Do you need to downsize?

Posted on Thursday, November 22, 2018

Moving home can be a momentous decision in your life, especially if you have been in your current property for a long time. It’s an emotional choice, but also a practical one. If you are wondering if it’s time to downsize, there are some things you can think about to evaluate your options. 

The Cost

A big home is a big drain on your finances! You might be heating, cleaning and furnishing rooms that you are not using on a day-to-day basis. The maintenance costs of a big garden, both in time and money, may also be building up. You need to think about whether you need all that space, especially if your children have moved out and you have a couple of spare rooms that you don’t use. 

The Investment

A big house is a big investment. Would the money in your property be more useful in your pension pot? Would the profit from a move to a cheaper home be much more welcome as the chance to have a once-in-a-lifetime trip, or to put towards your child’s own house deposit or even just to make your life more comfortable?

You should always talk to a financial advisor before making big decisions like this, especially if you’re wondering whether you could make money from your property that you would invest elsewhere.

Your Health

If the stairs are becoming more and more of a mountain, or it’s tiring to clean four bedrooms when it could be a lot less, you should prioritise yourself and your health by moving to a smaller property. Maybe it’s time to consider a bungalow, or just reduce the amount of rooms in your house. 

If you’d like to talk to us about downsizing, and finding out what’s out there on the property market that would better suit your needs, contact us today