When you’re younger and have a house full of family, you need a bigger home to accommodate everyone. But once your children grow up and move out to start families of their own, a bigger home might feel like — and cost — too much. Could downsizing be the right move for you?
This article does not constitute advice. Professional advice should be taken prior to acting on any part of it. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.
If it’s just you and your partner or even if you’re on your own, not only will all the extra space go unused, but it also costs a lot for the upkeep and to insure bigger homes. Moving to a smaller home might just be what you need to start a new chapter of your life.
Cost of living impact
During the current cost of living crisis, basic household bills like energy bills and groceries are having the biggest impact on household finances. According to recent research by Halifax, 72% of survey respondents cite the reduced cost of living as the primary reason for downsizing. Thanks to locking in fixed rates a few years prior, many homeowners aren’t feeling the pressure from mortgages so much, but moving to a smaller home will mean that your everyday expenses to run your home will be significantly less.
However, mortgages are likely the biggest financial burden many people have, and for those looking to save, downsizing or even simply relocating are among the options people are considering. A smaller home means a smaller mortgage and that means both single and partnered individuals will have a lot more money in their accounts at the end of the month.
Of course, downsizing isn’t a cost-free option, you do still have to consider moving costs as well as the emotional labour of downsizing the rest of your stuff to fit into a smaller space. If you’re thinking about moving closer to family, it will mean a bit of starting over, but that’s one thing you need to consider when deciding the kind of lifestyle you want to lead in this next phase of life.
Looking to downsize and want to know what your mortgage options are?
While there are many benefits to downsizing, it’s important to consider both the pros and cons of moving. One thing you won’t have to worry about is the mortgage search since Dental & Medical Financial Services are here to help you find a mortgage that’s best for your needs.
We’ll explain all the options available and work with you throughout the entire process. Get in touch so we can help with your mortgage search today.