What are the Benefits of Downsizing Your Home?
Downsizing is typically a term used to describe people moving to a smaller home. More often than not, children have flown the nest and parents are looking for a more manageable property. Other reasons for downsizing can also include separation, divorce, relocation, and finances. Many people see downsizing as a negative, particularly when moving on from a family home that holds lots of fond memories. However, downsizing is not an unhappy process and can be an exciting new chapter.
Below, we take a look at some of the upsides of downsizing.
Give yourself a financial break
Moving from a larger to a smaller home will typically mean some extra income for you. If you have paid off your mortgage you may be able to purchase your new home outright, or certainly pay a hefty deposit, with some money to spare. Downsizing is a great way to free built-up equity and take any financial strain away.
Declutter your home
It is incredible how much stuff we have in our homes. Belongings that haven’t seen the light of day for years, but we have never had the heart to part with. If you’re downsizing it will be impossible to take everything with you (unless you pay for extra storage) so it could be an ideal opportunity to declutter and get rid of unnecessary belongings.
Decrease utilities spend
A smaller property means a reduction in your maintenance costs and utility bills. With less space to heat, fewer rooms to light, and not as many people using the hot water, most people notice a real drop in their monthly expenses.
Lower maintenance costs
Similarly, a smaller property means less time and money spent on upkeep. Cleaning is done in a jiffy and there are fewer repairs to do, leaving you with much more spare time on your hands to do the things you enjoy.
Leave your own stamp
Having a fresh start in a new home is something to relish. Chances are your tastes have changed since you decorated your previous home – your new property is the chance to make your mark just how you like. Not only is it important to pick the correct smaller home, but also consider how much or how little you want to work on the property. It is your opportunity to be completely selfish, particularly if all the children have moved out, and do exactly what you want with the new home.
I want to downsize my house now
If you’re set on selling and moving to a smaller property SOLD.CO.UK will be able to help. We offer two different routes to selling your home and can sell within 30 days. This means you can downsize quickly and not miss out on the new house you’ve been dreaming off. You can book a free online valuation today or simply call our team on 0800 566 8490.