Home is where the heart is, and your house is your castle. But a castle can prove to be costly. Although it might look like a dream from the outside, a big estate often equates to rising fuel prices, electricity bills, maintenance costs – and that's on top of the mortgage and house insurance. With the rising cost of living and changes in the housing market causing increasing stress for property owners, it's no wonder that downsizing has become a popular choice during the last five years.
Should I downside my house?
Downsizing your property is not an easy decision to make. It will take time, consideration and planning before you may come to that conclusion. If you're thinking about it, it's important to know you're not alone – RICS cited that a third of over 55s have considered downsizing in the past five years, while some families are beginning to struggle with the cost of living. Whatever your current situation, here are some of the benefits of downsizing.
Financial benefits of downsizing
You might be looking to fund your children's education, to be closer to family members, or to live in a more central location. Your children might have left home and your current abode feels too roomy. Reasons may vary, but the financial benefits of downsizing transcend circumstances. Expect a more affordable, attractive mortgage rate, reduced electricity bills and house insurance costs. Smaller houses are generally easier to heat, and new developments come equipped with brand new insulation and environmentally conscious features. By freeing up part of your income, it leaves scope to invest excess finances in other areas, making the daily cost of living more manageable and bringing an enjoyable retirement or family holiday in reach.
Reasons to downsize
When you're struggling to keep up with outgoings it can creep up on you, affecting your closest relationships. Downsizing can give people a new beginning, ripe with opportunity to lessen financial pressure and spend quality time with loved ones. New memories in a new community might prove to be the change you need.
When to downsize?
The benefits of downsizing may vary depending on your age. It may be the last thing from a young family's mind, but making the jump in your 30s and 40s can help to cope with education, healthcare and a happy retirement in the future. And while moving from a long cherished property is a daunting prospect, an increase in finances combined with new, comfortable amenities make the transition easier.
Downsizing in style
Decluttering your belongings can seem insurmountable, but it can be a golden opportunity to ring in the changes in your new home. Do you really need dining sets that only come out the cupboard at Christmas? There are plenty of blogs out there dedicated to helping you make space and Pinterest, the social media pinboard, has plenty of inspiration. You could try selling things on Ebay, Gumtree or local forums on Reddit. If you're not looking to make a profit, charity shops across the country will gladly take your second hand goods – some might even pick your stuff up for you. The more that can be reused, the better. Some people recommend packing parties and car boot sales to add a sprinkling of community spirit to moving.
Once you're in your new home, the key is working with the space you've got. Colour schemes and décor are key in creating the illusion of more space. Feature walls add a fun, contemporary edge and clever use of storage will add some flair to your surroundings. Upcycling old pieces of furniture is all the rage – if you're not familiar with the term, here's a list of websites with tips and ideas.
Moving into a new stage of your life is tasking, but here at Lovell Homes, we offer brand new, affordable properties and aim to bring cohesion, connectivity and comfort to the whole community. Whatever you're looking for, we hope a move towards our tenure feels like a step in the right direction.
Take a look at how downsizing, finally meant their dream home for one our customers here.