A recent study has discovered that the older population in the UK is currently thinking of downsizing their property. If your children have left the nest and the cost of living continues to rise, you may be considering whether your property is suitable for the long term.
Perhaps the continual needs of cleaning, maintaining, operating, and repairing a family-sized property are already taxing, and those obligations will only get more difficult over time. With this in mind, it may be time to consider downsizing your living space. Martin & Co understands how challenging this decision might be, so we've put together a list of things to think about before making your final decision.
What is important to you?
Your home may have been ideal for your family at one point, but it’s worth thinking about what matters most to you now. It may be the ideal time to downsize if you want to spend your money and time on the things you enjoy the most, rather than spending more money on your property.
Consider your current situation and how much room you really need right now. Take some time to think about the future as well. Consider what is the most convenient and practical for you.
Will the location and size of your home still be appropriate for you in a few years, or would it be better for you to live closer to family, public transport, or healthcare facilities?
A helpful tip from us, is to prioritise not just what you want now, but what you might need from your property in the future.
Why could downsizing be a good idea?
- Your property is difficult to maintain: the bigger the house, the harder it is to maintain. There can be a lot that needs to be done to maintain a larger property in order, from general repair work to frequent hoovering. Downsizing can be a good opportunity to move into a home that is easier to manage, which can help you to maintain independent living.
- You have a lot of empty space: If you have a lot of empty rooms that you aren’t sure what to do with, then buying a property with less space could be a good idea. Many families need the extra space, but once their children grow older and start to flee the nest, parents may find themselves with lots of extra space on their hands. If you have no use for your extra space, it’s possible you have too much of it.
- Your bills are unsustainable: Many people choose to downsize for financial reasons. When you retire, cut back on your job hours or have less people living in your home to help pay the bills, your outgoings can quickly overwhelm your incomings. If this happens, downsizing may be the best option. You could create a more sustainable living arrangement with more manageable bills in a smaller home.
What happens next?
It’s never easy to make the decision to downsize, but it’s often the best option in the long term. Discuss the options with your family and friends and take the time to consider your options carefully.
You can also contact your local Martin & Co for more advice on downsizing. We can discuss your options and help guide you through the selling process.