Is it time to downsize your home?
Is it time to downsize your home?
The family home is a place to be treasured. You worked hard to save for it, repair it and furnish it, and it holds precious memories too. The walls have seen the children grow and leave home. They (and you) have witnessed the happy times, the sadder moments and all that’s in between. But when is the right time to leave it all behind and downsize your home? What are the benefits to downsizing your property?
Something more manageable
One of the biggest reasons why people choose to sell their large family home and downsize, is to make everyday living easier. A smaller home is easier to manage for many reasons. With fewer rooms to tend to, it’s not only less effort to keep clean but you can keep a better handle on its security too. And looking ahead in years to come, how easy will it be to get from room to room? Quality of life in our later years is an important consideration – why not enjoy a new, smaller space and live comfortably in it?
Save some pennies
Our financial futures do not seem to get any easier these days. Many couples over the age of 55 who are considering their future, have large family homes. These homes are undoubtedly your biggest asset but while living in them, there’s little monetary value to be had. Not only is the equity locked away in the home, but the living costs can be substantial too.
By selling the family home and downsizing to a smaller property, you can release equity to help fund future or family projects. It might be that you want the money to invest in or go towards your pension. Perhaps you have grandchildren struggling to save for their own home, and you want to gift them money towards the deposit? Or maybe you want to treat yourself to a new car or a dream holiday? Or perhaps you want to splash out on another big purchase pleasure you haven’t before been able to afford.
Reduce monthly outgoings
By moving to a smaller property you can make significant savings on your monthly outgoings. Downsizing from a large four-bedroom home to one half the size will bring annual savings on energy bills. And depending on the type of property, you may be able to make further savings. Moving to a smaller home that’s reasonably new with a modern heating system, boiler and glazing will see you save thanks to its energy efficiency. Insurance and maintenance costs can be significantly less, too. If your large family home saw you paying for a cleaner, gardening services and other maintenance, you might be able to do away with these costs altogether.
Move to a new community
Perhaps your property is set in a beautiful rural location with stunning views and few neighbours nearby? In this case, you might want to consider the practicalities for the future and your later years. Will you be able to access local amenities and important services easily and without driving? Do you need to be closer to better transport links, leisure facilities and other community services? Living in a more populated area and having all you need on your doorstep as you approach your retirement years can help reduce the risk of isolation.
Making the decision to downsize your home is a big one and one that will take a lot of consideration. It might be something you want to discuss with your partner, family or close friends before you commit to doing it. While the benefits of doing it are considerable, it must work for you.
If you are considering downsizing your property and looking to move to something smaller, we can help you with your property sale and search. Speak with one of our attentive property consultants today and arrange a free valuation of your family home to get started. You won’t find an estate agents who will put more time and effort into not only helping you find the right property but importantly, making sure you get the best price for the home you are selling.