Have you been looking into the possibility of downsizing? If so, you’ll likely have a lot on your mind regarding what steps to take. In this blog post, we’ll take a look at some of the key considerations that should be taken into account when looking to downsize your home.
What is downsizing?
Downsizing can be simply defined as moving from your current home into a smaller one. There are several reasons for wanting to downsize your home, and there are plenty of advantages as well as some commonly perceived disadvantages. Regardless of your reason, you’ll want to make sure that downsizing is absolutely the route you want to take before starting the entire process.
Reasons why people might look to downsize
Everyone’s living situation is different and under some circumstances, moving to a smaller property may be the best thing to do. Some common reasons for people want to downsize include the following:
- The current home has too much spare space after children have left home
- A couple have divorced and are both looking to move into smaller separate houses
- A change in financial circumstances
- Moving to a new city
As with every type of house move, there are both advantages and disadvantages to downsizing. Sometimes people may have no alternative but to downsize, so it’s reassuring to know that there are benefits of doing so.
Advantages of downsizing
One of the main advantages is that smaller properties tend to be lower in price when compared to larger houses. If you have been living in your current home for a while, the chances are that it will have increased in value when it comes to selling it. Therefore, moving to a smaller house can often net you additional equity and benefit you financially.
A smaller home also usually means less upkeep is needed, which can result in lower bills to pay and additional time to do other activities. If you are used to spending an entire day or evening up-keeping your current larger house, you’ll be able to save some time on domestics by downsizing.
Downsizing also gives you the opportunity to move to a more preferable location, whilst being able to move into a property that is easier to manage and maintain.
Disadvantages of downsizing
If you are really settled in the house and the area you currently live, then downsizing can be a challenge. If you have friends nearby and neighbours you get on with, it can be difficult to leave them.
Big lifestyle changes often come alongside moving house. If you’re downsizing, it can be difficult to adapt the new surroundings of the property you move into. It can be challenging to continue certain hobbies if the amenities or space are not available to you in the new location, and it can be challenging to get used to your new lifestyle.
Although some people choose to downsize due to having too much space, a smaller home with less space can be an issue for others. If you have a lot of belongings, you may find that your downsized property becomes cluttered due to a lack of space.
Things to consider before downsizing
Of course, there are different considerations for people depending on their circumstances when it comes to downsizing. However, there are certain aspects that are important for everyone to consider when they are thinking about downsizing.
Finances will always be important when it comes to housing, so the money that can potentially be saved by downsizing will be a big factor for most people. There’s also then the consideration of what to do with the spare money that comes from downsizing. For some people, the save in costs will mean they are ready to downsize as soon as possible.
It’s important to consider what matters most to you when downsizing. If you have always wanted to move to a particular location, this could be the ideal opportunity to do so. If space is something that is really important to you, then you’ll want to still make sure that the property you downsize to has enough room to suit your needs.
You’ll also want to consider your future plans. If you’re downsizing, will the property you move into be able to fit in to your future plans, or will you need to move again down the line?
There are many key considerations that need to be taken before choosing to downsize, so you’ll want to be absolutely sure that it’s the route you want to go down before making your final decision.