Given the current market conditions, downsizing is becoming more popular. The cost of living crisis has meant people are looking for ways to free up money, and the backlash of covid (sorry to mention it) has meant people are switching up bigger houses and double garages for more holidays, more time outside, and maybe a new hobby or two. Whilst the decision to downsize can be a difficult one, there are things you can do to make things easier for yourself.
Downsizing can allow you to free up money or potentially become mortgage free (depending on your circumstances), and having a smaller property to maintain means you’ll have more time and money to do the things you enjoy as well as cheaper household bills. It is also great for a de-clutter and a fresh start.
On the flip side, downsizing can be difficult if you’ve still got children at home and, ultimately, if you work at home, the thought of spending all day somewhere that could potentially feel significantly smaller can be a lot to get your head around.
So, where should you start?
Speak to your local estate agent and arrange to have your property valued. Understanding the realistic value of your property will be a good indicator of what price bracket you’re looking at and how much money you are likely to be left with. Next, if you have a mortgage on your property, check in with a mortgage broker, they can obtain a balance from your current lender which will help firm up your figures. Once you’re up to speed with the numbers, spend some time weighing up whether a downsize is right for you. Call us old-fashioned, but in our opinion, if you’re struggling to make the decision there is nothing more effective than a pros and cons list. Then, worst case scenario, if you still can’t decide what to do, pick up the phone to us, and we’ll figure it out together.