The choice to downsize your home is a very personal choice made dependent on many factors, usually involving financial or familial considerations.
If you’re curious as to why people downsize and if it’s the right choice for you, stay with us to learn more about the advantages and disadvantages of downsizing.
Why Do People Downsize?
Is the rent a bit too much for you? Simply have too much garden to mow every weekend?
A desire for a lifestyle change, the desire to be closer to friends and family, financial constraints, or to begin a new chapter in one’s life are all possible reasons why one might wish to relocate and downsize.
Although downsizing may be intimidating or confronting, it can open up plenty of possibilities.
Should I Downsize My House?
If you’re asking yourself whether or not you should downsize your house, here are some benefits of downsizing:
- Your existing home is likely worth more than you bought it for and you may have already paid off your mortgage entirely if you’ve been there a long time.
- You’ll save money if you buy a smaller, less expensive residence.
- Reducing the size of your home frees up time and money to do the activities you enjoy. It’s a perfect way to save money.
Also, if you’re retiring later in life, you’ll be able to choose a home that will better suit your needs as you age. You don’t have to deal with your home’s stairs, limited accessibility, or a large garden that needs constant upkeep when you can choose a place that works better for you.
Is Downsizing Right For You?
Many people are so used to living in a specific type of house that nothing else they see is attractive to them. After years of striving for extra living space, the decision to downsize might be difficult. It’s normal to be apprehensive.
While it isn’t necessary to downsize if you enjoy living on a larger property, the money you save from selling your home may allow you to enjoy a higher standard of living.
A viable option is equity release, in which you can assess the value of your home while you remain on the property.
Property values typically increase over time. If your home’s value has grown significantly, you’ll have a lot more wiggle room when it is time to look for a new one.
However, if you want to sell your property but stay in the same neighborhood, here’s a warning: smaller properties in your neighborhood may not be available, or they may be overpriced.
Other factors you may also want to consider:
- Another problem that may arise is a lack of accessibility.
- Adequate housing can be challenging to come by because of this.
Townhouses, previously praised as the most acceptable option for the elderly or people with disabilities, are becoming increasingly difficult to find.
Unlike many flats that you can purchase on the same site, they take up a lot more room for one level, making them scarce.
When Is the Best Time to Downsize?
There is never a one-size-fits-all approach to downsizing. Every situation is completely unique, and therefore choices should be made dependent on your personal situation.
If you are thinking of downsizing, you’ll need to study where you want to live, what kind of property you’d be comfortable with, and consider how much money you have.
It’s not uncommon for people who have always intended to downsize to be taken aback by the amount of stuff they’ve amassed over the years.
As soon as you even consider moving, it would help if you started deciding what you want to take with you. Be sure to get rid of or donate anything you no longer need before putting your house on the market. For additional information, check out our decluttering guide.
For those who are attached to their house and are unwilling or unable to accept change, downsizing may seem daunting.
However, there are many reasons to be excited about downsizing, including the ability to save money on utilities, the possibility of simplifying household responsibilities, and the fresh look and possibilities of a new location.
Put another way, you can set the money you save by selling your previous home to good use in your new one! Feel free to contact downsizing house services to help you quickly turn your plans into reality.