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Get Down with Downsizing: The Pros and Cons of Selling Your Home and Buying a Smaller House in Havering

By April 10, 2019 Blog
buying a smaller house

Have you ever come home after a long day, realised just how many chores have to get done and wondered, ‘do I really need this much house?’ Well, you’re not alone. In fact, over the next 20 years, 11 million people in the UK are expected to downsize.

The thought of selling your family home may be difficult, but many people find that moving into a smaller property is beneficial to their mental and financial health. But while buying a smaller house can be a great decision, it’s not for everyone.

If you’re considering making this move, keep reading. We’re going to outline the pros and cons to consider before you commit to downsizing. Let’s get started!

Pros

Nobody would move to a smaller house if there weren’t significant benefits to doing so. Below we’ve listed some of the greatest parts of downsizing for you to consider.

Saving Money

Have you always wanted to travel, buy a fancy sports car, or retire in comfort? Downsizing can help you do just that!

By opting to live in a smaller house, your mortgage will likely be far cheaper than it was in your old home. You can also expect lower utility bills, especially when it comes to the cost of heating and cooling your new house.

Since a downsized home will be cheaper than your current home, you’ll also have a nice chunk of change leftover whether you sell it for cash or go through a real estate agent. You can finally pay off your debt, go back to school, or install that pool you’ve always wanted.

Fewer Maintenance Requirements

One of the worst parts of owning a large home is having to keep up with all the cleaning and maintenance. It seems like there’s something new that has to get tidied up every day!

When you downsize, there will be a lot less that needs to be cleaned. The yard is also likely smaller, so you won’t have to spend as much time weeding, trimming hedges, and mowing the grass.

Instead, you can enjoy your evenings relaxing on the couch or getting back into your hobbies.

The Perfect Chance to Declutter

If you’re like most, you probably have a decent pile of junk you don’t really need or use. Right now, it’s probably sitting in your basement collecting dust and serving as yet another thing that needs to be cleaned.

But downsizing gives you the perfect opportunity to finally declutter your home. You can likely sell a bunch of your things to earn a little more money or donate them if you’re in a rush.

You’ll feel a lot better and less cluttered when you know you’re not holding onto unnecessary belongings anymore.

Less Stress

About 75% of Brits feel overwhelmed by stress. This can come from a variety of places, such as work, relationships, and finances. But downsizing your home can help alleviate some of this stress.

When you live in a cheaper home, you won’t have such a large financial burden anymore. Any extra cash can be used to pay off debt, which can further relieve some stress.

You may also use that extra money to go back to school to get a better job. Or, if you’re on the cusp of retirement, downsizing could be the final push you need to retire early.

Lastly, the lower amount of housekeeping needed to maintain a smaller house can also reduce stress. Plus, it’ll leave more free time for you to do things you love or things that help you relax.

Cons

Of course, downsizing isn’t the right decision for everyone. Let’s look at some potential cons below.

No Room for Guests

Do you like to entertain a lot? Do your kids need somewhere to stay when they come home from university on breaks?

There may not be enough room for everyone if you downsize. Your kids may have to share a room when they visit and any guests may have to stay on the couch or in a hotel. Your entertaining spaces will also likely be quite smaller, making gatherings feel cramped.

Little Storage Space

Although decluttering can feel freeing, you’re sure to have plenty of things you want to hold on to. But a downsized home won’t have nearly as much storage space as your current home.

You may have to part with things you wanted to hold onto or rent a storage space to hold them. If you go with the latter, you may not end up saving as much as you thought since you’ll have a whole new bill to add into the mix.

Cramped Feeling

One of the biggest disadvantages of downsizing is feeling cramped in your new house. When you’re used to having so much space, suddenly switching to a smaller home can be a bit of a shock at first.

This can be even more pronounced if you have kids living with you. They may have to share bedrooms and everyone may end up feeling like they don’t have anywhere to go to be alone.

Plus, the furniture from your old home may be too large to fit in a smaller home, and it could contribute to a cramped or cluttered feel. Of course, if you get rid of it, you’ll have to spend money buying all new furniture that better fits your new house.

Pros and Cons of Buying a Smaller House

Downsizing has been growing in popularity over the past few years. And there’s a good reason why. Just follow our guide to the pros and cons of buying a smaller house to decide if downsizing is the right option for you.

Are you ready to take the next step? Contact us today to sell your home for cash, so you can start downsizing right away!