Why downsizing is now the choice of those looking to get the most out of life
Lockdown has changed priorities for many, with living closer to family and releasing equity now being the top reasons for moving home. If you’re looking to get the most out of life going forward, downsizing could be right for you...
Downsizing is typically seen as a solution for the retired, those whose homes now feel too big to manage once their children have moved on to homes of their own. Yet today, in an era when people are starting to re-focus their lives around the idea of working to live, we are seeing more and more people looking to ‘downsize’ for a wide range of reasons.
Discovering the reasons why a person wishes to buy or sell a property can be really enlightening. We are blessed to be able to gain an insight into their lives, their wants, their needs, and how this move will be the solution they seek, whether that is due to location, needing more space, or even helping to create a specific lifestyle.
What are the advantages of downsizing?
There are lots of advantages to downsizing your home. Firstly, if you’ve been in your current home a while, it’s likely to have increased in value, and you may be near to paying off your mortgage, if not having paid it off completely.
Buying a smaller, cheaper property will give you a lot of equity left over, to use for whatever you wish. It also means you can buy your new home as a cash buyer, giving you more options, a quicker chain and the ability to live mortgage free.
Downsizing to a smaller home means less upkeep, lower bills and more time to do the things you love. It’s an exercise in saving both money and time.
If you are downsizing in later life, it means you can choose a property that will be better suited to your needs. Instead of having to contend with maintenance issues or a huge garden requiring upkeep, you can pick a property that can work for you.
Is downsizing just for retirees?
Instead of the stereotypical ‘downsizers’, we are now seeing people from all generations looking to move somewhere smaller. Having too much space is not the main driver for this new generation of downsizer; instead, their focus is creating a better life for them and their family. Becoming mortgage-free is a dream for many, and by downsizing you could realise that dream faster.
When you add the money you free up by moving to a smaller home in terms of home value to the money saved from reducing your bills and possibly selling some of the excess belongings which used to clutter up the extra rooms in your larger home, that’s plenty more money in the bank to raise your standard of life, and give you peace of mind you deserve.
While downsizing used to be synonymous with a reduction in homeowners’ standard of living, today it’s seen as the opposite, and for those chasing the mortgage-free dream, it could be the right choice.
If you would like to talk about the possibility of downsizing in South Woodford or the surrounding areas, get in touch today for a friendly chat. We’re here to help!