Downsizing your home has become very common in recent times due to the uncertainty of working lives. However, even before 2020 occurred downsizing has always been very popular for a variety of reasons. At Norwich Home Buyers we are specialists in the local property market. In our latest article we take a look at 5 reasons to downsize your home.
What Is Downsizing?
Downsizing is simply moving from a larger house to one that is smaller. This is usually motivated by many reasons, but what can be achieved from downsizing is very important. As we will discuss later on in this article with why you would want to downsize, the implications it can have on your life and also personally are very much apparent.
Why Would You Want To Downsize?
As we have alluded to in our first section, the reasons for wanting to downsize are varied. Each person will have a differing reason, however most of them will revolve around money and the process of saving. At Norwich Home Buyers we speak with a number of our clients about the prospects of downsizing as well as the motivating factors behind it. The 5 reasons to downsize your home are as follows:-
Live A Simpler Life
Living in a bigger home tends to lead us to hord a lot of stuff which to be honest we are never going to use. This is one of the biggest issues when you downsize your home is what you are going to do with all of the excess stuff in which you have. This is the first opportunity that downsizing presents, and gives you an even bigger excuse to get rid of things you really do not need.
Living in a smaller house also makes day to day life less complex. With not as much cleaning to do, or less of a garden to maintain you actually find that you may have spare time be that evenings or weekends to focus on other areas of your life.
Being More Cautious With Money
In today’s world and with all that has been going on in 2020 it has become more popular for people to downsize. By either ridding yourself of a mortgage payment every month or lowering it you can create a better state of financial status. By being more money cautious gives you the freedom to then spend that extra on other things. For example you have your next home mortgage free, or are you going to save that money for your retirement fund.
From another cost perspective a smaller house is also a lot cheaper to run. This could be from a heating, water or even council tax perspective. There is therefore even more money that can be spent on creating a better home, or just put away for a rainy day. There are so many ways in which downsizing can save you money, it is about exploring what is best for you.
Have More Family Time
Whether you are downsizing due to your kids having moved out or just because you are now living on your own a smaller house definitely makes it more sociable. Sometimes living in a bigger home can sometimes feel lonely or that you have too much space in which to live in.
Whilst personal space is still very much important, having family spread across 5 or so rooms can sometimes create a bit of a disconnect. Replacing calling each other from opposite ends of the house to more of a cosy setting can make for a better relationship all round.
Live A Better Quality Of Life
Living a better quality of life is very much centered around money. If you are in a position where you have downsized your home, then you will more than likely have extra money each month. Allowing you to take that extra few days away, buy that car you want or even decorate your home. Most will do this when downsize and begin to treat themselves as the financial burden is now taken off.
The word downsizing is very misleading, and is what leads people to be confused. Sometimes downsizing is not taking a step back, but more of a step to the side so that they are able to lead a better quality of life amongst other things.
Move Onto Pastures New
Most people love to move. This can be for many reasons, but downsizing among other things is very popular. Looking at smaller properties does also allow you to consider other locations like major cities, as your budget may be suited to that property type. By having a larger budget in which you can rely on, you may also even be able to look at other locations not just within the UK, but abroad in America, Europe or even Australia.
As you can see downsizing is very common with more and more people considering their options. The 5 reasons to downsize your home derive from the most common of responses we receive when asking the reasons why. At Norwich Home Buyers we are specialists in the Norwich housing market. If you are looking for advice on selling your home, or would like advice on the local market then please do Contact Us.