A guide to downsizing your home
There comes a time when it makes sense to move into a smaller home that may be cheaper, more manageable or closer to loved ones. Perhaps your kids have flown the nest, you wish to free up some money to buy a property abroad, or the upkeep of a larger home has become too much of a chore. In any case, saying goodbye to a more spacious home can be daunting. Here are some recommendations for how to approach downsizing......
Focus on the benefits
It’s true that your bigger family home may hold a lot of memories, but downsizing to something more manageable could greatly enhance your quality of life. Large properties can come with a lot of maintenance and upkeep, and if you’re retired or thinking of retiring, the last thing you need is to replace work with endless home maintenance tasks.
If living in a property that is larger than you need is adding to your plate, focus on all the ways in
which a smaller, less demanding home could feel like a weight off your shoulders and impose
less on you in the future.
Explore new possibilities
Your previous property searches may have been restricted by school catchment areas, commuter links or proximity to kids’ activities, whereas now, you may be able to widen your search and discover new possibilities.
With the freedom to explore interesting new areas and new types of homes due to less stringent criteria, you may be surprised by what you find and what you’re drawn to for your next chapter. Don’t be afraid to think outside the box.
Get clear on criteria
You’ve decided you want to downsize, but why? If it’s because your family now have their own place to call home and you don’t need the extra bedrooms, then think about moving to a smaller place that’s closer to loved ones.
If it’s because of the upkeep of a larger home, consider a new build that’s lower maintenance. If you’re looking to leave rural life in favour of the hustle and bustle of a city, then do your research and visit as many areas as possible to get a feel for them. Downsizing is an investment in your future, so make sure you keep your long-term ‘why’ front and centre of your search.
Get the financial balance right
Financially speaking, downsizing can leave you with more money to play with, but moving from the countryside into the city, for example, can quickly swallow up funds from your sale. If you’re hoping to free up some cash by selling, consider how pricey your new area is in both property terms and cost of living.
Moving can add up, with extra charges such as stamp duty, legal fees, and removal costs. Also, council tax, car insurance and other bills can vary greatly depending on where you live, but in opting for a new build, such as a Higgins Homes property that’s designed for greater energy efficiency, you can expect lower energy bills while reducing your environmental impact.
In addition, buying a newly built, high-quality, modern home can greatly reduce maintenance costs, leaving more money in your pocket to go towards your new chapter.
Looking to downsize to a smaller, more manageable home?
All Higgins Homes developments are thoughtfully designed for easy, modern, hassle-free living
in some of London’s most loved areas.
If you’re looking to downsize, browse our collection of spacious but manageable, high-quality homes here.