Downsizing is an excellent choice for anyone who wants to reduce living costs or move into a smaller home that better suits their needs.
If you’re looking to downsize, you’re certainly not alone – some 2.9 million others in the UK want to do the same.
Why are people downsizing?
Some 2.9 million people in the UK are classed as “potential downsizers”, according to Legal and General. It’s estimated that around 41% majority of prospective buyers are looking to downsize, compared to a lower proportion of people who want to upsize.
The notion of the “forever home” has waned in recent years, and downsizing has become popular as people seek to release equity in their homes in later life. The over-55s are leading the downsize exodus, and many are seeking new lifestyles, community life and quieter surroundings.
Other homebuying priorities have overtaken the desire for larger properties, such as the local area, schools, amenities, and outdoor space.
Downsizers benefit from a smaller, more manageable property, and any equity released from a larger home grants flexibility for choosing a new, smaller home. This could also unlock money for holidays, renovations, retirement, etc.
Why might downsizing be a good idea?
Property hard to maintain
Maintaining a larger property can be challenging and expensive. The larger and more complex the property, the more time you need to dedicate to maintaining it.
If you’re working, then that might eat up valuable leisure and relaxation time. If you’re retired, it might eat up your retirement!
A larger property often needs frequent maintenance, from regular repairs to cleaning, which can be overwhelming. Downsizing to a smaller property means more manageable maintenance with lower costs, more time and ultimately, more independence.
While families with children may need larger homes, parents often have unused space when their children fledge the nest.
Empty space means more work, and it’s not always desirable to have lots of unused rooms collecting dust!
Financial reasons are a major driving force behind the decision to downsize. Whether you’re a retiree, empty nester, or someone else with a home too large to suit your needs, downsizing is an excellent way to unlock equity.
Many people use that equity to downsize to a desirable area, a home with more character, or a home with additional features like an office. Selling your larger home could be a profitable endeavour.
Also, maintaining a smaller home is cheaper concerning bills, council tax and other maintenance costs.
Thinking about downsizing?
Downsizing is well worth considering in a range of situations.
For example, your new home might be better served by the local area, have more character and be cheaper to run.
You might even be able to put aside some money from selling your old house and use that for renovations, holidays or savings.
To discuss downsizing your property, get in touch with the Carter & May team today.