How Downsizing Can Pay Big Rewards
Property prices in and around London are at an all-time high, and many homeowners are feeling the crunch. While downsizing was once reserved for people suffering from empty nest syndrome once the kids move out, an increasing number of others are beginning to recognise the merits of downsizing.
Not only does buying somewhere smaller mean you’ll no longer have to rattle around in a house too big for your needs, you’ll find that living costs are significantly slashed too. “Household bills are obviously much lower if you’ve got less space to heat, and council tax is likely to be much cheaper too” says Newington Green estate agent, M&M Property.
There’s also the added bonus of all that lovely equity you’ve hopefully built up on your larger property. Says Battersea estate agent, Eden Harper, “Selling up and buying something smaller can give you a cash injection that can significantly improve your lifestyle. Whether you want to re-invest, put the money away to grow more interest, buy a new car or take yourself on the holiday of your dreams, downsizing can be the perfect way to make it happen.”
In today’s uncertain economic times it makes good financial sense if you have a lot of commitments. With university fees at astronomical levels anyone looking to fund their teens’ education may well find that downsizing is the answer to their problems. Fulham estate agent, Lawsons & Daughters says, “Lots of families are struggling to manage the cost of living, let alone think about putting their children through university. Downsizing can make it a possibility.”
The most important thing you can do if you’re considering downsizing is look at all your options. If you’ve been in your home for a long time, it’s likely that you’ll have become attached and see it as much more than simple bricks and mortar. Giving up the home you love can be a wrench, so be sure that it’s the right decision for you and that the house you move to is one you can see yourself loving too. With property prices fluctuating you don’t want to take a big drop in your equity, so it’s always worth holding out for your asking price and leaving your property on the market for that little bit longer than rushing into a quick sale.
As with any house move, always do your research before signing on the dotted line. Keeping an eye out for great deals and following property blogs will help you stay ahead of the game when it comes to making a savvy investment, and once you’ve selected a potential new home it’s always wise to do your homework about the local area. Visit the area at night to check for any anti-social behaviour and find out about council tax, parking, employment opportunities and schools- all those important things which can mean the world when it comes to feeling settled in your new home. A good survey is a must too.
Going smaller doesn’t always mean less important- if it frees up some cash and you don’t need the extra space, then why not?