For many people, there comes a time when they start thinking of moving to a smaller property.
In fact, a recent study by Quickmove Properties has revealed that a third of those who are opting to move home in the current market are downsizing.
So why are they doing this? What are the benefits of downsizing and are those who have taken the plunge felt them yet?
More financial freedom
Moving to a smaller property can transform your financial situation.
Running a larger home can bring with it higher mortgage payments, taxes and utility bills, and potentially more expensive repair and maintenance costs, so downsizing could help you save huge amounts in the long run.
According to the Quickmove Properties, 40 per cent of those who have downsized in the last year have seen their mortgage payments fall by at least 50 per cent. Meanwhile, 21 per cent said they’ve been able to reduce their other household outgoings by up to a fifth.
And significantly, 80 per cent of people who have downsized revealed they were able to release equity of up to £150,000.
This goes to show that by living in a smaller property, you can free up a considerable amount of money, which can be invested or saved elsewhere, and put you on a much firmer financial footing.
More time to enjoy your home
Running a smaller property can also free up valuable hours in the day, as you’ll be spending less time doing chores such as cleaning and general maintenance.
That gives you more of an opportunity to concentrate on tasks and activities that you really enjoy and value, from pursuing hobbies to spending precious time with the family.
A chance to declutter
If you’ve got space in the home, it’s easy to allow each room to be overrun with items you don’t really need.
But if you move to a smaller property, you’ll be forced to evaluate your possessions and prioritise what you really want to keep. If an item serves no practical purpose or doesn’t bring you any joy, it might be time to throw it away, sell it in an online marketplace or donate it to charity.
Decluttering allows you to truly enjoy your living space, as you’ll be living alongside items that you genuinely want and mean something to you.
Reduce your carbon footprint
A smaller home consumes far less energy than a larger property, so downsizing can allow you to minimise your environmental impact.
It’s interesting to note that in the Quickmove Properties survey, nearly one in five people who’d downsized in the last year said they wished they had made the move to a smaller property earlier.
So if you feel you’ve got more space than you need and are keen to make your money work harder for you, downsizing could be an option well worth considering.
