Downsizing comes with many benefits, including the obvious one, money saving – you can also benefit from downsizing due to the change of scenery, giving you a fresh perspective and a new and better quality of life.
Have your children moved out and you and your significant other are looking to move somewhere a little bit cosier for the two of you? Or perhaps you live alone and want less demanding mortgage/rent payments? It can be hard to know where to start – But we’ve got some great tips to share with you that may end up being of great help to you, to make that process a little easier for you!
Downsizing comes with many benefits, including the obvious one, money saving – you can also benefit from downsizing due to the change of scenery, giving you a fresh perspective and a new and better quality of life.
Downsizing comes with many benefits, including the obvious one, money saving – you can also benefit from downsizing due to the change of scenery, giving you a fresh perspective and a new and better quality of life.
When downsizing, many people opt for bungalows – as they are easily accessible with no stairs to climb, and their less valuable as an asset, so your payments won’t nearly be as much as they were living in a bigger home with empty spaces.
There are also some key things to consider when downsizing. For instance, it is key to be thinking about the lack of space, the costs and the change of lifestyle this may bring to you. Of course, if you’ve taken all of this into account and you’re just here for the tips, please read on!
Here is a bitesize guide of the downsizing process:
Property Type
Of course, when it comes to downsizing, you may not necessarily be looking to buy a small flat or even a bungalow – although they are the most common options. Nevertheless, consider and plan carefully what type of property you want to downsize to, if you like the way your average suburban house runs, maybe consider downsizing on bedrooms If you want easy access and are elderly, consider bungalows and apartment/flat complexes (and so on) Once you’ve decided this, you can move onto discussing:
Price
Really think about your financial situation and ask yourself ‘Do I want to sell?’ If you do because this will put more money into your pockets quicker, this may work for you. But if your home is of good value and you’re not quite ready to part with it – consider renting it out to other families. Whatever your decision, make sure it all lines up with how much your new home is going to cost and what you can realistically afford.
Future proofing/Location
If you’re deciding to downsize later in your life, it’s a good idea to think about future-proofing your new home. Examples of this can include transport links (can you drive? If not, do you have easy access to public transport) Consider moving somewhere where your needs or preferences are easy to access, and you can have elements of versatility as accessibility added to your home quickly if needed as the years go on. Just like thinking about your future-proofing your home, thinking about the best location for your new venture or retirement is key to knowing what is best for you. Think about weather, do you prefer warmer or colder climates, etc.
Belongings
Do you still have an attic full of your children and grandchildren’s old clothes, certificates and toys? Ask your family if they want it first, and if not – consider auctioning at local car boot sales – as you’re going to need to live a more minimalistic lifestyle now that you’re downsizing and might not necessarily have as much storage space as you had before.
Financial Advisors
If you are reading this and are of retirement age in the UK, mortgage lenders may not allow mortgages as you may be on a fixed income which would impact this greatly. Consider getting a financial advisor of some sort to talk through your options going forward.
If you’ve made all of your decisions and you feel ready to move into your smaller, cosier home and are choosing to sell your home, check how much your house is worth by using our Free Valuation tool on our website!