Downsizing to a smaller home
For many people, there comes a time in life when downsizing to a smaller home seems the most sensible option. In most cases, children are born and raised in a family home, then eventually fly the nest to start a new chapter in their own lives. Perhaps they are heading to university, moving in with friends or a partner, or simply feel its time they had a property of their own. It’s at this stage in your life you may look around and feel that you’re suddenly in a home that feels too big for your new needs.
Why might you downsize?
There are many reasons as to why downsizing may seem the most sensible option for you. Some of the most common reasons include:
Children have moved out
Once you’ve become an empty nester in a large family home, the vacant unused space and extra rooms may seem excessive and unnecessary. You may feel this is now the perfect time to sell the property and buy a more suitable home for fewer occupants.
Less maintenance and cheaper bills
This is often a great incentive to downsize, as let’s face it - not many of us are keen on cleaning. Less rooms or a smaller garden will mean less cleaning and maintenance to carry out. On top of this, a smaller property is more likely to be cheaper when it comes to energy bills. Less time and costs on your house will mean that you have more time and money to dedicate to other things that are important in your life.
Equity release
If you sell a larger property to downsize to a smaller property, then in most cases you’ll be able to release equity funds for a cash injection to spend as you please. You may like the idea of taking a once in a lifetime holiday, investing in a rental property, renovating your new smaller home just as you want it or realising any of your other dreams.
Lowering mortgage payments
Selling your current property may allow you to buy a cheaper property outright, or at least have a smaller mortgage which will result in lower monthly mortgage payments, releasing funds for other things.
Things to consider before downsizing
Before choosing to downsize, it’s important that you sit down with those involved and consider a few things. This should help to ensure you choose a suitable property that will cater to your requirement in the best way possible. Consider things such as:
Location of the smaller/cheaper property
This is likely to be one of the first things you discuss, as you’ll need to decide whether you stay within the same sort of location or move elsewhere. And if elsewhere, how far away? You may want to remain close to friends or instead try something completely different to where you’ve been living, such as relocating from a city into the countryside.
Type of property
A bungalow or flat is the typical choice for many when downsizing - especially the older generation. However, if you still feel you’re not quite ready to downsize to something quite so small just yet you could simply opt for less bedrooms or something that just requires a lot less maintenance. After all, there’s nothing stopping you from downsizing even further at some point in the future.
Buying a new build
If less maintenance is a priority and you’ve been living in a home that is dated and quite old, then a new build property may prove to be the perfect choice. If this may be something you’re keen to explore, check out these important steps to buying a new build property.
If this has persuaded you to explore the possibility of downsizing to a smaller home, then our expert team here at CPS Homes in Cardiff have the expertise to help you every step of the way. Contact us today on 02920 668585, e-mail enquiries@cpshomes.co.uk or pop into on of our three Cardiff branches.
