Should I Downsize?
We have found that currently older people are questioning whether downsizing is the right choice for them. If your children have flown the nest, and with the cost of living increasing, you may be beginning to think about whether your existing home is suitable in the long term.
Perhaps the ongoing demands of cleaning, maintaining, running and repairing a family-sized property are already proving to be onerous and, over time, those requirements will only become more challenging. With this in mind, it could be time to consider moving to a smaller home. The team here at Warren Powell-Richards appreciate that this can be a difficult decision and so have a few considerations that you should bear in mind before making your final choice.
What Do You Find Most Important?
Your home may have once been perfect for your family, but it’s important to consider what matters most to you today. If you value spending your money and time on the things you enjoy doing most instead of spending them on your home, it could be the perfect time to downsize.
Take some time to think carefully about your current circumstances and how much space you really need now. Take the time, too, to plan ahead for the future. Consider your future well-being and health.
Will you be able to manage stairs, a large garden, or difficult to maintain fittings and fixtures when you’re older?
Is your home’s location still going to be suitable for you in a few years’ time, or would it be best for you to live closer to family members, public transport, or healthcare facilities?
You need to not only prioritise what is important to you today but also what will matter most in the future.
Consider Your Finances
It can be expensive to run any home. However, if you’re paying a large amount to warm rooms that you don’t use, or pay a standard water bill which would be most suited to a larger family, you could save money by downsizing. You may also have a big mortgage and high insurance premiums for a larger home that you could save money on if you moved to a smaller property. You could even end up paying your mortgage off entirely, potentially leaving spare money that you can spend on things that you enjoy.
How Could You Use Some Spare Money?
For many people considering downsizing, there will be some spare money available once you’ve relocated. Depending on the amount of money involved, you may decide to go on holiday, give some money to loved ones, help your children buy a home of their own, or buy some well-earned treats for yourself. You may have enough to invest – perhaps in a buy-to-let property to generate an additional income to supplement your pension or existing salary.
What Happens Next?
Deciding to downsize is never going to be easy, but in many cases, it is the best thing in the long run. Discuss your thoughts with your family and friends, and take some time to think hard about what’s the best option for you. You should also find out how much your existing home is worth.
You can find out more about the value of similar properties in your area by visiting our website at wpr.co.uk, or start the process of selling your home by getting in touch with our team. We’re looking forward to helping you make the most of your move.