There are many motivating factors behind downsizing to a smaller property. Some older adults find that they simply have too much space once their kids have moved out, whilst others find that maintaining a large property is simply too time-consuming and expensive.
Is It A Good Idea To Downsize Your Home?
This is very much a decision for the individual. However, many people find that they have more money to spend on their family, hobbies, or an early retirement after downsizing.
When Is The Right Time To Downsize Your Home?
Downsizing tends to be a smart move for older adults who no longer have caring commitments for young people or are hoping to cut down their working hours. This is not always the case, however, and some younger people often find that downsizing helps them to follow a new career path.
Whatever your reasons for wanting to move, it is imperative that you consider the following things before making a firm commitment to a new home.
1. Proximity To Your Neighbours
Downsizing often means moving into an apartment or terraced house, which will bring you into closer proximity with others. This may be troublesome if you are easily disturbed by noise.
2. Your Need For Personal Space
Downsizing may have a negative impact if you value your personal space. However, if you have happily lived in smaller properties in the past, you are likely to find the change relatively easy.
3. Welcoming Future Guests
By downsizing, you may need to sacrifice a spare room or two, thereby leaving less space for overnight guests. It is important to factor this in when looking for a new home, particularly if you enjoy hosting friends and family members.
4. Storage Needs
We tend to accumulate more and more possessions as we age, which can make downsizing tricky. This is particularly true for those whose kids use the home as a kind of convenient storage unit. It may be worth having a significant clear-out if you’re hoping to move into a property with limited storage space.
5. Your Financial Goals
Whether you’re hoping to take on a degree, fund your child’s wedding, or save for a comfortable retirement, downsizing can be a quick and easy way to save a significant amount of money and reach your financial goals.
6. Future Plans
It is important that you consider the future before committing to a smaller property. Do you have an adult son or daughter who may need to move back into the family home after university? Perhaps you have an aged parent who may need to stay with you for extended periods of time? These practicalities could impact the work-ability of your plans.
Get in touch with a conveyancing solicitor today.
If you are considering downsizing, a conveyancing solicitor will help to guide you through the conveyancing process. Get in touch with Bowsers Solicitors today to find out more.