For many, the decision to downsize to a smaller property is linked to a new chapter in life such as retirement or grown-up children leaving home. Today ‘downsizers’ are a key driver of our housing market providing growing families with the opportunity to upsize. Increasingly, some of the equity released from a sale can help children with deposits for their first home, too. 

We know what it means to move, and on a personal level there are plenty of good reasons for downsizing. Here are five: 

Financial freedom

One of the most compelling reasons to downsize is the financial freedom it may offer. Where there is no longer a need to run and maintain a larger home, a few calculations will quickly illustrate by how much monthly and capital expenses could be reduced by downsizing.  

As well as savings on running costs, it is more than likely downsizing will unlock some equity to invest and or to enjoy. This might go into retirement savings giving peace of mind that there is financial security for any unexpected future expenses. Likewise, it might support a hobby or travel. 

More time and less clutter

A larger home requires more time and effort, from cleaning and maintenance to gardening. Downsizing can help free up time as well as reducing the physical demands of running a bigger property. 

Downsizing from a family home can be a major undertaking particularly when it has been lived in for many years. Working through rooms full of things accumulated over time, which it’s been easier to hang onto than to discard, deciding what is important to keep and what is not takes effort and discipline. Moving to a smaller home definitely helps you to evaluate your possessions, decide what really matters and also what will fit into and suit your next home. 

Today, there are plenty of options for passing on preloved items and any money raised could be put towards buying better suited furniture or a post-move holiday. 

Future proofing

Unfortunately, as we age, our mobility and physical health can change. A smaller home often means fewer stairs, and there may well be a lift in purpose-built schemes or infrastructure in place for one to be installed at a later date. A smaller square footage means the layout will be more accessible – another advantage for later life. No long corridors from one end of the home to the other or multiple flights of stairs to navigate safely many times a day. 

Reducing your carbon footprint

Downsizing doesn't just benefit you; it can also be a step towards reducing your environmental footprint. Smaller homes typically consume less energy and require fewer resources to build and maintain. When you downsize, there may be the opportunity to make conscious choices about energy-efficient appliances and the source of your energy. 

Usually smaller homes have less outside space meaning the volume of water required for maintaining gardens in bloom is much reduced. It may well be enough rainwater can be collected and stored to meet the garden’s needs. 

Lock up and leave

For those with wanderlust, downsizing can offer the freedom to embark upon new adventures as a smaller home and garden should require less looking after. So whether it’s regular weekend breaks, or longer trips travelling the world, being able to lock up and leave, enjoy the experiences and not worry about the state of the garden can be a huge benefit of downsizing.       

Approach downsizing as a liberating experience and enjoy what it can provide including: financial security, freedom to travel, the opportunity to support others financially, be free from clutter and less tied to your home. There are many benefits to embarking on the process.

Further information

Contact Helen Pack

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