Life tends to go in cycles, so it’s only natural that we may eventually outgrow our homes. However, deciding whether it’s the right time to move can be difficult, especially if it means sacrificing the space you’ve become accustomed to. To determine if downsizing makes sense for you, let’s explore some pros and cons.
Firstly, the advantages. Perhaps the most apparent benefit of downsizing is reducing or eliminating your current mortgage. Being a cash buyer also makes it much easier to move, and let’s face it, smaller homes are generally much cheaper to run. If you’re approaching your golden years, you may also want a home that’s easier to maintain and adapt to suit your changing needs.
However, there are drawbacks. Leaving a home you and your family are emotionally attached to can be challenging. It also might not be practical for friends and family to stay over anymore, which could make you feel isolated. Some people also love their street and community and don’t want to risk starting over. In this case, equity release could be a better option (just seek financial advice first).
Ultimately, your current and future life goals and priorities should form the backbone of your decision. If you think downsizing is right for you, call us on 01452 612020 to discuss your requirements and book a valuation.