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Is Downsizing Right For You?

July 20th 2019
By: Thomas Morris
Is Downsizing Right For You?

When it comes time to make a move in the property market, it is natural for people to consider moving in an upward direction. A lot of people and families outgrow their current home and look for something more spacious. However, many homeowners are in a different position. Downsizing is an option for many homeowners to consider, and perhaps, downsizing is right for you.

At Thomas Morris, we are happy to help anyone move home, and we know downsizing is the right option for many households”, said Thomas Morris St Ives Branch Manager Katy Poore.  “Whether your focus is financial, or on comfort or convenience, downsizing may make your life easier, and we are here to assist you to consider this matter.”

Downsizing allows homeowners to release equity

It is essential to be aware every homeowner has unique circumstances and requirements. However, there are often commonalities between homeowners, and we know releasing equity appeals to many .

If you are keen to maximise the fun and enjoyment you take from retirement, you may feel it is better to have access to money rather than having money tied up in your property. Perhaps you are keen to help family members and loved ones with cash now, as opposed to leaving them money in your will.

It is vital you review your finances, but if you do, and you decide that downsizing allows you to do more of the things you love, you have a decision to make.

Downsizing can make your life more manageable

It may be that you want to manage your life more efficiently, and a smaller home may assist you in achieving this. If you feel as though your current home is too large, or you struggle to clean it in the manner you would like, downsizing may help you feel in greater control of your life.

Consider the costs of downsizing

While downsizing is often helpful for several reasons, there are costs involved with the process. When you move, you’ll likely have to deal with stamp duty fees; there will be conveyancing fees, agent fees and removal costs. Also, it may not be that much cheaper in your new home when compared to your old home. It is vital you review your proposed finances in your new home and determine if it provides a suitable financial saving.

If you aren’t moving to save money or improve your finances, this isn’t too much of an issue for you, but if you are, it should underpin your actions.

Downsizing is a big stage in people’s lives. It may be that it is the logical step for you, or it may be that this is not quite the solution that is best for you right now. However, no matter where you are at in life, if you would like to discuss your options and make an informed decision, we are more than happy to assist.

Selling your home is stressful, but with the right support, you can make the process easier. Book a valuation at a time that is suitable to you or alternatively, you can phone our St Ives branch, managed by Katy Poore by calling us on 01480 468066.