Downsizing: Should you jump on the latest trend?

One doesn’t have to look very far to see that downsizing is quite a big deal right now. Granted, it tends to attract younger people more nowadays, but the appeal is there, and it doesn’t seem to be going away anytime soon.

However, like with everything, the infatuation with this movement doesn’t mean to say that you should be tagging onto it as well. On the contrary, there are a whole host of considerations that come into play when you think about downsizing, and through today’s post, we will mull over some of this in-detail.

The finances

Let’s get the figures out of the way to start with. This tends to be one of the main reasons behind downsizing, particularly amongst the elderly who are then able to free up a lot of equity having already probably paid their mortgage.

Let’s not forget that this equity could equate to hundreds of thousands of pounds, and particularly with the cost of paying for a funeral, university fees and a whole host of other new expenses entering the picture, this is a figure that needs to be taken very seriously indeed.

The running costs tend to be lower as well

It’s not just the upfront costs that can help you out in this regard, though. Now that you are based in a smaller property, it naturally means that you will have lower energy bills. Not only that but if you live in a place in the world which taxes you based on the size and location of your property (such as Council Tax in the UK), this is something else that can potentially shrink as well.

On the subject of running costs, it’s at this point in which we can swerve onto your own, physical costs. With a smaller space at your disposal, you should theoretically have much less work to carry out on your property. Again, this is something that should not be underestimated, and particularly as you get older, it can be something that you are thankful for. On the other hand, a garden or house is the pride and joy for some people, and downsizing these can sometimes detract from their quality of life.

Some people struggle with the storage-factor

It would be fair to say that we are now in a storage era, with this one of the primary considerations for a lot of people who are looking to move home. One of the most obvious equations about downsizing is that as your home is getting smaller, your storage options are probably following suit.

This might seem like quite a minor inconvenience for some readers, but particularly if you have collected years of items, it can be something that needs to be taken seriously. After all, while you can probably declutter to some extent, you by no means want to clear out your entire home and remove memories in the process.

Sure, there are ways of getting around this, but if you are making a drastic downsizing move, then make sure this stays fresh on your mind.

 

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