Downsizing

Children leaving the family home can spur a lot of people into considering what kind of property, in which location, will help them make the most of their next stage in life.

The place you live as a family is often driven by very practical needs. Whereas living alone or as a couple, gives you greater freedom to follow your own personal desires and interests.

For some people that might mean a move to a city like York, to enjoy the buzz of activity they’ve been missing and to have readier access to the great cultural, dining and retail experiences on offer. If you choose the right property, this can mean having more cash in your pocket and extra time on your hands, to really make the most of the city surrounding you.

Financial savviness

Being savvy about your financial situation, is perhaps the best reason to downsize. It can mean releasing equity in a property you’ve built up over a number of years, reducing your monthly mortgage payments, or may even leave you mortgage-free entirely.

With interest rates set to remain pretty high for a while yet, a switch to a smaller property and lower mortgage payments is very sensible.

Other advantages

Have you ever considered how much of your valuable time and money you spend maintaining and cleaning a large property? Or how much bigger your council tax and energy bills are because of the number of rooms your property has? Downsizing really is worth considering if you want to reduce these financial burdens.

Moving to a smaller and newly developed property is also a very savvy move, as freshly installed bathrooms, kitchens, flooring, and other fixtures and fittings, will mean there’s no wear and tear for you to address when you move in. You’ll have time on your hands immediately to enjoy what you love doing.

1. Property values

Don’t forget that the value of a property is determined by its location, as well as its size. So as well as looking for a smaller property, make sure you combine it with a location that can bring you financial gains.

2. New mortgage calculation

If you need a mortgage on your smaller property, make sure you have an accurate calculation of your mortgage payment at the new mortgage rate. You need a clear picture of how much you’ll be saving each month to be sure of an uplift in your lifestyle.

3. Maintaining and heating your property

Make sure you know everything that’s involved in your property, so you know the time and money involved in looking after it well. A newly developed property will have minimal issues to address and will be more energy efficient too, keeping your monthly energy bills down.

4. Downsize your belongings

If you’re moving from a much larger property to a smaller home, you may need to reduce the volume of your belongings. If there are things you want to keep but don’t have room for, you could consider additional offsite storage.

5. Living the life you love

Never forget the life you want to achieve by downsizing. So alongside making sure the financials are looking good, choose a home and location that has a high percentage of what you’re looking for. Great transport and local amenities, a welcoming community and a characterful home will all play a part in the happiness you get from downsizing.