Many people have to consider downsizing at some point in their lives. This could be part of a plan after retirement or because of redundancy or job loss. If your house is becoming too hard to maintain and the bills too expensive, it may be time to downsize your life.
It is always an aspiration to own a big house with a spacious garden, and if you have a family to fill it it’s a wonderful thing, but once the family have grown up and moved out it can be too big. Looking after a large house and garden requires time, energy and money – or just lots of money if you’re paying somebody else to do it!
Heating a large house can be costly too, especially if you only use a few of the rooms. Add the council tax, insurance and other utilities and it becomes an expensive way for a single person or couple to live.
If mounting debt means your house is becoming too expensive to run, selling to release equity could get you back on track. Moving to a smaller property could help you pay off debts relieving stress and worry.
Retirement can be an exciting but sometimes daunting prospect. If you are wondering how you are going to fund your retirement, downsizing could be the answer. Freeing up cash means money in the bank for that trip you always planned to do or just to give you financial security.
Relocating is a good opportunity to downsize. Whether you are moving to be near family or if you have always wanted to live near the coast, you can re-evaluate your needs and work out the best options for you.
Alan and Lesley Dent moved from Devon to Hertfordshire to be nearer to their grandchildren but found it hard to find a property they liked and could afford. Alan says, “We had been looking at homes within our budget but didn’t like the cluster homes we had been shown, then a friend told us about park homes. We used to think of them as mobile homes but when we had a look we were pleasantly surprised. We now live in a two bedroom park home with a garden, which is basically like living in a detached bungalow. The difference is we paid a third of the price of a bungalow and our bills are a fraction of what they used to be. The site we live on is for over 55s only so we have made lots of new friends too.”
Moving to a smaller home means you won’t have room for all of your things so you will need to declutter – which is never a bad thing! As well as saving money on bills you could make some by selling your unwanted items on eBay.
Having to move because of ill health is never easy but if your property is becoming a burden, buying a smaller place could have a positive effect on your wellbeing.
Whatever your reasons for downsizing, there are lots of benefits in scaling down your life. If money is tight and you’re finding it hard to cope, it could be the answer you are looking for.
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