Downsize your life
If your home is too large for you and you want to reduce your monthly outgoings, have you considered downsizing? Downsizing evokes images of older homeowners moving to more manageable homes. But downsizing is for anyone who wants to move to a smaller, energy-efficient property close to a range of amenities.
The thought of moving can be particularly daunting, especially if you have been in your home for a long time and have precious family memories. So, deciding to downsize can be a tough decision. However, it can make a lot of sense if the family have all flown the nest and you are approaching retirement, or you simply want to reduce your outgoings and live close to public transport or amenities.
When you downsize, you could release some of the equity you’ve worked hard to build up, reduce your mortgage repayments and save money by being closer to public transport or amenities. If you choose a new property, you’ll also save money on your energy bills.
Here are some tips for downsizers:
Consider where you want to move to
Do you want to move closer to work, public transport, local parks or amenities? Could you ditch the car by living in a more urban area? Or are you looking for a more rural lifestyle? As well as location, consider the type of property you’re looking for – an older property could need a larger budget to allow for maintenance or decorating costs. In contrast, a new build will enable you to save on maintenance, renovation or energy costs.
Organisation is key
Once you’ve decided to downsize, create a to-do list so you have a clear idea of what exactly needs doing and when. Go through what needs doing in each room – what you can’t live without, what you can and what needs doing before you put your property up for sale. This will help you to see what space you require from your new home – the number of rooms, bathrooms, garage, storage space etc. Writing it down will give you a clear picture of how small you can go. Also, consider how much time you spend outside. Are you a keen gardener? If so, it’s important to find a property with some outside space so you can continue with your hobby.
Sorting out your home
Sorting each room, in turn, will help to avoid chaos and stress whilst still living in your current home. There will be non-negotiable items, either due to practical necessity or sentimental value, but generally, you need to be fairly ruthless if downsizing to a smaller space. If you have a clear idea of how many rooms you will be moving to, this will help you avoid keeping unnecessary items you won’t have space for. If you have items that are beyond repair or haven’t been used for years, either ditch them or find a new home for them. You could gift items to friends or family that would like them or even put them on eBay, Facebook Marketplace or Gumtree, giving you some extra cash for your new home. Your new home may require investing in new furniture, so it’s a great opportunity to freshen up your interiors. Measure-up bigger items of furniture you plan to keep, making sure they will fit the floorplan and layout of your new home too.
Do the sums
Long term, downsizing can be a significant cost saver, including lower energy bills, reduced maintenance costs and even a smaller council tax bill. However, there are initial costs to moving that should be factored in, including estate agency, solicitor, conveyancing and removals fees, and LBTT.
If you are thinking of downsizing, take a look at the new homes available at Pennywell Living in Edinburgh. We have some exceptional one and two-bedroom apartments for sale in various styles. One-bedroom prices start at £169,995, and two-bedroom apartments are from £189,995.