Downsizing your property, Is it worth it?

[signoff icon=”icon-help-circled”]QUESTION: “The kids have all grown up and moved out, What are the benefits of Downsizing?[/signoff]

Whether you’ve become empty nesters or are simply fed up with paying expensive power bills, there are many factors that could lead you to downsize from your existing lofty house to something more compact.

There are plenty of benefits when it comes to downsizing and you could end up with a home that’s even cosier and more inviting than before.


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Slash your mortgage

Making mortgage repayments might be a reality of home ownership, but for most property owners it’s about as thrilling as having a cold shower in the middle of winter: A shock if you’re not expecting it and unwelcome if you are.

No-one likes making expensive repayments and downsizing can help decrease how much of your hard earned cash is slipping from your wallet into the hands of your lender.

Explore the world

Perhaps the kids have left home and you’re left with more spare time and a quieter house.

For one thing, there’s no point having a huge property if half of it’s sitting unused. By downsizing, you can cut your mortgage payments, freeing up cash to go travelling. Furthermore, you’ll likely feel more comfortable leaving an apartment that requires little maintenance locked up for a few months than a huge family home with an expansive garden.

You can use the money you’ve saved to explore a continent you’ve never been to before or perhaps visit countries you visited in your youth.

Whether it’s nibbling on tapas in Spain or walking the Inca trail to Machu Picchu in Peru, downsizing can free up your opportunities to explore the world.

Go small and sophisticated

Have you stretched the budget with a huge property in an expensive street, only to find yourself living a lifestyle that embraces baked beans and instant noodles?

Don’t hark back to your student days – downsize to something much smaller so you can afford to deck out your home with beautiful furniture and stock the fridge with delicious food.

Smaller can be better, particularly if it means you can invest in that four-poster bed you’ve always dreamed of.

 

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