Downsizing to a smaller home in the UK is a popular and common occurrence due to the benefits that come with it.
Over the course of our lives, we are expected to go through periods of growth: our families, our careers, our homes. But this might not be the right course of action for everyone, or you might have experienced your growth periods already and are now ready to settle down into comfort.
And anybody can experience events that turn our life plan on its head, so it’s worth knowing as much as you can about downsizing and what the process looks like should you ever need to consider it.
What’s the meaning of downsizing a house
Downsizing is when you move out of your current house and move into a smaller, more manageable property.
When thinking of downsizing, your first thought will probably be of individuals who are retiring and moving into a smaller home that they will enjoy and be comfortable in without the level of upkeep needed on their current home.
Yet, contrary to popular belief, it is not just individuals of retirement age who want to downsize their home. There could be many reasons why either a younger family or an individual may want to make the decision to pack up and move to a smaller property.
For example, their current home may simply be too big. This is often the case when people have houses that come with large gardens that are expensive and time consuming to maintain.
Another example is if you are moving to another location. If you want to move to an area where property prices are higher than in your current area, then you may have to look for properties that are smaller than your own in order to afford the move. This is becoming increasingly more common as house prices continue to rise.
How to downsize your home
There are a few things that you should know before you begin the downsizing process. This includes important research that you will have to conduct, unexpected pitfalls that people often fall into, and considerations that you should make to determine whether now is the right time for you to downsize.
Investigate the housing market
Find out what area you want to make the move to. If this is the area that you currently live in or an area that you are familiar with then you may already know what to expect when it comes to property prices, but if you are moving to a new area then you definitely need to know what types of property you can buy with your budget.
Remember, if you need to sell your house in order to finance your downsizing purchase, then consider using a cash property buyer to avoid being stuck in a long property chain and the risks associated with it.
Organise your possessions
When you are making the move to a smaller home, it logically means that you will have less space than you do now.
Unfortunately, this will mean that some of your possessions won’t be able to make the move. Especially when you open the loft and start combing through all of the clutter that you might have accumulated over the years!
Decluttering can be upsetting for some as nobody wants to throw away items that might have sentimental value. A good tip is to recruit family or friends for help and go through one room at a time, identifying any items that can be donated, passed down, or even recycled as opposed to just throwing them away.
While you might think that you are ready to downsize, before you make any permanent decisions you should properly consider whether it really is for you.
Do you actually enjoy spending time pottering around in the garden? Are you actually thinking about getting a pet in the near future? Will you miss living close to any amenities that you have on your doorstep right now?
Moving house is a big decision, and you don’t want to find yourself further down the line regretting your decision when it is too late.
Best way to sell items and downsize your home
If you have decided that downsizing is right for you, then one of the best ways that you can have an easy house sale is by selling your house and downsizing with us at EasySale.
Not only will we give you a very competitive cash offer on your home, we can also help you relocate to your new property using the professional working relationships that we have built with estate and letting agents across the country.
If you are struggling to downsize your possessions then we can still purchase your home and assist you with removals and storage. This can buy you enough time to figure out what items you want to keep, sell, or donate.
So, if you want to downsize, stop home repossession, or sell your house quickly for any other reason, then get in touch with our house buyer team at EasySale and we will reply to you quickly with a quote that you will be happy with.
Should I downsize my home and pay off my mortgage?
If you have found that your monthly mortgage payments have become a bit too much for you to handle, then selling your home to pay off your mortgage is a very real solution.
Then, after paying off your mortgage, you can use the left over funds as a deposit on a smaller property with mortgage payments that are easier for you to afford.
When should you downsize your home?
Downsizing should be considered when you know that your household is not going to grow by any more, or if you are struggling to maintain your current property.
There are other tell-tale signs that it is the right time to downsize, such as if you are harbouring a lot of clutter throughout your home or if you are struggling to make monthly mortgage payments.
Is it worth downsizing my house?
If you do not need or utilise the amount of space that you currently have then yes, it is definitely worth downsizing.
Downsizing can help free up a lot of cash and also make your day-to-day life easier and more enjoyable.
What does downsizing mean?
Downsizing simply means selling your home and buying one that is smaller.