There will come a time in your life when you will want to downsize. This could be because you would like to release some equity, or it could be because your children have moved out and you now don’t need quite as much space as you did before. Either way, there are so many benefits to downsizing to a smaller home in Stoke Newington that you’ll be sure to consider it for your own future.
What reasons are there to downsize?
There are so many reasons to downsize. Perhaps you feel your property is too big for your current family size, or perhaps you cannot keep up with the rising costs of utility bills. Perhaps you simply want to move somewhere more central, or further out into the countryside.
Whatever your reason, downsizing can be good for your budget, for your wellbeing, and for your life.
What benefits are there to downsizing?
Better location or superior property
By downsizing, it’s likely you can do more with your money. In some cases, this could mean moving more centrally or to a location that you have always dreamed of just by choosing a smaller property. Similarly, you can also move into a space that has been better designed, which will save you the effort of remodelling your current, larger home.
Huge increase in savings
When you downsize, you have the opportunity to increase your liquid funds, especially if your mortgage is either entirely paid off or mostly paid off by the time you downsize. This way, you have money you can put towards your retirement, towards renovations of your new home, or to simply enjoy the good things in life.
More efficient use of your home
If you have a big family and they have now all grown up and moved out, then you don’t have an efficient use of your current space. Downsizing will allow you to live more compactly and efficiently, rather than wasting space that is not required.
Greater wellbeing and happiness
Many people find greater purpose and happiness when they downsize, especially as it means they can live closer and in better harmony with their loved ones. Remember, downsizing doesn’t mean living in a single room, it simply means forgoing excess space so that your funds and life can go further.
Tips to successfully downsize
Successfully downsizing is so much more than just buying a smaller home or even taking it to the extreme with a mobile property – a growing trend that helps those with an adventurous spirit see the world. It is not realistic to assume you can just downsize. You are going to need to first reduce your dependence on material items – depending on your situation, this could be very easy – and be aware of the strategies “tiny home” owners have used. Above all, regardless of the size of the property you are downsizing to, you are going to need to follow these tips to downsize successfully:
Declutter in advance before you downsize
The biggest issue with downsizing is getting used to a smaller number of belongings. Before you go looking for a smaller property to purchase, it’s a good idea to declutter your home and try to figure out what you actually need. Your kitchen, for example, likely has many items that could be used, but haven’t been touched in years, so get rid of them!
Now would also be a good time to invest in long lasting items over single use items, because the last thing you are going to want to deal with in a smaller property is an excessive amount of ‘stuff’. The less you have, the easier it will be for all.
Consider space saving solutions
Alternatively, you could look into multi-purpose solutions and furniture, which would give you the versatility of a bigger home in a smaller space. By making these changes and finding these solutions in advance, you will be equipped with a better understanding of what size space you need and what you can do with the space once it is yours. After all, the chances are you’ll have quite a healthy sum of money left over once you downsize.
Downsizing isn’t for everyone, and of course you still want to live comfortably, but when your children move out, it is often one of the best solutions to become more economical. Downsizing is also a great idea if you want to live more centrally, or if you want to live more purposefully.
If you are thinking of downsizing in Stoke Newington please contact our expert team here at Amar Mustafa - The REAL Estate Agent on 020 3150 5007. We will be delighted to show you a selection of properties in Hackney, Walthamstow and surrounding areas that fit your requirements.