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Downsizing to a smaller property was previously only considered by those entering retirement once their children had flown the nest. Downsizing allowed those at the end of their career to free up a little cash and remove the stresses of managing a large property. 

However, with the rising cost of mortgages and more of us wanting to live a more flexible lifestyle, many are now considering downsizing much younger.

What is Downsizing?

Downsizing is the process of moving to a smaller home than the one that you currently live in. People choose to downsize for various reasons, some financial and others to benefit their lifestyle.

There is no right answer as to whether downsizing is the right option or at what point in your life it is best. However, before making such an enormous decision, all of the possibilities must be considered.

What are the Advantages of Downsizing?

It Enables You to Live in a Better Area

Moving to a smaller property may mean you can afford to live in an area you have always lusted after. While it might not be the four-bedroom detached property you imagined initially, there are many lifestyle benefits to living in a more affluent neighbourhood.

It Gives You Financial Freedom

If you have lived in your current home for a while, the price has likely appreciated.

Smaller houses are generally less expensive, so downsizing may enable you to pay off your mortgage much faster, pay lower monthly instalments, or even allow you to enjoy a mortgage-free life.

Additionally, a smaller property generally attracts less financial upkeep. This might mean your energy bills are less, alongside your council tax. Whilst these individual monthly savings may seem insignificant at first, they will quickly add up annually.

You’ll be Forced to Declutter!

Moving to a smaller home makes you have a thorough declutter.

Although we all have many precious items that we will treasure forever, most of us also hang onto boxes of things that have not seen the light of day in years. When you physically do not have the space, you are forced to examine the belongings you are choosing to hang onto.

This might even enable you to make some money selling unwanted items in the process. Getting rid of such a large number of items can cause a shift in your mindset, moving away from a life focusing on accumulating things to one concentrating on collecting memories.

Are There any Disadvantages to Downsizing?

It’s a Big Adjustment

One of the most significant issues when moving to a smaller property is that you have spent years living in a much larger house. In all likelihood, when you moved to your current home, you probably never imagined that you would fill all of the rooms. With the place now bursting at the seams, it can be challenging to imagine yourself in a space significantly smaller.

There will be an Impact on Your Lifestyle

The lack of space might be more profound than merely having to cull some of your belongings.

It could mean that you lose a guest room or two, making it difficult for friends or family to stay over at your home. At this point, it is essential to consider how this might impact your life daily. Many of us have guest rooms with the best intentions, which end up being used for storage rather than actually housing any visitors.

You’ll Have Emotional Attachments

Emotional attachment to your home can be a huge stumbling block. You will likely have grown to love your current property, the beautiful parts, and the imperfections. You probably have close bonds with your neighbours, which may be lost through the process of relocating.

There’s the Cost of Moving Home

Although your new, smaller home will probably cost considerably less. You must consider the cost of moving.

Moving home in the UK can be an expensive and time-consuming process. You will need to think about the financial and emotional expense of moving before committing to anything.

How to Decide Whether to Downsize

It is essential to evaluate why you are considering downsizing.

Think about what is important to you and what is going to make your life more fulfilled. Although moving to a smaller house can seem like a great idea initially, it is not always the wisest move in the long run.

Consider a short term rental property of a similar size to the one you are thinking of moving to. Airbnb is an excellent option for this. Allowing you to get a feel for the property’s size over a few nights, evaluating whether it is right for your current circumstances.

Warren Powell-Richards are your local property experts for the local area. Call in to one of our offices to chat with a member of our friendly and experienced team.