In life, our situations change all the time, and you may find at some point that the home that was once perfect for your lifestyle and situation now no longer suits. The last thing that anyone wants is to be stuck in a home that is no longer working for them.
Knowing when to make a move is key, as delaying downsizing may cost you in the long run. In this situation a quick and reliable sale is favourable. In this article we will look at the tell-tale signs that it may be time to downsize your property and move into a more appropriate home.
The six signs that it is time to downsize your home
When monthly costs are too high – With the price of utilities creeping up over the years you may find that your home is becoming unaffordable to run. A good rule of thumb is that the cost of running your home should not exceed 30% of your income. For those with environmental concerns, downsizing is undeniably one of the best ways of reducing your carbon footprint and lessening your impact on the environment, as a smaller property will undoubtedly require less energy to heat.
When keeping up the maintenance of your home is a burden – While it can be tempting to ‘keep up with the Joneses’, it may get to the point where the upkeep of your home is taking up too much of your free time, and may even become too physically demanding. If it’s clear that your home is becoming more of a chore than a joy it may be time to make that move. You can take a look at the Money Advice Service website for further information on the costs of home ownership.
When your family situation has changed – Perhaps your children have long since flown the nest and you’re left with spare bedrooms that gather dust and get little use. Why not turn the unused space into capital and consider downsizing to a more suitable space. Furthermore, if your home is tainted by bittersweet memories you owe it to yourself to make a fresh start and begin a new chapter.
When your home is no longer accessible – When purchasing a family home not many of us consider how the home will adapt to fit our needs in the future. If your home is clearly not going to help you to retain your independence in the coming years then it’s time to future-proof and downsize now to a more accessible property.
When you are no longer tied down to a certain location – With retirement comes the freedom to relocate as you are no longer obliged to stay nearby to your place of employment. Take advantage of this sense of freedom and make the choice to embark upon an exciting new life in a new area.
When you require cash for retirement plans – Perhaps you are looking to travel more, take up your dream hobby or even help family members to make that exciting next step of their own. Now is the time to enjoy life without the financial burden of running a large home. Consider downsizing as a way of freeing up the cash to help you make your retirement plans a reality.
Making selling up and moving on easy
Is it better to sell or buy first? While every situation is unique, for some it may be advisable to sell your property first. The reason for this is that it keeps your emotions under control in what is sure to be a busy yet exciting time. Selling up first means that you know exactly how much money you have to plan your next move.
If you feel that you need to downsize then it’s key that you make the move at the right time – there is no benefit to pouring money down the drain by continuing to pay the bills for a home which is too large and unmanageable. It is understandable why some view the stress and emotional upheaval of selling via an estate agent too challenging to contemplate and choose to stay. Selling your house doesn’t have to be an emotional, drawn-out process – LDN Properties can offer you a direct and reliable sale of your property in London and throughout the UK. Many of their customers have been looking to downsize their home in a hassle-free way.
