Moving to a smaller property might seem a strange prospect – or even a pipe dream – to some people. But there are a number of reasons why homeowners choose to downsize.
Downsizing is the process of moving from a larger home to a smaller one.
There are a number of reasons for wanting to downsize. They include lifestyle changes, family situations, financial motives, or just a desire to simplify your life.
According to a study by Legal & General, potential downsizers now make up nearly a quarter (24%) of all households aged 55 and over. That amounts to some 2.9 million homes in the UK.
How do I know when the time is right to downsize?
Paul Preen, Managing Director of Lang Town & Country, says: “There are a variety of reasons why you might be considering downsizing to a smaller property.
“Downsizing can be an excellent choice for those who want to free up space, simplify their lives, and reduce expenses.
“One of the most common reasons for downsizing is when people retire or when their children move out of the home.
“Our experienced team can sell your home and help find a new one that suits you and your family.”
What are the reasons for downsizing to a smaller home?
Paul says: “Downsizing offers numerous benefits, including reducing expenses, reducing the amount of time you spend on home maintenance, and freeing up your time and energy for other activities.
“One of the main advantages of downsizing is that it can provide financial relief. A smaller home is likely to have lower mortgage payments, reduced property taxes, and lower utility bills.
“This can be especially beneficial if you are approaching retirement or have experienced a change in your financial situation.
“Downsizing can also be a smart choice if you are looking to simplify your life and reduce stress. Less space to clean and maintain means you can spend more time pursuing your interests and spending time with loved ones.
“Additionally, downsizing can be a way to reduce your environmental impact by using fewer resources and producing less waste.”
Here are 10 reasons you might be ready to downsize your home:
1. You’ve retired or are approaching retirement
As you approach retirement, you may no longer need a large home. Downsizing can be an excellent way to reduce your expenses and simplify your life.
2. Financial reasons
A smaller home is almost certainly more affordable, especially if you’re struggling to keep up with mortgage payments or taxes.
3. Empty nesters
If your children have moved out, you may no longer need a large home. Downsizing can free up space and reduce your expenses.
4. Maintenance costs
A larger property often requires more upkeep, both in terms of time and money. Downsizing to a smaller home can reduce the amount of maintenance required and save you money.
5. Health concerns
If you or a family member have mobility issues, a smaller home with fewer stairs – or even a bungalow – is likely to be safer and more accessible.
6. A change of lifestyle
If you’re looking to simplify your life, downsizing to a smaller home can help you focus on what’s important and reduce unnecessary stress.
7. Environmental concerns
A smaller property is likely to have a smaller environmental footprint, requiring less energy and resources to maintain.
8. Time constraints
If you are busy with work or other commitments, downsizing to a smaller home can free up time that would otherwise be spent maintaining a larger property.
9. Location
If you are looking to move to a new location, downsizing can make the move more affordable and allow you to live in a more desirable area.
10. Travelling distance
If you enjoy traveling, downsizing to a smaller home can make it easier to lock up and leave for extended periods without worrying about maintaining a large property.
I’m thinking about downsizing. What’s the next step?
If you’re thinking about moving, your first step should be to get your current property valued.
Lang Town & Country is Plymouth’s best estate agent for four years running. Please do contact us and we’ll be more than happy to offer advice and a free valuation of your home.
Plymouth Sales – 01752 256000 / Property@langtownandcountry.com
Plymstock Sales – 01752 456000 / Plymstockoffice@langtownandcountry.com
Waterside – 01752 200909 / Waterside@langtownandcountry.com
Lettings – 01752 201010 / enquiries@langtownandcountry.com
Land & New Homes – 01752 278499 / newhomes@langtownandcountry.com
What if I’m thinking about upsizing my home?
Are you running out of space in your home? Is your current property not fit for purpose? Or perhaps you’ve got a new addition on the way (congratulations!).
If you’re thinking about upsizing your current home, Lang Town & Country can help you take the next step – click here to find out how.
