Discover the benefits of downsizing your home. From more financial freedom, to a stripped back lifestyle, explore why downsizing could be the right choice for you.
In the last few years, more and more people have been choosing to downsize their homes, and for multiple good reasons. In this article we will take a look at why downsizing can be a great decision.
Whether you are hoping to save some money, make your life a little simpler, or embrace new opportunities, downsizing could be exactly the right answer for you. Let’s take a closer look at the many advantages of this kind of lifestyle change:
Great Reasons To Downsize
The number of people looking to downsize has jumped up by a third since the pandemic. There are many different reasons for downsizing that have caused a lot of enthusiasm towards this kind of impactful lifestyle change. Of course, there are pros and cons to downsizing as you get older but here are just just some of the advantages :
Financial Benefits
There are multiple financial benefits to downsizing a house that make it incredibly inviting for people who want a little more financial freedom. Specifically in the last few years, there has been a huge increase in the financial benefit of downsizing in regards to a property sale price. Homeowners with a detached house can gain a windfall over four times as much as they could just a few years ago by switching to a semi.
Mortgage payments are also much smaller, giving you plenty of extra cash to enjoy. You will also save money on utility bills and maintenance costs, giving you more money to spend on yourself, and on making your new more compact home exactly as you want it.
A Simpler Life
If you have seen programmes like Tiny House Nation on Netflix, you have likely already caught on to the trend for a simpler life. Whilst Marie Kondo can help us with decluttering tips, and local self storage units can help us have more places to put our belongings, sometimes we need to actively decrease our living space to truly harness simplicity.
Reducing clutter has a ton of benefits for our mental and physical health, and by having a smaller home you will naturally acquire less clutter. You will have more free time to enjoy because you will spend less time on household chores, too, giving you plenty more opportunities to enjoy family and friends, hobbies and downtime.
A more organised, simplified, home can also help you to experience less stress, more serenity and calmness. It really is amazing how a tidy space can lead to a calmer mind.
Environmental Benefits
Around 75% of adults in the UK care about climate change. If you’re one of those people then downsizing could be a great option for you. A smaller home generally has a smaller carbon footprint, and it should be more energy efficient overall.
Access To Better Neighbourhoods
Downsizing could give you access to properties closer to your work, to schools, to family, or to care facilities. Your commute time could also be reduced, too.
You could also have access to neighbourhoods you wouldn’t usually be able to afford. Properties close to the city, or properties in more expensive areas where a house that is bigger would have been out of your budget.
Retirement
The majority of interest in downsizing comes from those aged between 70 and 90, who want to prepare for their golden years. Unlocking the equity of a house can free up a significant lump sum, which can be incredibly valuable in your retirement plans.
Inparticular, the money that is released, along with ongoing savings from less maintenance and lower bills, can all contribute to care contributions. Money that you will use to help with your elderly care in the future.
Downsizing can also be a really good option when you are retiring or moving into later life, because it enables your life as you age to be more manageable. A more manageable property to clean, an accessible garden, and the ability to add a stairlift or buy a property based on one floor. All of these options are forward-thinking, but will aid a more comfortable later life, so it’s an important consideration to make when you think about downsizing.
Adjusting and managing a smaller, more compact property to suit your needs is much easier than with a larger house, so it makes good sense for retirees to downsize.
Empty Nesters
Empty nesters are people who had children living with them, who have grown up and now live in their own homes as adults. For empty nesters, downsizing is a really good idea. You likely have rooms that go unused, and a house that once suited a large family, that now feels a little empty and too big.
Downsizing means you get a house that is the right size for you now, you release some cash perhaps to spend on later life adventures, or treats for the grandchildren. You can also make emotional gains, by making a new start and moving onto this next stage in life and all the amazing adventures it will bring.
Adventures Ahoy
Downsizing is an excellent option for people who want to travel a lot and have adventures. You can use local self storage to lock away expensive or sentimental items, lock the property and go spread your wings. Or if you want to use it as an Airbnb or a rental, it is easy to prepare and manage a smaller home to rent out, as opposed to a larger one.
This kind of downsizing also suits remote workers who are away for long periods of time working and travelling at the same time. You can enjoy a safe and secure home to come back to when the time is right, and in the meantime, it is only a small property to manage and take care of, which brings a peace of mind for you as you explore and expand your career.
Unlock A Better Life Through Downsizing
By downsizing you are not just moving to a smaller space, you’re opening the door to a better life for yourself and your family. From more financial freedom, to a decluttering and simplistic lifestyle, numerous benefits await you as you shrink down your living space. All that’s left is for you to embrace compact living, and reap the rewards of this fantastic lifestyle change.
