Here's What You Need to Know About Downsizing
30 May 2022
Recent studies have shown that downsizing is becoming more and more popular within the UK’s older population. As your children begin to fly the nest and the cost of living continues to rise, downsizing your property could be on your mind.
Perhaps the constant cleaning, maintaining, operating and repairing of a family-sized property is beginning to become unfeasible and you know, in the long run it will only get worse. If these issues are playing on your mind and causing you to worry, it may be time to really consider downsizing your living space. We understand downsizing is a challenging decision so we have prepared some questions you may be asking yourself.
What is important to you?
A larger family home may have been ideal for you and your loved ones at one point in time, but it’s worth thinking about what matters most to you now. It could be a perfect time to downsize if you want to spend your money and time on the things you enjoy most, rather than spending more money on your property.
Consider your current living situation and how much room you really require just now. Also think about your future, consider what is most practical and convenient for you.
Will the size and location of your home still be appropriate for you in a few years? Or will it be more practical living closer to family, public transport and healthcare facilities? Some good advice is to prioritise not just what you may currently want, but also what you may need from your property in the future.
Why is downsizing a good idea?
Your current property is too difficult to maintain: if your current house is big it is naturally harder to maintain. There can be a lot more that needs done to maintain a larger property, from general repair work to frequent hoovering. Downsizing would mean moving to a smaller home that is easier to manage, which can help you maintain independent living.
You have too much empty space: if your current house has a lot of empty rooms, maybe since your children moved out, you will be left with too much space. Many families require the extra room while their families grow but when they begin to fly the nest you evidently have a lot of empty space.
Your bills are now unsustainable: it’s common to downsize for financial reasons. When you retire, cut down your working hours, or have less people living in the house to help pay bills, your outgoings can quickly become too expensive. If this happens, downsizing may be the best option for you. You can create a more sustainable living arrangement with more manageable bills in a smaller home.
Making the decision to downsize is never simple, it can be difficult to give up your family home. Discuss your ideas with family and friends and take the time to consider your options carefully.