When is the right time to downsize?

It can be a hard decision to make, moving on from the home where you and your partner have raised children, celebrated all of life’s greatest events, and which you once called your ‘forever home.’  With each lifestage comes change, and downsizing can be a positive one, but how do you know when it’s the right time?

Before making your decision, you must ask two big questions:

Will downsizing help me financially? And will downsizing enhance my lifestyle?

Will downsizing help me financially?

If you are in a large, family home, and your children have left to start their adult lives, moving to a smaller property may indeed be of financial help. A smaller property will likely mean smaller utility bills (not a bad thing, at the moment) and also reduced council tax. If you’re still paying down a mortgage, you might be able to pay it off and buy a smaller home with the equity, or simply reduce your monthly payments.

However, there are other financial considerations to make that aren’t all in your favour. If you have your heart set on a bungalow – be aware, scarcity makes for high prices. Apartments in specially constructed blocks for over-60s will come with annual service charges that might increase each year. You may also need to pay stamp duty, estate agency fees and the costs of moving home.

Will downsizing enhance my lifestyle?

Often, it is the emotional impact of moving out of the family home that delays people’s decision on downsizing, but there are definitely benefits in a move to a smaller home. First – there is likely to be reduced maintenance – less housework, less garden maintenance, meaning more time to spend on hobbies and with friends and family.

Similarly, if downsizing frees up more disposable income, there is greater freedom for holidays, travelling to visit family, and generally enjoying life.

Also, very importantly, as we age and reach the lifestage when downsizing starts to look like an option, we also find ourselves less physically capable, and this isn’t going to get better. Will moving to a smaller home support you as you age? And as you grow older, it becomes harder – both mentally and physically – to cope with great change, so would downsizing when you have the energy to cope with all that entails be a smart move?

On the flipside, downsizing might mean moving away from the neighbourhood you are familiar with, where the friends you have made still live, and the shops and restaurants you love are close-by. Overcoming this requires positive self-talk. Spending time with friends always requires planning, it may now just require a little more planning. You can still visit the restaurants you like, but have an adventure discovering new ones, too.

Finally, consider the logistics. How important is room for entertaining – will downsizing prevent you doing your favourite things? Where will guests sleep? Will you have enough room for storage? When looking at a new, smaller home it’s important to be very clear on how you plan to live there, and what changes you are prepared to make.

Signs that downsizing is the right move to make

1. You’re not using all the rooms in your current home
2. Your finances will benefit from a cash injection and reduced overheads
3. You are suddenly the oldest residents on your street, and this makes you feel a little isolated
4. Your job and your family no longer tie you to a particular location.
5. You want to be closer to family
6. You are simply ready for a change

Call the Chorlton & Didsbury team on 0161 882 2233.

Friday 21st October 2022 – Eddie (Picture used from Chatfield Road, Chorlton).