If someone mentions to you that they are thinking about moving to a new home, it is an instinct to picture them moving to a larger house. The cycle of the property ladder usually sees people moving to a larger home or a more beautiful area, following an upward trend. However, this isn’t always the case.
In recent years, there has been a greater focus on downsizing. For some households, downsizing comes about because of a need to control their finances better. For others, downsizing is about more significant financial issues or the need to take greater control of home life. With an ageing population, it is no surprise many people are considering downsizing.
If you wonder if downsizing is right for you, we are here to help you consider your options, and help you make an informed decision on your next property move.
Are you keen to release equity?
One of the critical reasons why households decide to downsize is to release equity. For some, the idea of having capital tied up in a house rather than being able to enjoy it is annoying. Therefore, if you’re looking to make the most of your golden years, downsizing is an effective way of freeing your cash.
For other households, the benefit of downsizing comes with supporting loved ones. You no longer have to wait until you die to leave money to your loved ones. There is a strong sense of satisfaction in providing people you care about with cash when they need it. Also, you get to see the people you love receive what they need, which is a great feeling.
Downsizing can make day to day life more affordable
Downsizing doesn’t just offer significant benefits when it comes to money; it can positively impact day to day existence. If you find your current home is too expensive to run, downsizing to a smaller or more energy-efficient home makes sense.
With energy bills rising, and old homes running up bills, it is easy to see why downsizing makes sense if you want to reduce your monthly outgoings.
Downsizing can make life easier
Another critical reason people downsize is that their current home requires a lot of time and effort to maintain it. If you are looking to spend less time cleaning, and more time enjoying yourself, you’ll find downsizing your home makes perfect sense.
Consider the costs of downsizing
While downsizing can make your life more affordable, it can present expenses. You should consider the costs of downsizing before you commit to the process. You will have stamp duty charges, solicitor fees, conveyancing fees, estate agent fees and the cost of moving home. Make sure you can afford these costs before you decide to downsize your property.
If you are looking to downsize, Hunters Camberwell is here to help. We offer a free valuation service, and whatever help you need selling your home, we are on hand. Contact us today to make sure you know if downsizing is right for you.