy a lower cost of living, including cheaper bills and maintenance costs.
No longer needing or wanting a large property
Spacious properties with lots of bedrooms are great when you have kids living at home, but when they grow up and move out, you’ll be left with a large house that is expensive to run.
You might also decide to downsize a house because you or a member of your household are experiencing health or mobility issues.
Advantages of Downsizing a Home
The idea of downsizing will either fill you with dread or excitement. No matter the reasons for your move or how you feel about it, you can rest assured that there are many advantages to downsizing a home.
Your home will be easier and cheaper to maintain
If your house has unused rooms or a large garden, you’ll likely be spending a lot of time and money on upkeep. After all, it’s important to maintain a property so that it retains its value. By moving into a smaller home, you will save yourself a lot of time, money and worry on maintenance.
While your new, smaller home might feel a bit different at first, you’ll quickly realise that it’s still your home and your special place. Besides, you’ll have all that time you used to spend on DIY and gardening to really enjoy living there.
The property will be more suitable for those with health or mobility issues
Large homes with lots of rooms, flights of stairs and spacious gardens are wonderful for those who are full of energy, active and able to move around. When you have health or mobility concerns, large properties can become very stressful. Downsizing a home can really lessen the strain.
You’ll save money
Not only can downsizing a home notably reduce your outgoings for gas, electricity, water and council tax, but it can also allow you to release equity tied up in the property. This can help to pay off a costly mortgage or debt, or boost your retirement funds.
Disadvantages of Downsizing a Home
Downsizing a home also comes with disadvantages, so you need to think carefully about how these could impact you.
You’ll have less space
This may seem obvious, but moving to a house with less room has various consequences. You might find it challenging to host friends and family, so you will need to consider that if you particularly enjoy organising large get-togethers or simply having your grandchildren stay.
You’ll also need to decide what you do with excess furniture. Belongings, especially if you’ve had them for a long time, can be painful to get rid of. But just remember, moving to a new home gives you an exciting opportunity to refresh and start anew!
Moving house is expensive
Selling your house and buying a different one is a costly undertaking, even if you are moving to a smaller, cheaper property. You’ll need to consider the cost of estate agents, solicitors and removals and factor these into any savings you hope to make.
Are you downsizing?
If you are downsizing a home and hope to sell your house fast, you should consider contacting our expert team at Zoom Property Buyer. As specialist fast house buyers, we can make you a brilliant cash offer for your property and help you move quickly.
Simply give us a call on 0333 880 436 and speak to a team member or complete our online form to request a callback.
