Downsizing your home
Downsizing is something that happens frequently in the property industry and you can almost guarantee that at some point in life, everyone will consider it. People downsize for various reasons, it used to be that downsizing was just for people who have extra space now their children have grown up and left home. But, these days more and more people are choosing to downsize due to a wide variety of situations.
If you are intrigued by downsizing and are wanting to find out some more information about what it really is and why you should be considering it, our guide below outlines all information as well as the pros and cons.
What is downsizing?
Downsizing pretty much is what it says on the tin. In simple terms, it is when you sell your property and purchase one that is smaller than what you used to have. It is the opposite of upsizing, which is often a huge part of peoples home-buying journey, and it can be incredibly beneficial for numerous reasons.
Why should I downsize?
Aside from the fact that you don’t require the amount of space you used to in your home, there are various reasons why you should downsize. Here are a few for you to consider;
- Decrease your monthly outgoings
Lots of people downsize for financial reasons. Living in a large home that you no longer require, but are still paying the mortgage for, can be financially straining. Buying a smaller property may mean you can afford to pay off your mortgage and live mortgage free in your new home.
Moving to a smaller property is also much cheaper to run. You will find that your utility bills such as water, electricity and gas will all be much less in your new, smaller home. Many people are surprised just how much money they save monthly when they downsize.
- Move to a more desirable location
It is often the case that a property in a desirable location costs a lot more than an equivalent property costs in a less desirable location. One of the benefits of downsizing is that you may finally be able to move into a location you have had your eye on for a while. Opting for a smaller property will mean that this area is finally within your price range and you can live somewhere you have always wanted to without having to pay the huge price tag that larger homes have.
- Invest in a property abroad
Many people dream of having a second home in a sunny part of the world and downsizing may mean that this dream can finally become a reality. By downsizing your main property you will more than likely have some spare money that you can now invest in another property abroad. With the price of holidays and hotels constantly increasing, you can finally have a place of your own in your favourite part of the world that you can visit as much as you’d like.
- Less up-keep
The upkeep on a big home can be quite a lot to handle on your own. Downsizing to a smaller property means that you will have fewer rooms and smaller spaces to keep on top of. You can almost guarantee that this will cut down on the time you currently spend maintaining your home, leaving you with more ‘you’ time. You will benefit in general from a healthier, happier mindset and lifestyle.
Pros to downsizing
- Financially beneficial
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
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 the up-keep of a new, smaller 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 clear out. 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.
Cons to downsizing
- 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
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 are interested in downsizing and you’re searching for an Estate Agent online, be sure to book a free property valuation with Moovingo Estate Agent. 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.