22 August 2019

Should You Consider Downsizing?

Posted by: IanWatson

In the current climate, it is essential people review their finances and make decisions that offer them short and long-term benefits. There is no point in making a change for the sake of making a change, but if you can change your living arrangements and improve your life, it is worth considering.

For most people, a house move is brought about by moving upwards. Perhaps you have a growing family, or you are moving upwards in life. However, there is an increasing interest in downsizing, and there are many reasons why this may be the best option for you and your loved ones.

With people living longer, and many parents living longer after children have moved out of their home, downsizing is a natural choice for many couples. Also, many people may find that reducing the size of their home is a cost-effective move, allowing them to make more of their money.

You must consider the options and outcomes of downsizing. A solution which is ideal for one family or household may not be suitable for another. Therefore, you need to consider your situation before you commit to changes.

Downsizing can free up money

For some people, downsizing makes sense as it frees up cash. If all your money is stored in an asset, it may suit you to sell your current home and move into a smaller property. This could give you more money to use in the present day.

Whether you intend on making the most of your golden years, or you wish to support loved ones with money, downsizing is an option that makes sense for many people.

Downsizing can make life easier

If your current home is too large for your needs, it can be a drain on your time, energy and resources. Even if you find you spend a lot of time cleaning your home, this is time which could be put to better use.

As you get older, you may yearn for a simpler life, and you want to use your time more productively. Opting for a smaller home can help you enjoy life in the way you wish.

Of course, just because you downsize your home doesn’t necessarily mean you save money. There are costs associated with selling and buying property, which may negate any initial advantage of downsizing.

You may your new home isn’t any more affordable to run, or other costs may arise due to the move. There is a lot to consider when selling your home, and you must look at the longer-term impact as well as the short-term.

How will you feel in a smaller home?

While a smaller home may feel more practical, will you be happier? Not everyone is content living in a smaller property, and you may not be able to adapt to this new lifestyle. Think about what you love about your current home and living arrangements. The size and grandeur of your home may be essential elements, and if they are, downsizing may not be ideal for you.

If you are considering downsizing and need more guidance or support in this matter, contact Mitchells Estate Agents, and we’ll be more than happy to help.

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