Many older individuals are reconsidering if downsizing is beneficial. With children moving out and the rising cost of living, you might be considering whether your current home will remain suitable in the long term.
The ongoing demands of cleaning, maintaining, running and repairing a family-sized property are already proving to be onerous and over time, those requirements will only become more challenging. With this in mind, it could be time to consider moving to a smaller home. The team here at Properly appreciates that this can be a difficult decision, so you should consider a few considerations before making your final choice.
What Do You Find Most Important?
Your home may have once been perfect for your family, but it’s essential to consider what matters most to you today. If you value spending your money and time on the things you enjoy doing most instead of paying them on your home, it could be the ideal time to downsize.
Take some time to think carefully about your current circumstances and how much space you need now. Also, take the time to plan for the future, considering your future well-being and health.
When you’re older, will you be able to manage stairs, a large garden, or difficult-to-maintain fittings and fixtures?
Is your home’s location still suitable in a few years, or would it be best for you to live closer to family members, public transport, or healthcare facilities?
You need to know what is important to you today and what will matter most in the future.
Consider Your Finances
It can be expensive to run any home. However, if you’re paying a considerable amount for warm rooms that you don’t use or pay a standard water bill which would be most suited to a more prominent family, you could save money by downsizing. You may also have a big mortgage and high insurance premiums for a larger home that you could save money on if you moved to a smaller property. You could even end up paying your mortgage entirely, leaving spare cash you can spend on things you enjoy. This financial relief can be a significant factor in your decision to downsize.
How Could You Use Some Spare Money?
For many people considering downsizing, spare money will be available once you’ve relocated. Depending on the amount of money involved, you may decide to go on holiday, give some money to loved ones, help your children buy their own home, or buy some well-earned treats for yourself. You may have enough to invest – perhaps in a buy-to-let property to generate an additional income to supplement your pension or existing salary. The freedom to choose how to use this spare money can be a liberating aspect of downsizing.
What Happens Next?
Deciding to downsize will always be challenging, but in many cases, it is the best thing in the long run. Discuss your thoughts with your family and friends, and take some time to think hard about what’s the best option for you. You should also find out how much your existing home is worth and start planning the logistics of the move, such as decluttering, packing, and finding a new home.
Visit our website at www.properly.space to learn more about the value of similar properties in your area.
Alternatively, contact our team on 0207 459 4400 to start the process of selling your home.
We’re looking forward to helping you make the most of your move. Remember, our team is here to support you every step of the way, ensuring your downsizing journey is as smooth and stress-free as possible.
