The benefits of downsizing

If you’ve been thinking about downsizing, you’ll soon find that there are quite a few benefits associated with moving into a smaller home. Read on to learn more about the pros and cons and our top tips to help you move.

Should I downsize to a smaller home?

Before starting your search for a new property, take some time to think about the ins and outs of moving. Figure out how big your home needs to be – do you still want to have space for visitors to be able to stay? Do you want to continue living in the same area or move to a different city altogether?

With many factors to consider, here are some reasons why you may want to downsize.

The benefits of downsizing

Cheaper overall monthly costs

Whether you choose to buy or rent a smaller property, your overall monthly costs will decrease, as your utility bills and building insurance will also be lower. Therefore, moving sooner rather than later may help you save money in the long term.

Practical benefits

On a practical level, you’ll soon realise that living in a smaller home means less housework and general maintenance. This, in turn, frees up your time and money to do more of the things you love.

Other financial benefits

If you’re selling your existing home, you may find that through buying a smaller property, you’ll benefit financially, as you buy a new home at a lower price. This process is often referred to as ‘releasing equity’.

Future benefits

When moving into a new property, you have the chance to select a home that better suits your current and future needs that could accommodate any potential changes in mobility or health. If you're choosing to downsize due to age, moving while your health still allows you to will make your property search, sale and move more easeful. Instead of moving because you have to, you can move without the time pressure and/or too much reliance on other people.

Are there any drawbacks to downsizing?

Like with most things, there are two sides to every coin, and you may find that there also are some negatives associated with downsizing. For example, if you don’t want to move far away from your current neighbours, friends or family, and want to stay in the area that you’re currently living in, it may be difficult to find a suitable smaller home. If you feel this is the case, and you’ve not found your new home yet, we can help.

Staying on the property ladder versus renting a property?

For many downsizing will mean buying a new, smaller property, but that’s not the only option. Renting a smaller property can also be a good downsizing choice. If you want to continue owning your home, after having climbed the property ladder, you might find that owning provides you with a sense of security. And, if you’re considering renting your next home, you might find that you have more flexibility where you get to try out a new location.

Tips to help you downsize

Whether you choose to buy or rent when you downsize, here is some helpful guidance on what to look out for when moving.

• Browse properties in the area that you want to live in and see if there’s anything suitable available – even if it’s only preliminary. Contact your local branch so that they can help you with your search, once you’re certain you want to sell and move into a smaller home.
• Research the area if you’re moving to a new area. Ask yourself whether it has all the amenities you need, if it’s easy to reach, or how easily you can visit friends or family.
• Research mortgage options or talk to a mortgage consultant to discuss what options would be most suitable for you, if you’re looking to buy.
• Start sorting through your belongings. Donate items to a charity that are still in good condition, offer them to friends or family. Start throwing out the items that can no longer be used or if no one wants them. An additional plus of decluttering is that you’ll save money when hiring a removals company, as you’ll have to move fewer items.
• Prepare your sale by improving your kerb appeal, through cleaning up your property’s exterior and decluttering your living space. Read our guide to getting your property ready to sell for more tips and tricks.

If you’re thinking about downsizing, why not start today with an easy, no-obligation and free expert valuation.