A common misconception in the housing market is that downsizing is only for “empty nesters” who are approaching retirement however, Lloyds Bank recently reported that almost half of homeowners who are planning to sell in the next three years will be planning on downsizing. If you want to know whether downsizing is right for you, our handy guide can help you make the right decision.
1 What is Downsizing?
Downsizing is the process of selling your current property in order to move into a smaller home. It occurs when homeowners realise that they don’t need as much living space as they did previously or, when they realise that living in a larger property is no longer practical. Downsizing can be a practical way to free up funds that were previously tied up in your current home, switch to a mortgage which suits your current budget, reduce your monthly outgoings or reduce the time and effort spent maintaining your home.
2 Why Should You Downsize?
Traditionally, downsizing really was for “empty nesters” who didn’t need the extra rooms once their children had left the family home and were looking for extra cash to boost the retirement fund or help out their children financially.
Today, we know that there are many other good reasons for downsizing your current home. The Independent recently reported that over half of homeowners who were planning to downsize saw it as a practical step towards reducing their household bills. Finding a home which suits your needs means that you won’t have to spend money on heating empty rooms. Moving from an old style property to a new home can also save you money as on average, new style homes are 6 times more energy efficient.
Many homeowners also consider downsizing as a way to “de-clutter” their living space. If you feel that you are spending too much time cleaning and maintaining your current home, downsizing can help make looking after your home more manageable. When you move to a smaller home it can reduce the amount of time you’ll need to spend cleaning and organising your home.
Downsizing can also greatly improve the standard of living for those who have limited mobility. Larger houses which are split over two floors can cause problems for homeowners who have difficulties climbing stairs or find cleaning a large house challenging. Switching to a home on one floor which takes less effort to look after can make life easier, less stressful and more enjoyable.
3 What to Consider When Downsizing
Scaling down your current home can be daunting but, downsizing can be a great opportunity to find a home that suits your current needs and lifestyle. The easiest way to work out exactly what you need in your new home is to break down your current home room by room, considering if each room is really necessary. For example, it may not be essential to have a pantry if less people will be living in your home. Instead, a home with clever kitchen space could be more suited to your current needs.
Since you’ll have less living space, it’s important to think of the day-to-day practicalities of living in a smaller property. When you move to a smaller home it’s important to think about ways to make the most of your space. New style homes usually contain clever, space-saving storage options such as walk-in wardrobes, under bed storage and inbuilt kitchen cupboards to allow you keep your home clutter free so that you can make the most of your living space.
4 Downsizing Made Easy
Make downsizing quick and hassle free with Stewart Milne Homes’ Help to Sell Your Current Home service. If you’re looking to sell your current home and move into a property that better suits your needs, the Stewart Milne Homes marketing team are on hand to help you market and sell your current property.
5 Is it Time to Downsize?
If you’re still unsure whether now is the right time to downsize, take our quick quiz to help you make the right decision:
Does your current home have a large number of extra bedrooms rooms which aren’t frequently used?
A: Yes, many of my bedrooms are no longer in use
B: No, I make the most out of every bedroom in my home
Would it be possible to substitute bedrooms for other practical sleeping solutions?
A: Yes, I could use a sofa bed for when guests come to stay
B: No, it is essential to have extra bedrooms in my home
Would moving to a smaller home significantly cut down on your monthly expenses?
A: Yes, a smaller home would help to reduce my monthly outgoings
B: No, a smaller home wouldn’t impact my monthly outgoings
Would reducing the amount of living space make it easier to maintain your home?
A: Yes, less living space would make it easier to maintain my home
B: No, the time it takes to maintain my home isn’t an issue
Would moving to a home without stairs improve your quality of life?
A: Yes, I often struggle to get up and down the stairs in my current home
B: No, I don’t have a problem with climbing stairs
Are there storage options that would allow you to cut down on the amount of storage space you need?
A: Yes, clever storage would allow me to use less space for storage
B: No, it’s not possible to cut down on the amount of space I need for storage
If you answered mostly B’s it looks like you’re ready to downsize. Take a look at Stewart Milne Homes’ fantastic collection of new homes for downsizers to find your ideal home today.