Why should I downsize my home? 6 Reasons you should consider!
Downsizing a house has long been a homeowner’s option, usually one chosen by those whose children have flown the nest and the large family home is left quiet, empty and lonely, or those who are close to retirement and are looking to downsize and generate some cash flow to buy that second home abroad to retire to in the sun. But more and more people are now choosing to downsize for a whole variety of reasons and in the rest of this guide we’ll take a look at why you should consider downsizing your home, and how the team here at A1 HomeBuyers UK can help.
If you’re looking to downsize your home, then why not request a free no-obligation cash offer from us today and see how we can help you take the next step in selling your home quickly!
Thinking Long Term
One of the reasons many are beginning to look at downsizing as a viable option is long term thinking, often UK homes can be spacious, leaving you with more room than you actually require and though that may be fine in your current position, downsizing to a home that is the right size for you now and won’t feel too large in the future when the children leave the nest, could provide you with an influx of cash that can be saved or used to significantly reduce the mortgage on your new home and take the whole family on some great family holidays. Only you know exactly how much room you and your family really require but the chances are your current house has more than enough, and a simple downsizing may be more economically viable for you in the long run.
One of the issues with large homes is lack of functionality, with lots of rooms the tendency is to try and fill them with things you don’t really need, or that there’s so much room it becomes, even more, a chore to clean. No one likes cleaning their home, but it needs to be done, however in a larger home that cleaning can be just too big of a burden, so downsizing can allow you to have more free time, without it being consumed by keeping your house tidy. Also due to a smaller setting, if there is an issue with your home, the maintenance, repair or decorating costs of that home are much less.
Furthermore, there are a number of beneficial environmental factors to consider when downsizing to a smaller home, as it will leave you with a much small carbon footprint and minimise your energy consumption.
Speaking of reduced energy consumption due to downsizing, also comes the bonus of reduced energy, gas and water bills, along with in most cases, though it does depend on the area you move to, reduced council tax and mortgage bills. These cash savings can allow you to enjoy your hard-earned money more, from days out and holidays with the family, to improving the functionality of your home from extensions to luxury appliances.
Often owning a larger home comes with more outgoing costs and this can lead to the build-up of debt on credit cards or through loans. But by downsizing you can clear those debts from hanging over you, through the sale of your property, while still having enough money to buy your new home. The fast home-buying service we offer here at A1 HomeBuyers UK is aimed at helping you to both downsize and clear debts if you have them, through a sales process that can be completed in as little as 7 days.
Funding your Retirement
This has probably been the biggest reason to downsize in the past, with those coming close to retirement considering downsizing to help fund their lifestyle, be it the simple costs of day-to-day living, to allowing you to follow your dreams and open up that pub you always wanted or take that adventure with your partner around the world.
Buy a Property Abroad
Another bonus of the increased cash flow from downsizing your home is that you can utilise that money to buy a second home abroad, that may be your long-term thinking for your retirement or simply giving you somewhere to get away from the harsh British weather when the kids are off school, or you’ve got holiday days to use up.
So, there you have it six reasons you should consider downsizing your home, to help you save cash, plan for your future, and enjoy your retirement. And here at A1 HomeBuyers UK our team of UK property experts can help speed up your downsizing process by offering you a free no-obligation cash offer for your home and if you’re happy completing in as little as 7 days, taking away the stress of a long drawn out sales process and letting you get on with the rest of your life as quickly as possible.