Is it the Right Time for you to Downsize?

Published: 31/07/2023

Are you considering downsizing? 

Overtime, life changes and what was right for you ten, twenty or even thirty years ago may not suit your lifestyle now. If you’ve reached this point, it might be time for you to consider downsizing your living space.

Downsizing is when you sell your current home and buy a smaller one. This could mean moving from a bigger house to a smaller one, or switching to apartment living.
There are lots of reasons people choose to downsize. In this blog we’ll look at the most common reasons and explain the benefits.

To release some money

By selling a bigger property and buying a smaller, less expensive one, you can release some money to fund other aspects of your lifestyle. When making this decision, it is important to factor in the cost of moving such as stamp duty costs, solicitors fees and removals costs, to make sure it is worthwhile.

Freeing up some money could enable you to pay off more of your mortgage, provide you with more disposable income for hobbies and holidays, pay-off some existing debts or enable you to invest in a holiday home.

Change of lifestyle

Perhaps there are less people living in your home these days and so you don’t need as much space as you did before.

By moving into a small house, you can reduce your bills and you will have less space to clean and maintain. It’s also a great opportunity to have a much-needed clear out.

Save money

Smaller houses are more cost efficient to run.

By having less space you’ll save on heating and electricity particularly if you move to a newer, more energy efficient property. If the property you buy is cheaper than the one you sold, your mortgage will be lower too.

Lower maintenance

A property that is easier to maintain can be more practical as you get older or move into your retirement.

Downsizing can enable you to have a smaller, more manageable garden to maintain. It also reduces the amount of time you have to spend on chores as smaller or fewer rooms means less space to clean. The upkeep of older properties can become expensive overtime too, so moving into a more modern property can enable you to upgrade your living space without having to invest in or live through refurbishment works.

Lifestyle change

Overtime your priorities change. When you first bought your house, you might have prioritised good schools or commutable locations. Now, it might be more important for you to be close to extended family, your medical practice or other amenities.

Whilst you might be familiar with the area you live in now, it is worth thinking about whether it actually suits your needs and lifestyle now.

Ready to talk about downsizing?

There are lots of reasons why people choose to reduce the size of their living space. Whatever your reason, Carringtons is here to help you.

Book an appointment with one of our agents to find out more about downsizing your property.