Downsizing, the notion of buying a property smaller than the one you currently own, used to be considered as something people mainly did when their children had grown up and moved out of the family home. In recent years however, there has been a definite shift in this perception, and the Jones Robinson team have had a range of clients in different age brackets and points in their lives where it's been clear that the reasons for downsizing have gone far beyond children flying the nest!
Reasons to downsize
Often downsizing can be the result of a change in circumstances, for example some choose to reduce the size of their property to fund their next adventure. For older homeowners this could mean retirement, with younger people viewing downsizing as a way of saving money to move abroad or travel (or even retire early!).
In the current environment, more and more homeowners are also recognising downsizing as a way to potentially reduce everyday living costs or release capital. The impetus to downsize is often led by economic decision making as there are a number of clear financial benefits to downsizing.
Benefits driven decision making
There are a number of ways that downsizing can save you money, for example moving to a smaller home is likely to reduce your mortgage. In addition to this, there are great savings to be made on the lower council tax bills and home insurance that come with a smaller property.
Homeowners that have downsized also find that their new home requires less maintenance, this can reduce the cost of DIY and repairs if something goes wrong. Reducing the time being spent maintaining a home can also lead to a better quality of life. It may open up opportunities to move to a more desirable or preferred area, or be closer to work or family. In addition to reducing stress and financial concerns.
Of course, running a smaller property also lessens an individual's environmental impact, something that is being prioritised more and more by homeowners.
However, whilst there are a number of benefits to downsizing, it is a decision that needs to be carefully considered.
Think about downsizing your possessions as well
One of the biggest concerns when moving to a smaller property is ensuring you still have space for your belongings. One of the best ways to tackle this problem is to think through the items you own and consider whether or not you need to keep them. A great way to work out what you truly want to keep is to consider ways to focus on specific items. You could do this by focusing on one room at a time or using the “reverse hanger trick” where you turn all your clothes the other way around and only turn them back once you’ve worn them. The clothes you genuinely wear and need then become clear as everything else is facing away from you!
When purchasing a new home, look out for storage space
Equally if you don’t particularly want to throw everything away or feel you are already fairly de-cluttered, making sure you look out for, and consider, storage space when looking for your next property could be key. Looking for a new home with built-in wardrobes or cupboard space is a great way to make your move as seamless and easy as possible.
Consider your reasons for downsizing
One of the most important aspects of downsizing is to always keep your reasons for doing so in mind when looking for your new home. If, for example, you are moving because your children have left home, considering how often they are likely to stay over in your new property could have a direct impact on how many bedrooms you need. If you are looking to save money, choosing a location near to your place of work and close to the people you socialise with could be key to ensuring that the money you are saving by downsizing isn’t then spent in other areas such as travel.
The best way to ensure you benefit from downsizing and consider all opportunities is to speak to the experts…
About Jones Robinson
As leading, local estate agents in Newbury, Didcot, Lambourn and Hungerford, Marlborough and Devizes, and the surrounding areas, we are best placed to help you sell your property and find your next home - whether it's going to be bigger or smaller!
By offering a personalised service we can tailor the sale and timeline to your requirements as we don’t believe the ‘one size fits all’ approach works in this Industry.
The way we work is very transparent with a clear sales process, so you know what to expect. This is especially useful if this is your first time selling a house. Contact us today to find out how we can help you sell your home, and for advice and guidance on the local area.