Thinking of downsizing? 

Research from Suffolk Building Society suggests that 15 per cent of UK homeowners are planning to downsizeover the next five years. That’s a staggering 6.3 million people. Whilst the pool of potential Surrey and Hampshire downsizers is much smaller than that, here are a few things to consider if you’re thinking about buying a smaller property.

1. Unlocking equity

According to Mortgage Solutions, the average amount of equity that over 55-year-olds hold in their property is £321,213 – and we know that this will be even higher for Surrey and Hampshire property owners. Now, smaller properties generally mean smaller mortgages – and that’s if you even need a mortgage at all. So, whilst your new property may be smaller, your savings pot will be larger. Whether you reinvest that newfound money in your pension, an overseas property or simply use it to have fun is entirely up to you. The point is you’ve effectively turned bricks and mortar into money that’s now available to you.

2. Smaller house, smaller bills

It’s not just the equity you’ll free up when you downsize, but you’ll also free up money as a direct result of shrinking operational costs associated with running a house. We’re all acutely aware of what seems to be the ever-growing cost of energy. Council tax and water bills are only going one way, too. And if you have a cleaner, then there’s less space to clean with a smaller property. With less floorspace comes less admin, less cost and less hassle. And if your property requires less of your time, then it means you have more time to spend on doing the things you enjoy.

3. Downsize to upgrade

Moving from a large house to a smaller house is like going from being a small fish in a large pond to a large fish in a small pond – and here’s why. Decorating, furnishing and painting a large property can carry an astronomical cost. As a result, people often resort to ‘making do’. However, when moving to a smaller property, getting it the way you want it and incorporating high-end fixtures and fittings that may have been cost prohibitive in a larger property suddenly become more accessible. So, whilst you’re trading down in space, you’re trading up in lifestyle. 

4. A futureproofed solution

Okay, so this one’s slightly more practical – but it’s still relevant, nonetheless. Downsizing not only provides you with the chance to reduce cost, admin and the amount of time spent on things you’d perhaps rather not do, but it also offers the opportunity to choose a home that’s going to work for you as you grow older. Whilst it’s something that we generally prefer not to think about, we all age. So as that three-floor house becomes less appealing as the energy required to scale that second flight of stairs dwindles, this could be the perfect time to explore an apartment (or at least something with more accessible living).

5. A simple life

There’s definitely a beauty in simple living. As the saying goes, the more things you own, the more they own you. With that in mind, downsizing provides the perfect opportunity to declutter, pair back and rediscover the pleasures of not feeling too weighed down by all the ‘things’ you’ve accumulated over the years. Of course, there are treasures and things that carry sentimental value that you simply can’t discard. But from our experience, there will be a lot of things that would never be missed if you were to donate, sell or simply discard during a move to a smaller property.

Downsize with us

We’ve helped countless people downsize over almost two decades. So, if you’re thinking of making a move, why not call our team of Surrey and Hampshire property experts. 

Contact your local branch of Warren Powell-Richards to arrange a no obligation valuation of your property. Alternatively, find your nearest Warren Powell-Richards office here.