Search
3rd November 2023
Downsizing and the
Positive Changes it can Bring
People often talk of how a first time buyer is 'getting their foot on the property ladder'. This is because a smaller property such as a one bedroom flat might be all that is needed at that time, or just as importantly is all that can be afforded on an early career income.
The idea of the 'ladder' is that as life unfolds different property needs will surely follow. A growing family will need more bedrooms, a changing work/home life balance could mean more space is required for an office and so on. If incomes grow as a career unfolds then a larger property becomes more affordable, while sometimes moving out of a city can mean taking advantage of price differentials to allow ownership of a bigger home with large outdoor spaces.
However, at a certain stage of life the concept of always 'going up' a ladder loses its meaning when it comes to property, because for a wide range of reasons you may decide to downsize.
Positive changes
The major disadvantage of thinking in terms of 'bigger is better' when it comes to your home is that it can seem to put a negative spin of the very idea of moving on to a smaller property.
Of course this simply isn't the case. Whatever the reasons might be for making such a move, the result should always a positive one, marking the start of a brand new chapter in your life.
So why do people decide to downsize and what are the advantages?
Life moves on
One of the main reasons many people decide to look for a smaller property is that they simply don't need such a big one anymore! When children have grown into adults and flown the nest too many empty unused bedrooms can become redundant.
Likewise, deciding to move in order to live closer to sons and daughters who are building their own nests can be a sensible decision for many reasons.
For some making a move to a smaller more manageable property can simply be down to planning for later life, whilst for others with health or general mobility issues chalet-style single storey living holds great appeal whilst also offering future-proofing solutions.
Solid finances
Another often overlooked positive aspect of downsizing is the advantageous effect it can have on finances.
Many older home owners will be mortgage-free and also have seen the benefit of house prices increasing significantly over the years. This means that selling their home and buying a smaller property outright will still leave them with significant funds.
For others who might still have a mortgage that is coming to end of term, downsizing can offer a financial solution that might seem preferable to taking on further mortgage liabilities later in life.
Ever more, downsizing might simply free up funds that could
be passed onto gown up children in order to help them get their own first steps
on the property ladder or allow long held dreams of holidays and travel to come
true.
All in all, there are so many positive aspects to downsizing that it makes sense to seriously think about how it might positively impact your own life and how many benefits it can bring.
If you'd like to talk through things with one of Brighton and Hove's most experienced independent estate agents we're here to listen - get in touch with us today on 01273 677 001 for our Brighton and Hove team or 01273 27 88 66 for Woodingdean.