The process of downsizing can often be emotional – especially if you are leaving behind a long-time family home. Add to this, the departure of the kids for University or full-time jobs and it suddenly becomes an incredibly daunting task.
Luckily, the team here at White Horse Surveyors have put together the following blog to guide you through downsizing, as well as its many advantages and disadvantages.
What is Downsizing?
Downsizing describes the process of moving into a property that is smaller than the one you currently own. It is a common term among older homeowners who have found that the house feels empty now that their children have grown-up and moved out.
However, this decision may also be made on a financial basis, to reduce the costs and upkeep associated with owning a large home.
What Are the Benefits of Downsizing?
More specifically, downsizing can be an effective method of supplementing your regular income. By selling your current residence for a higher value than the purchase price on your new home, you may find that you are more financially stable. Alternatively, you could use the money to pay off an existing loan or debt.
In addition, by downsizing you are also future proofing your finances by reducing the upkeep that comes with owning a larger home. Because you will be paying less on your monthly bills, council tax and general maintenance.
Lastly, as we mentioned earlier, downsizing can help with the feeling of emptiness that many homeowners feel when their children have flown the nest. This idea extends to the suitability of your new home, as a reduction in the size of your property will also make it easier to maintain for the foreseeable future. Downsizing also offers a great opportunity to move closer to your friends and family.
What Are the Limitations of Downsizing?
On the other hand, a move can also end up separating you from existing friends and neighbours. If you have lived in a certain area for a long time this might lead to a distressing and difficult period of adjustment.
What is more, you may find that a smaller home is simply unappealing or not fit for purpose after spending so long in a larger property with a wealth of space and rooms. This may also tie into several lifestyle changes that you are not willing to make, such as living in a Bungalow. In recent years, these have become very popular – due to the fact they are better suited to some of the accessibility issues experienced by those with a physical disability. However, they are also increasingly difficult to get hold of due to their popularity and convenience.
If you are considering downsizing from your current home and require professional and impartial advice on your move, please do not hesitate to contact our helpful and friendly sales team for advice on the process.