Are you wondering what is downsizing? In layman terms, it is making something smaller. This term can be interpreted into many meanings, such as downsizing a company. But, here, in this Quick Property Sale article, we will be using this in the context of moving to a smaller house. Downsizing is not as uncommon as you may think. People in retirement and in later years regularly downsize to get financial relief, once downsizing was more for the elderly but now it is becoming more popular with all ages. People don’t downsize out of the blue. It is a decision that takes time and thought.
There are many other advantages and disadvantages and we have listed a few in this blog. Firstly, there can be drawbacks to this move but, sometimes, these are significantly outweighed by the positives, we will be pointing these out too. Hopefully this may help to make it easier for you to decide what is better for you.
Is your home too large for you?
People tend to buy a larger home when they have kids or family with them. When the children grow up or the family move on this creates voids of unused bedrooms that can gather dust for years and have no use at all. So, to save space, people choose to shift to smaller properties.
This is can be one of the most common issue people in retirement face. Debts can start piling up and so they plan to sell their house and buy a smaller one. The saved cash can then be used to clear the debts. Also on the flip side, by downsizing it can release cash equity for you to spend on enjoying your golden years.
Lesser utility & maintenance bills
A large property comes with higher utility bills and running costs. It is completely understandable if a couple wish to economise and not waste money on those empty rooms. When downsizing they can choose the size of the house they can comfortably afford to maintain within their budgets. Having less cleaning and maintenance to do certainly makes life more convenient.
Lesser stress altogether
A new house opens up a new chapter in a person’s life. You put your history and issues behind you and this can possibly reduce stress levels. Less hassle can mean this removes the toil on your health.
Move to a fresh location
You may be living in the hectic bustling town and prefer the quieter life in the countryside, so downsizing to a much smaller property in a different area could be the change you need.
Compensating for old age
People who most commonly choose to downsize are reaching or have reached a mature age. That means, they may be slowing down a little and might have health issues which are not helped by climbing stairs or cleaning extra floor area. A smaller property or a bungalow may be more suitable. A smaller place will also be much easier to clean and maintain.
Every decision has its ups and downs and with downsizing there is no exception. One of the biggest impacts of downsizing is the lack of space. So, possessions must be adjusted to accommodate for the smaller space. The lesser space also means you most probably don’t have an extra guest bedroom. On the brighter note it does mean less clutter to move from your last home.
How to begin?
If you have finally decided to sell off your home for a smaller one, you may want to know an outline of what you have to do. This can take months, if you want things to be done as smoothly as possible. It’s all a game of patience.
First of all, you can start by making a to-do list. You can create tasks and number them as you see fit. Then, don’t move on to the next task until the first one is fully complete. This will help keep everything in check and make sure all clutter and confusion is reduced.
Your list should start with de-cluttering. What this means is that you can start selling the extra stuff at your old house, such as unwanted furniture and personal belongings. Reducing the number of things you want to take to your new home will make moving much more efficient. Any items that are not needed could be donated to your local charity or sell yourself to make some extra pennies.
The most difficult part of moving to a new house is emotional attachment. Some people may dream of downsizing but then delay the decision, the most probable reason is that they are too emotionally attached to the memories created in their old home; this is completely understandable.
After spending decades in a house where your family grew up, and all the important events of your life happened, it seems wrong to just abandon it. This is the thought that stops most people in their tracks, but if they can get over it, it’s not usually a decision they regret at all.
Congratulations! If you did everything right, then you would have chosen your new home with careful thought and planning. The only things that will bother you at first will be less space – or maybe not! Although ‘less space’ has been mentioned a lot here, it is the reason why you’ve downsized in this instance. Other than that, you will not regret this life-altering decision at all. It is a great move to save some cash and don’t have to pay extra for something you don’t use anymore.
If you would like Quick Property Sale to write a blog on a property subject please get in touch and let us know your thoughts. Again, if you need advice and guidance on selling your property, telephone us any time for a quick chat.