Pros & Cons of downsizing your home


Downsizing – Pros & Cons of downsizing your home

There are many reasons to downsize to a smaller property. Whilst we live in a world where often ‘bigger is better’ it’s worthwhile considering shifting your thinking to consider whether a smaller property would actually serve you better and suit your lifestyle.  With recent economic pressures, more people are considering downsizing.  Let’s discuss – Pros & Cons of downsizing your home.

The pros

  • Downsizing could reduce your expenses and leave you with more disposable income
  • It could release equity and increase your savings
  • It could allow you to move to a more desirable location or better-served location
  • You may be able to move to a more suitable home
  • It could give you more time – a smaller home means less work so more time for you
  • It may give you less responsibility, a smaller workload, increased cash flow, and greater flexibility—added together, they all reduce stress.

The cons

  • Leaving friends and neighbours behind you could end up with less day-to-day social contact than you currently have.
  • Lifestyle changes: if you’re considering moving to an entirely new area, can it offer everything you need to continue living a fulfilled life?
  • A smaller home means less space: while this can be an advantage, it’s helpful to think ahead about how much space you might need for hobbies and accommodating family or visitors, for example.

Before you consider downsizing you need to plan carefully:-

  • Consider your reasons for downsizing. Is it really necessary, are you happy about it, or is there another solution?
  • Consider where you want to live. Do you want to stay in the same area?
  • To obtain an appraisal valuation on your home contact us – its free
  • Look at the type of properties that would work for you, and whether you can afford them. Will you have to make a compromise?
  • Start decluttering your property – donate to charities, give items to family members and separate out the items that you really love and feel strongly about from those you don’t really need. It’s an opportunity to clear everything and save yourself money when you pay for removals.
  • When you’ve made up your mind, prepare your home for selling – read our blog – Three key steps for selling your property and 9 Key tips for showing your property
  • Downsizing doesn’t always have to mean actually selling your property. It could make financial sense to rent out your current property and move into a smaller place if you want to earn a little extra income. Read our options for renting out your property
  • Start searching for properties that you would like to move to.

Contact us for a free market appraisal

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Call into our office at 15 Barnes Wallis Way, Buckshaw Village, Chorley, PR7 7JA

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