Downsizing is when you move into a home smaller than your current property. The reasons why people decide to downsize vary, from reducing expenses to no longer needing the extra space after your children have left home – there isn’t a one-size-fits-all approach.
But should you downsize? That is the all-important question, and a 2017 study found that a whopping 11 million people could downsize by 2027. In this article, we take a look at the pros and cons of downsizing and whether you should make the move to a smaller home.
Why do people downsize?
Traditionally, people downsized when they’ve reached retirement age, and their children had flown the nest. While retirement is still one of the primary reasons for moving to a smaller home, there are plenty of other grounds for reducing your square feet.
Some people move because of the end of their relationship, which sees them go back to living the single life and living in a smaller bachelor or bachelorette pad. Others might want to move to a more expensive area and are willing to sacrifice the size of their home for a sought-after postcode.
Whatever the reason for downsizing, there are a few things that you should weigh up before making the final decision…
The pros and cons of downsizing
Looking after your home
Less space means that you don’t need to do as much to maintain your home. As a result, the time spent on day-to-day things like tidying around the house becomes significantly shorter than if you had to clean a three or four-bedroom home.
Moving to a smaller home not only makes it easier to maintain; it’s also cheaper to run. Utilities such as water, electricity and gas will be significantly less expensive in a smaller property than they would a larger one. Paying less for your bills could save hundreds of pounds each year and increase your cash flow.
Location, location, location
Maybe you’ve had your eye on a snazzy postcode but couldn’t afford to move into a property of the same size there. If that’s the case, downsizing means you can live in the area you’ve always dreamed about without having to pay the premium prices that come with larger homes.
Less effort around the upkeep of your home, cheaper utility bills and a location you’ve always dreamed of paints downsizing in a positive light. These elements combined could even lower stress levels and help you benefit from a healthier, happier mindset.
Not as much space
The obvious drawback to downsizing is the reduction of space – especially if you have spent the last few years collecting copious amounts of stuff in your home. Moving to a smaller property means that it might be time to arrange that car boot sale you keep talking about.
No room for guests or family
Once upon a time, having relatives or friends over to stay wasn’t an issue – that spare bedroom came in handy. If you downsize, however, there’s every chance that you might have to point overnight guests in the direction of the nearest hotel.
Having a home with fewer square feet might take some getting used to as you realise that there is less space to navigate. However, it could be the start of an exciting new chapter in your story once you’re fully acclimated to your new and cosy home,
Downsizing with emoov
Whether you’re thinking of upsizing or downsizing, speak to one of our property experts about your next move. They can suggest a competitive price for your home based on local market trends and help you sell your home with minimum stress.