Reasons for downsizing can be numerous and choosing to downsize and buy a small house can be a momentous decision. Often, it involves leaving behind a beloved family home and many precious memories. However, there are a whole host of benefits and the move can be genuinely life changing.
Reasons for Downsizing
Downsizing isn’t something that only happens in old age. It can make sense to downsize at any point during your life, for one of numerous reasons.
One of the most obvious benefits of selling your home and buying a smaller, cheaper property is the subsequent release of equity. For many homeowners, substantial amounts of money are tied up in their property. Sometimes, circumstances make it necessary for us to access such funds, whether it be to pay off debt, fund a child’s university years, pay for a family member’s care or any one of a myriad of things. Downsizing can massively assist with funding major lifestyle changes by significantly reducing mortgage payments.
Buying a small house can also dramatically reduce your responsibilities, both physically and financially. Large houses require constant cleaning and upkeep, which can become impractical or tiresome for the home owner. Household bills, particularly heating, are another serious burden which can commonly be reduced by downsizing.
For anyone struggling to comfortably move around or perform simple daily tasks in their own home, downsizing to a more suitable property can vastly improve their quality of life. Bungalows or sheltered/retirement housing can help restore an individual’s independence and sense of pride.
Sometimes, reasons for downsizing simply come down to an emotional or lifestyle decision. Wanting to be closer to family or beautiful scenery can be a major motivating factor in choosing to buy a smaller home. After all, greater size doesn’t necessarily mean greater quality of life.
Finally, why limit yourself to one property? It is not uncommon for people to sell larger properties to buy two smaller homes, normally one in the city and one in the country, or perhaps an investment property or a holiday home overseas This allows you to enjoy the best of both worlds.
Your House Downsizing Options
Downsizing does not have to mean a bungalow. Whilst this might be the best option for anyone with mobility concerns, there are numerous options out there. For example, if you are downsizing with the aim of having more money to travel and see the world, an apartment may be most suitable. The lack of garden and associated upkeep can be an enormous help for anyone who doesn’t plan on living there full time.
Focusing on smaller properties can dramatically open up your city or town centre options. Easy access to amenities, without need of a car, is certainly a great benefit of downsizing.
Just remember, downsizing is just like buying any another home. Reading up on the fees involved in buying and selling a property is highly advisable, especially if you are moving for financial reasons.
Buying Agent Partnership has helped numerous people downsize. Contact us on 0330 223 6339 to discuss how we can help you.