Your Essential Guide to Downsizing
So, the kids are all grown up and have their own homes, you're retired or thinking of doing so soon, and you want to free up some cash to start enjoying yourself.
Does this sound like you? Then it may be time to consider downsizing your home.
Why Downsize? Up until now, you've probably only moved because you've required more space, so moving to a smaller property can seem a little strange at first. But once you've seen these benefits, we're sure you'll be putting that for sale sign up ASAP.
What Are The Benefits of Downsizing?
From freeing up equity to creating a fresh start, there are many benefits of downsizing your home. Below are the main advantages you'll see when you downsize your house.
1. Free Up Equity
A smaller property is most likely going to cost a lot less than the house you currently live in. The average downsizer now sells their home for more than a £100,000 profit, £8,000 more than people in the same situation 10 years ago. (study source) That means you can book that exotic dream holiday, get that vintage car you've always wanted or make any extravagant purchases you like.
2. Cut Utility Costs
A smaller home will require less money to run on a monthly basis. Your electricity, water and gas bills are all likely to decrease, leaving you with even more money to play with.
3. Encourage a Sort Out
Let's face it, over the years we all collect a lot of junk. You couldn't possible fit all of your belongings into a smaller home, so this may be the push you need to have a good sort out.
4. Less Responsibility
The upkeep of a large property can be a lot of responsibility, as well as quite pricey. If you're looking to relax and have less maintenance responsibilities, downsize!
5. A Retirement Project
Have you always dreamed of refurbishing your own home? Perhaps you're a dab hand at DIY or interior design? Or maybe you're simply looking for a project to keep you busy into your retirement? Then buying a doer-upper may be the ideal solution.
6. A New Start
If the property you currently live in was your family home, it may now seem empty or past its heyday. Downsizing to a smaller property will give you a fresh start to open a new chapter in your life.
Choosing A Smaller Property
Before you grab that seller's agreement and sign on the dotted line, stop and consider the important details. There are a few essential things to do before moving into an apartment or smaller home.
It may sound simple, but many people forget this aspect. As you get older, you may not be as nimble as you once were, therefore, that modern penthouse with stunning views is probably out. That is unless you want to climb four flights of stairs with your shopping?
2. Room Size
Yes, you'll be downsizing, but what happens if all of your furniture is too big to fit in its new home? It would cost a small fortune to replace almost everything! So, make sure to take your measuring tape on all property viewings, that way you can ensure your new home is smaller than what you have now, but isn't too restricting.
Don't forget about storage! You may be having a good sort out, but you'll still have plenty of belongings. Make sure that every bedroom can fit at least a wardrobe and a bedside cabinet, plus there are enough cupboards in the kitchen for all your pots and pans.
Let Compare My Move Help You Downsize
Whether you're moving from a house to an apartment, from the city to the countryside or simply to a smaller house just around the corner, Compare My Move can help you find a removal company at an affordable price.
We know that moving home can be a stressful and emotional time, especially if you've been in a property for decades. So, let us take the hard work out of finding a competitive removals company for you. Simply fill in a few details in our online form and you'll get 6 free no-obligation quotes. Moving to a smaller property can be that easy!