We know the main reasons people cite for not wanting to downsize:
- They don’t want to deal with the stress of moving
- They don’t think they can find something smaller in their area
- They don’t want to pay a lot of Stamp Duty
However, there are lots of reasons to downsize, and most of them can result in lower costs and a lot more spare cash. Which means it’s time to consider a more luxurious lifestyle – after all, small doesn’t have to mean simple!
Choosing a high quality flat
For some older couples moving to a flat might be downsizing, but it’s definitely not downgrading. Taking advantage of a central location, many downsizers are choosing modern properties with all the trimmings. Think wraparound balconies, gyms, cinemas, bars and restaurants built in, along with things like a concierge service.
Just because a property might be smaller, it doesn’t mean you need to miss out on anything. A high quality, modern and comfortable city apartment could mean easy access to family without the cost of a larger property. You could make the most of being well located by making the most of the theatres, restaurants and galleries.
It’s a whole new lease of life – with the opportunity for luxury.
Downsizing for the ease
It might be that years of being house proud and entertaining are starting to wear. After all, it can get exhausting being the host. Perhaps if your children have grown and started their own families, you’d like to be the one looked after?
Choosing a smaller home means fewer responsibilities and concerns. The kids will have to take all of their stuff back, things that have been in the family home for years. You can have a proper clear out and only keep the things that truly mean something to you. You won’t have to worry about the pressure of cleaning a large property, or the organisation that comes with hiring gardeners, window cleaners and other upkeep for your property.
A smaller property means fewer messes and fewer concerns. And that maybe it’s someone else’s turn to host Christmas dinner…
Releasing equity the easy way
Whilst there are more opportunities to release equity whilst remaining in your home, selling up and buying a cheaper property was the original way to get at that money. After all, your home has been working for you for all these years, and if you’ve paid off the mortgage, you can live somewhere with minimal monthly payments.
So, what would you do with the money? Travel and see the world? Go on a cruise? Take up a new hobby? Perhaps you’ll buy the car you’ve always wanted, or treat yourself to the finer things in life. Your home may be smaller but your life can be so much bigger when you downsize.
Experiences over items
You can downsize at any time in your life, and with a big push at the moment for minimalism and low emission living, choosing a smaller home can be freeing. Your home can be a place to relax, enjoy and be proud of, but you can also be free of clutter and items you’ve probably been storing for years.
This allows you to design a life you’re really excited about! Join groups, go to the theatre, travel, explore, try new things…all of these experiences come from the freedom from responsibility and the equity released by downsizing. Your home can still be beautiful, quality and a wonderful place to be. You’re just making the most of the money that it’s giving you back!
Getting comfy for the future
You probably chose your last home with a view to what worked best for you at that time in your life. If you had kids, you perhaps wanted space, more bedrooms, a garden. If you were a constant party host, you wanted the kitchen and the seating. Perhaps the home office to start a business, or the location near your family and friends to create a sense of community was important.
What’s important now? From a practical level, like future accessibility and being near family right through to how you want your life to look, picking a new home can be an adventure. Perhaps you’ve always wanted to live in a barn with lots of green space? Maybe a cottage on some beautiful grounds, or a ground floor flat looking out onto the canal?
There are so many beautiful options when you get to be a little more focused on yourself and what you want! You don’t have to think about storing the kids’ stuff or having guest rooms available. You can have a summerhouse as your reading nook, convert a box room into a yoga studio or live two minutes’ walk from your favourite breakfast spot.
It’s not just about choosing a smaller space for old age. Downsizing is your opportunity to design a life and a home that delights you. So enjoy it! Make this the year you prioritise what you love and how you live.