Whether you’re looking to make life more manageable, want to improve your finances or have kids who’ve flown the nest, downsizing your home can be a good move.
Property expert Natalie Mitchell at HomeHow.co.uk outlines the benefits of downsizing and takes a look at the considerations and steps involved, to help guide you through the process.
The Benefits of Downsizing Your Home
There are many reasons why you might want to move to a smaller home. But if you’re unsure of the benefits, here are the key advantages:
- Improves your finances: If you own your home outright, you should be able to free up some equity.
- Makes outgoings more manageable: For those struggling to pay off a large mortgage, downsizing can help to reduce repayment costs.
- Reduces bills: Having a smaller home should reduce your energy bills and council tax.
- Lightens your load: A small home and garden is easier to manage as there’s less cleaning and maintenance to do.
- Gives you a better lifestyle: With fewer outgoings, you’ll have more money to spend on holidays, hobbies and other things you enjoy.
- You can live in a more convenient location: Downsizing allows you to move nearer to family and local amenities.
Considerations to Make
Although downsizing has its benefits, it’s not a move you should take lightly. You need to take your time and consider fully what the process entails and what issues downsizing might create.
How Much Space You Have
After downsizing, it’s unlikely that you’ll have as much living and bedroom space. So, it may not be as easy to entertain or have family and friends stay over.
Small homes and flats don’t tend to come with a lot of outside space either. Although this is an advantage in terms of reducing maintenance, it can be a compromise for those who count gardening as a hobby or use the garden to improve their mental health. However, you may be able to find a home with communal gardens.
Selling Your Current Home
To put yourself in the best position financially, you’ll need to make sure your current home is in a saleable condition. So, you may need to carry out external maintenance and interior upgrades before you can put it on the market.
The Impact on Others
You may need to consider what impact downsizing will have on others. Are there family members who still live at home? Will you be moving further away from friends and relatives that you’re close to? If you’re moving closer to family, have you discussed this with them? What are your expectations? What are theirs?
How it’ll Affect You Emotionally
It’s not just the practical side of downsizing that you need to consider. There’s often an emotional element to it too. If you’ve been in your current home for a long time, you might find it a wrench to leave, especially if family have grown up there and you’ve lots of happy memories tied up in the house.
How to Downsize Successfully
Plan carefully
Before you make any plans, you need to work out how feasible it is to downsize. So, work out where you want to live and check out the property market. Are there suitable properties available in that area for the price you want to pay?
Downsizing often means making compromises. So, before you start hunting for your new home, decide what things you will and won’t compromise on. This should help you find a home that you’re going to be happy in.
If you’re moving to a new location to be closer to family, make sure you take time to familiarise yourself with the area. What does it have to offer you in terms of amenities? Is there a welcoming community where you’ll be able to make friends and be happy?
Don’t Give Yourself More Work to Do Than Necessary
Often, we downsize our homes to reduce the amount of maintenance we need to do. So, you should think seriously about looking for a home that’s ready to move into. This will save you a lot of stress and hassle.
Be Organised
Once you’ve found your ideal home, measure up the rooms so you know exactly what space you have to play with. This is important as you’re unlikely to be able to fit everything from your old home into your new one.
If you’re considering downsizing, it’s never too early to start preparing to move. Go through each room in your home and declutter. That way, you’re not transporting more stuff than you need to your new home. Plus, it’s much easier to sort through your belongings while you still have plenty of space to work in. Sort through everything and put belongings into keep, sell and donate piles. The sooner you do this, the more time you’ll have to deal with the items you want to sell and recycle.
Rethink Your Furniture
As you’re downsizing, it’s a good opportunity to update your furniture. Your existing furniture, especially the bulky pieces, may not fit so well in a smaller home and may not suit the style of your new home. So, look at investing in more compact, multifunctional pieces. A smaller home can mean less storage, so it’s also worth looking at furniture that incorporates plenty of storage.
Final Thoughts
In the UK, it’s thought that around 200,000 of us downsize our homes every year. This is because of the benefits it brings in terms of lowering maintenance and improving finances. It can also offer us a better lifestyle and closer family ties. But before making any move, it’s important to take your time to consider all the implications of downsizing. To be sure of success, it’s crucial that you do your research and start preparing early.
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