What are the benefits of downsizing?

The release of the housing white paper has brought downsizing to the forefront, we take a look at the benefits to see if it is the right move for you.

Downsizing has been in the news this week as part of the controversial housing White Paper, the strategy is to make it easier for older people to move into smaller homes thus freeing up larger properties for young families. In an interview with ITV Mr Barwell said, “If we can make it easier for elderly people to move into [sheltered] accommodation, it releases family homes that we’re desperate [for]. It’s a really interesting idea.” This commitment by the government to support the elderly will provide relief to the housing market, according to the recently published English Housing Survey 49% of owner-occupied homes are ‘under-occupied’. An incentive to downsize will free up existing housing stock but what are the benefits to you? This White Paper has not had favourable responses from homeowners but if you are thinking of downsizing there is a lot to consider.

Understandably, emotional ties to your home can make it hard to consider downsizing, your children have grown up within these walls and now your grandchildren set your rooms alive. We met a couple recently, who had lived in their property for sixty-three years. The thought of leaving their memories and moving after all this time is having a considerable impact on them. Practically, they know that it is the right choice but emotionally it is too much to deal with. They know every inch of this property, their neighbours provide company, friendship, and support. It is more than just leaving bricks and mortar but everything that comes with it.

Although downsizing may not be the right choice for them, there are many people for who it is the perfect move. Downsizing is not just for the older generation, homeowners of all ages see it as a way to change their lifestyle for the better.

Enjoy less maintenance and chores

It’s no surprise that larger homes with more rooms lead to greater stress and upkeep. Daily cleaning, excessive maintenance and unnecessary furnishing not only have additional costs but can become increasingly harder to keep on top of. Downsizing can free up time and money allowing you to spend more time doing what you love such as time with your family, leisure activities or travelling. Even if you are green fingered there are many smaller homes or apartments available that provide you with a space to display your talents.

Smaller living is more practical

If you assess the space that you regularly use in your home you may find that you have several rooms simply not in use. Smaller living eliminates the stress, costs and even empty room syndrome that can occur when you live in a large home after your family have left. In addition, mobility is often easier in a smaller more suitable property, whether it’s stair-free or just comforts of a new build, fewer rooms makes it easier to get around and continue with your life.

Money saving

Aside from the obvious cost saving that comes with moving to a smaller property, there are several other cost saving benefits to downsizing. As an excellent way to access your equity, your money can be used how you wish, for your family or simply a better lifestyle. Downsizing might enable you to become mortgage free as well as lowering your everyday costs such as energy bills and maintenance costs.

More freedom and a better location

Attracting homeowners to downsize is not just the convenience of maintenance-free living it’s the freedom to travel or perhaps even own a holiday home. As your lifestyle changes, you might feel the need to live closer to what matters, your family, friends, work and shops for example. A better location for your lifestyle means you’ll save time and expenses on travelling, looking after your heart and the environment at the same time!

The key to getting the most out of downsizing is to walk away with the best deal. From selling your home to buying a new house or apartment the team at Anthony Pepe are here to work with you. Starting with an accurate valuation and support through to sale, we have expert knowledge in ideal locations, suitable properties for your needs and even investment opportunities. To discuss downsizing with a member of our team call, email or pop into your local branch.