The majority of homeowners these days fall into a generic homebuying lifecycle and you can almost predict the different types of properties that they will own throughout their lifetime. For example, stereotypically, the majority of people’s first home will be a flat, apartment or a townhouse. When they outgrow this property they will move to something bigger and then, eventually, end up downsizing to something smaller in their later years.
If you have reached the stage where you don’t really need the amount of space that you have in your current property then you may be considering downsizing. It goes without saying that this is a big decision to make and you want to ensure you’re definitely ready. To help anyone contemplating downsizing, our team here at Moovingo have put together a list of pros and cons for you to consider.
Often, when selling your home and buying a smaller property, you will still be left with some of the proceeds from the sale. Usually, people make a fair amount of money from the sale of their house alone, not to mention the reduced cost of running a smaller property too. In general, downsizing is considered to be incredibly financially beneficial and this can be a big selling point for many people when they’re considering downsizing.
Minimise stress and enjoy free time
Simply downsizing can actually greatly reduce the stress of any homeowners too. Whilst the financial benefits play a big part in this, the smaller workload involved with looking after a new home, as well as having more free time, can also really help. There is no denying that a smaller home requires much less upkeep and instead of cleaning unused rooms in your free time you can finally relax and do something for yourself.
Clear out and declutter
Whilst the emotional aspect of leaving a family home can be difficult, lots of people see it as a new start. You will most likely have less storage when downsizing, so it is often considered to be a good excuse for a long-overdue clearout. It gives you time to ponder over your belongings and consider what you really need. You can then make sure that you’re moving into your new home with your essentials and the items that mean the most to you.
Additional fees and costs
There are always fees and costs associated with downsizing and whilst you can sell your house privately, which will limit these, it isn’t always the best option for everyone and when doing so you will still have some additional costs that you need to consider. Although this is a con to downsizing, it is important to remember that when downsizing people usually financially benefit in the long run, as mentioned above.
Less space for entertaining
The only other big thing that could be considered as a con to downsizing is losing a lot of your space for entertaining friends and family. If you like to be a host then it may take some time to get used to having less space and you may not have spare rooms to put people up anymore. Having said this, when downsizing, people tend to quickly adapt to their reduced space and any guests will understand the change in circumstances.
Downsizing with the help of Moovingo
Hopefully, the list of pros and cons above can help you when it comes to deciding whether or not downsizing is the best option for you right now. Selling your home isn’t an easy decision to make or something to take lightly, so make sure you take some time to ensure that it is right for you before you go ahead and put your house on the market.
If you would like to downsize and you’re searching for a real estate agent online, be sure to book a free property valuation with Moovingo Estate Agent today. We will gladly help you sell your house and you can trust that we will be there for you every step of the way from your first valuation to accepting and closing on the best offer. As experienced licenced agents that take zero commission on your sale, we are often people’s first choice when choosing a reliable yet cost-effective estate agent. Call us today on 01 516 9999 or book a valuation online.