5 Benefits of Downsizing!

Once the kids have all moved out, you may feel like you’re rattling around in tin can. Downsizing can be a scary change for people who are comfortable in their home. But there are so many benefits and opportunities to take advantage of once you have downsized!


  • A chance to save on bills. From your council tax band to gas and electric, downsizing will inevitably cut the cost of your bills. This could give you the opportunity to have more disposable money to do work to your property or ability to do more of what you love!


  • Pay off your mortgage. If you’ve been in your current home a while, it’s likely to have increased in value and you may be near to paying off your mortgage, if not having paid it off completely. Buying a smaller and cheaper property may give you some equity left over. It also means you can buy your new home with ‘cash from sale’. This can give you more options, a quicker chain and the ability to live mortgage free!


  • Less upkeep. Fewer rooms and smaller gardens cut down on the time you take to clean and maintain your home. Downsizing can reduce the time spent on household tasks, leaving more hours in the day to do something you enjoy more!


  • Having a clear out. If there is no place to put it, you’re much less likely to buy it or keep it. This means your consumption may go down as you will acquire less clothing, food, and consumer goods etc.


  • New chapter! For many homeowners downsizing their home can be a new chapter. Downsizing can represent a way to start a new life in a new home.


For more advice and help on how you can move forward, contact your local Paul Fox Branch!