Are you thinking of downsizing your property? In this article, we are going to give you some advantages and disadvantages of downsizing your home.

People are choosing to downsize their homes due to several different reasons whether their children have left home, or they’re wanting something smaller due to financial reasons. Retiring is another popular reason for downsizing your property. There’s no perfect time for downsizing, it’s truly what will work best for you.

How easy is it to downsize?

No matter where you move, the moving process is never easy. It takes lots of time, dedication, and stress to complete the whole process. From affordability to decluttering there are many advantages and disadvantages to downsizing. Check them out below…

Advantages:

         A smaller home tends to be a more affordable home

         Allows you to save money for other future financial goals

         Results in smaller cost of living and utility bills.

         Smaller mortgage to pay

         Home insurance will become more affordable

         Less maintenance jobs to complete

         Tax bill will be reduced

         You can make a profit from unwanted possessions

Disadvantages:

         Moving home comes with stresses you may wish to avoid if not fully necessary

         Hiring removal vans and services can be expensive

         The cost of selling your home and purchasing a new property

         If you’re moving to a senior living community, you could be faced with additional fees that you may not have in your current home

         Downsizing your home can result in less space, if you work from home or want to host gatherings, it could become more difficult to find space than your current home

If done right, downsizing can be beneficial for your living arrangements. When you consider downsizing properties, it’s the perfect opportunity to declutter and organise your life. Decluttering is the perfect stepping stone to start the moving process; you can start packing as you go and sort out what you’re going to keep, give away, or throw away.

There are several different downsizing options to choose from if you don’t wish to outright purchase your new home. These could be:

         Renting a property

         Schemes for council tenants

         Retirement homes

To discover more about the best estate agents Manchester has, please don’t hesitate to contact a member of our expert team of estate agents here at Philip Ellis.