Downsizing: Financial Freedom, More Time, and a Lighter Carbon Footprint
Is downsizing to a smaller home a good idea?
For many people, there comes a time when they start thinking of moving to a smaller property.
A recent study found that a third of people moving home are downsizing. Benefits include financial freedom, more time, and a lighter carbon footprint.
So why are they doing this? What are the benefits of downsizing, and have those who have taken the plunge felt them yet?
Will it give you More financial freedom
Downsizing to a smaller property can transform your financial situation.
Running a larger home can bring higher mortgage payments, taxes, utility bills, and potentially more expensive repair and maintenance costs.
Downsizing could help you save considerable amounts in the long run.
Quickmove properties found that 40% of downsizers saw their mortgage payments fall by at least 50%, and 21% saw their other household outgoings fall by up to 20%.
And significantly, 80 per cent of people who have downsized revealed they could release equity of up to £150,000.
This shows that living in a smaller property can free up considerable money. This can be invested or saved elsewhere, putting you on a much firmer financial footing.
More time to enjoy your home
Downsizing and running a smaller property can also free up valuable hours in the day, as you’ll spend less time doing chores such as cleaning and general maintenance.
That gives you more of an opportunity to concentrate on tasks and activities that you enjoy and value, from pursuing hobbies to spending precious time with the family.
A chance to declutter
If you’ve got space in the home, it’s easy to allow each room to be overrun with items you don’t need.
But if you downsize to a smaller property, you’ll be forced to evaluate your possessions and prioritise what you want to keep.
Declutter items that don’t serve a purpose or bring you joy.
Decluttering allows you to truly enjoy your living space, as you’ll live alongside items you genuinely want and mean something to you.
You can reduce your carbon footprint.
A smaller home consumes far less energy than a larger property, so downsizing can allow you to minimise your environmental impact.
The survey showed nearly 20% of downsizers wish they had done it sooner.
If you feel you have more space than you need and are keen to make your money work harder, downsizing is an option worth considering.