Why should you consider downsizing?
One of the most important parts of searching for a new home is knowing which homes offer you what you need. If you’re a young couple looking for a first step on the ladder, your needs are different to a slightly older couple about to start – or grow – a family. But the size of home you need doesn’t always grow as you get older.
Downsizing can be a really positive step to take at various stages in your life, particularly if you are at the age where your grown-up children have flown the nest and you are realising that you don’t need all of the space that they used to occupy.
Another term for ‘downsizing’ is ‘rightsizing’, which can be a more accurate way of looking at the process. However your own circumstances have changed, you’re finding the right home for you, so here are some reasons why you might want to downsize, or rightsize.
To get extra disposable income
If you’ve been in your current home for many years, the chances are good that it will have grown in value and that you will have paid off a substantial part of your mortgage. This opens up the opportunity to sell that larger home and buy a smaller one with a much smaller mortgage, giving yourself much more disposable income.
Even better, if you’re swapping a 4 bedroom older home for a 2/3 bed new build you will also see a big difference in your energy bills because newer homes are much more energy efficient, which is better for the planet and for your finances.
To get extra disposable income make it easier to look after
A larger home means much more cleaning, tidying and general maintenance, both inside and outside. Large gardens are great for kids to run around in, but keeping them looking great is hard work, so it can actually be much more rewarding to swap to a home with a smaller garden that is easier to maintain and enjoy without needing to consider bringing in outside help with looking after it.
Meanwhile, the maintenance work and/or costs on the home itself can take its toll on a larger or older house. You may be fit and active, but do you still need to be spending so much time and money on DIY when you could move to a new build with new windows, new roof, new boiler, new kitchen and new bathroom?
To start again
Our homes are so important to us because it’s where we live our lives and make our memories – particularly over the last year when we’ve spent so much more time in them. We’re emotionally invested them, and sometimes circumstances can mean that starting again in a new home is the best move.
When children move out or a relationship comes to an end, homes can feel empty without them, so downsizing can offer you that fresh start in a shiny new home that fits your circumstances perfectly and open a new chapter in your life.
This can often involve moving to a new area, whether to find that fresh start or move closer to family and friends, but whatever your motivations, downsizing can be a way to unlock so many potential opportunities for yourself.
What to consider when downsizing
When looking for a new home you need to consider what your circumstances might be in five or ten years to make sure it will meet your needs, and this is true when downsizing or rightsizing. Would a 2 or a 3 bedroom home be right for you? Would a bungalow be more practical, like those arriving soon at Hollins Green? Other factors to consider include the location and what amenities are nearby or easily accessible, as well as whether you want to be out in the countryside or closer to a town?
There’s so many possibilities open to you when you decide to downsize and lots of advantages to picking a new build home in terms of savings on bills and effort required for maintenance and DIY. So why not get in touch with our customer service team to see how we can help you look at your next steps?