Thinking About Downsizing Your Property?
Downsizing is the act of swapping a larger property for a smaller one, commonly stemming from an abundance of unused space or unnecessary financial strain. Commonly associated with older generations looking for a comfy home to retire in, downsizing is an option available to many but the stigma around it is what causes some to disregard what is otherwise a very valid option. Read on to learn more about the reasons behind downsizing.
Downsizing for Space
Having access to your own space to use as you wish is a major reason behind many people buying or renting a property with the independence and freedom that it brings serving as a major part of what people believe to be make up a part of adulthood.
However, when looking for a suitable property, knowing the right amount of space that is needed can be difficult and rarely will the occupant correctly gauge the space they require. You often hear of people buying excessively large properties believing they will be able to utilise the space only to then struggle to fill it. On the contrary, it is just as common for a house to be quickly moved on due to simply not being large enough for their needs.
Downsizing for Practicality
As the occupants of the home get older, they may find that the property they reside in is now too difficult to maintain. All properties regardless of size need regular maintenance in order to remain functional and providing this in a large property is challenging especially in light of mobility issues.
On the other hand, some people find that due to their work/childcare/hobby time constraints they simply do not have the time to manage the property. This may lead to the financial burden of having to hire someone to do it instead. A smaller home contains less space to manage and therefore, less work needs to be carried out in order to keep it in top shape.
Downsizing for Money
Property is expensive, expensive to the point where many people buying or renting a larger property may be put under considerable financial strain in order to keep everything ticking over smoothly. Between loans and tenant contracts, home repairs and furniture you may find yourself quickly running low on funding. For older owners who may now be relying on pension income, parents who have had children move out or even people changing work, a little financial relief from a chief expense can be vital.
Downsizing isn’t the perfect option for everyone and there are a lot of times when you may need all the space possible in your property. On the other hand, there are an array of circumstances (usually when something changes in life) where downsizing may serve to alleviate the impracticalities of the current home, in instances like this it is important to realise that downsizing is a genuine option.
Contact Hadleigh Estate Agents for Properties To Buy or Let
If you’re looking for a property to buy or let in Birmingham, then please get in touch with our property experts. With years of experience in the rental market, we are a market leader in the Harborne and Edgbaston areas.
Our friendly, experienced, and qualified team of estate and letting agents like to take the time to understand your needs to find out exactly what you’re looking for in a property.
Call our lettings team on 0121 426 3220 or you can send us an email here.