However, it is important people are practical when it comes to their home. For many people, the cost of running there is becoming too much. If you are placed under financial pressure, life can be difficult. Money worries leave people stressed, and when you are stressed, you are more likely to make bad decisions.
A lot of people also find their current home is too large for them to manage. If you spend a large part of your spare time cleaning your house, this is time which could be spent on better activities. You may find you don’t use every room in your house, lying to waste and leaving your home under-utilised.
If you are considering downsizing, you aren’t alone. Downsizing makes sense to many people, and switching your current home for a smaller property may help you to make the most out of life. However, this isn’t the case for everyone. It is vital you consider your personal circumstances, and determine whether downsizing is the suitable option for your needs.
Remember downsizing doesn’t always save you money
Downsizing isn’t as simple as moving into a smaller home to save money. Depending on your new home’s location, the condition or what it offers, a smaller home may still be more expensive than your current property.
Also, it may be you spend more money on running your home or in travel to and from your new home. Before you commit to downsizing, make sure the house provides you with a financial benefit, if you are moving to save money.
Will you be happy in a smaller home?
For some people, a smaller home will make their life easier. For others, a smaller home may leave them feeling sad or upset. Everyone is different, and our relationship with our home dictates how we feel in life.
If you take immense pride in your house, or you like the freedom that comes with having more rooms or a larger space, ask yourself will you be happy with a smaller property? Even if there are practical reasons to downsize your home, if it will leave you feeling unhappy, you have to question if it is of benefit.
Can downsizing help you achieve more with your life?
There are practical reasons to downsize. If you feel frustrated at having money tied up in an asset when you could be enjoying yourself with the cash, you should consider your options. Whether you use this money to fund a happy retirement, or you provide support to loved ones while you can see the benefits, downsizing can transform your life.
At Austin Property Services, we know downsizing is a major decision, and we want you to make an informed choice. If you would like to know more about downsizing, get in touch, and we’ll be happy to help.