Money6 Things You Need to Know about Downsizing

6 Things You Need to Know about Downsizing

People choose to downsize to a smaller home for a majority of reasons. Perhaps the kids have moved out and you and your partner no longer need the extra space as you once did. Or maybe you would rather live a simpler lifestyle that is more eco-friendly.

Whatever the reason, downsizing is a great option for many homeowners who wish to move into a smaller house but what are the main things that you need to know about downsizing? Here are the top six things that you should be aware of before taking the plunge into a cozier home.

downsize to a smaller homeImage Source: Flickr

  1. The Right Time

When is the right time to downsize? This is a question many people find themselves asking friends and family at some stage in their lives. If you currently live in a larger home you may struggle to keep up with the utility and maintenance costs that it requires. Knowing the right time to make the move should be fairly obvious – once you find yourself debating about it, you’ve probably already reached the stage when it is time to pack your things and transition into a more comfortable living space.

  1. De-Clutter and Storage

Naturally, you won’t be able to fit all your furniture and possessions into your new smaller home. Units for storage in London are your best option if you want to free space immediately and make room for the more essential items that you will need to take with you when downsizing. Storage units such as this will provide a safe storage solution, allowing you to remove and add to it as necessary.

  1. Savings

Moving into a smaller home will save a great deal of money on both utility bills and maintenance costs. The opportunity for great savings is one of the main reasons why homeowners choose to downsize. According to the Telegraph, one in five homeowners aged over-55 is planning to downsize over the next five years because they cannot afford running costs on their property. In addition to this, the average homeowner is said to want to raise at least £78,000 by moving to a less expensive property.

  1. Big Change to Lifestyle

Many people jump into downsizing without realising what a huge step it is. Will there be enough space for you and your family? According to Investopedia, it is important to ask questions like this and others such as whether or not this new lifestyle is right for you and your family. Knowing what you are giving up is important. Ensure you leave enough time to properly plan the process out fully and accordingly; after all, planning is the ‘key to success’.

  1. Decisions

There are a lot of big decisions to be made when downsizing, one of the most prominent being, ‘should this item stay or go?’ You need to organize your things and decide which will be coming with you and which will be better off left in the trash.

  1. Risks of Downsizing

Although you will be saving money in the long run, downsizing can be quite stressful and you need to consider other costs such as moving vans and buying new smaller pieces of furniture. Don’t overlook how much stress the process of downsizing will be, either.

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