As the housing market continues to be a little all over the place, many of the top estate agents Brentwood team members have found themselves being asked about downsizing and when the right time could be. Downsizing could be required for a number of different reasons and the decision must ultimately reflect your own personal experiences and requirements. However, you’ll find some handy tips and inspiration to help you make an informed decision below.
When is the right time to downsize
Downsizing might be an option for a number of different reasons, but the desire for a smaller home most commonly occurs when we reach a different stage in our lives and our family begins to fly the nest. Some people are happy to live in a large property after their children have moved out and are excited to make the most of the extra space. The excitement of converting bedrooms into an art studio, a walk-in wardrobe, or some other luxurious use can be a real thrill for many.
However, others may prefer to downsize and purchase a smaller property with the perfect amount of space for their new requirements. There’s no wrong or right move here and personal preference plays a huge part in what works best for you.
Another common reason to downsize is due to personal health reasons. Perhaps you have realised that a smaller property is easier to manage and maintain at this stage of your life. Stairs could now be more challenging and perhaps a bungalow looks like an attractive option.
What are the advantages of having a smaller property?
There are many advantages to owning a small property. One of which is the reduction in household bills and monthly costs. Smaller homes will cost less to heat and power, making them a good choice for those looking to downsize and cut their outgoings.
If your mobility is an issue, then it will come as a welcome change of pace to realise that cleaning and general maintenance in smaller homes is much less high-impact. With smaller areas to clean, keeping on top of regular cleaning can be easily manageable.
By downsizing from a large property to a smaller place, you’ll likely have some additional money left over from your sale that you could store away as a nest egg for retirement, or to take that holiday you’ve always dreamed of.
It is important to weigh up the pros and cons of downsizing before you move and to consider if the timing is right for you. Talk to financial advisors about how the move might positively or negatively affect your life and consult with trusted friends and family for their opinions. You could also speak with a local estate agent to see what’s on the market right now.