10 reasons to downsize your house
1. Property is too big
A big property brings with it lots of cleaning, gardening and general upkeep—and for some this can become too much. Having a property that’s too big for your needs—perhaps because your children have left home—means spending time looking after areas of a property that are no longer being used.
2. Reduce day-to-day living costs
Downsizing can mean many people are able to live mortgage-free, as well as reducing other living costs such as utility bills. These savings can then be put towards living during retirement, into a savings fund or spent and enjoyed.
3. To fund retirement
People approaching retirement age often consider downsizing as a way of funding their lifestyle—or allowing them to take early retirement. For some this money may be used for day-to-day living, for others it is used as a way of following a dream such as travelling during their retirement.
4. Funding children through university
The rising costs of putting a child through university means some parents now downsize the family home to be able to fund their education.
5. Pay off debts
For people who have a large amount of debt that they can’t afford to pay—or which is affecting their life in some way—downsizing their house is a viable way of paying off the debt and regaining control.
6. Buy a second property abroad
Buying a property abroad is a dream for many. Some people realise this dream by downsizing their property.
7. Less environmental impact
There are a growing number of people who are downsizing their property because they’re worried about the impact their large home is having on the environment. A smaller property reduces carbon footprint and minimises energy use.
8. More simple life
Downsizing can provide a more simple life with less clutter and personal belongings and more spare time. Moving from a larger home forces you to clear out belongings you may have been hoarding. It also means less time spent cleaning and maintaining the property or garden.
9. Relationship breakdown
Sometimes the reasons for downsizing are forced. When the break-up of a relationship takes place it often means the shared home is sold and both of the partners need to find smaller property
10. Avoid having too much capital tied up in one house
Having all your money tied up in one property can worry some people in case they need to access a larger amount of money quickly. This can be as a result of a sudden illness, a house-maintenance issue or a job redundancy. Some people downsize and place the released money into a savings account ready for a “rainy day” or invest it elsewhere.
Should I downsize my house?
Before taking the plunge and downsizing, it’s important you work out how much it will cost you. Moving house involves many costs—such as legal fees, stamp duty and estate agent fees. All of these costs can eat into the money you will have at the end of the sale.
You should also consider the reasons you’re making a move and talk to your family or friends about your decision.
If you do decide that downsizing is for you, Reader’s Digest Property provides a hassle-free way to sell your property quickly. You can receive a guaranteed cash offer for your property and a sale completion time to suit you.
Fill out the form below or call us on 0800 433 7979 to find out how much you could receive.
Enjoyed this story? Share it!