Downsizing has become popular for those living on their own after their children have flown the nest. As such, many homeowners do not require the space they once needed or would like to save a little bit of money on their bills.
Of course, downsizing can be emotional, especially if you have lived in a property for many years, but it can be a good idea as you get older to find a new home which is easier to manoeuvre around or has less space to clean. We have created to this guide, which looks at some of the benefits of downsizing and how to do it.
The reason you are thinking about downsizing will depend on your circumstance. However, many chose to do this before retirement age because of convenience. However, this does make a lot of sense when moving to a new house is known to be a stressful experience, so moving when you in your 70’s or even 80’s is not going to be as easy.
Of course, there is nothing wrong staying where you are, but for those who want to reduce bill costs and want a home which may be easier to maintain, then downsizing may be a good option to consider.
One of the best things about downsizing is that you choose to live somewhere completely different. However, as you get older, it would be a good idea to stay close to local amenities, family and friends, but you could choose to reside somewhere with a slower pace of life.
When downsizing, you will probably realise you have lots of belongings which won't all necessarily fit in your new home. As such, you may have to part ways with some of your furniture and general clutter you have accumulated over the years. However, this is a great way to start afresh and get rid of anything you haven’t looked at in years.
It is also a good idea to plan your move, as this can the whole process a lot easier. Make a list of any necessary tasks as well as timescales, as knowing when and what you need to do will be really useful.
So, one of the most important parts of downsizing is finding the perfect property which will hopefully tick every box. If you are moving to a new area, it would be a good idea to visit there and explore the area to ensure it has everything you require.
The best part of this journey is looking around potential properties, but you should have a checklist ready to ensure it will have everything you need. For example:
• Is there enough space?
• Is the property easily accessible?
• Is the location suitable?
• Are there shops nearby?
• Will I be near family and friends?
• Can I see myself living there for 20 years or so?
Downsizing is a big decision, so it’s important to look at your finances, both in terms of the price of your future home. While opting for a smaller home should earn help you gain some money on your current, you should still thoroughly research your decision.
Like buying and selling any home, there are a lot of fees involved such as a solicitor, estate agent, removal costs etc. so you should factor these in as early as possible.
However, downsizing your property should reduce your monthly payments on outgoings such as bills. On average, monthly utility and property maintenance bills can drop, leaving you with enough extra per month to spend on the things you really enjoy!
Devon can be a wonderful location to live, especially if you enjoy talking country walks, driving through hilly landscapes, visiting areas of breathtaking beauty such as Dartmoor National Park. Even though it is perfect for peace and quiet and those seeking a slower pace, there is still plenty to keep you busy.
Here a Godfrey Short & Squire, we are estate agents in West Devon who have an array of beautiful properties located throughout the area. If you want to speak with us about any of the listings on the website, then please do not hesitate to get in touch on 01837 54504.