Should I downsize my property?
Downsizing a property can seem scary at first but it has a multitude of benefits. While many people spend their entire lives trying to work their way up the property ladder, buying bigger and bigger houses, some seek a more manageable lifestyle.
Smaller doesn’t mean lesser. A reduced floorplan can also mean an upgrade as it provides an opportunity to build to your exact requirements and add in the features you’ve always wanted but maybe couldn’t have in your large family home. New appliances, the latest heat transfer system, insulation and double-glazing are all boxes to tick when you’re building a home that’s built for you.
All that aside there are several other reasons to consider downsizing your property, including:
- Smaller mortgage
Selling your existing home, especially in today’s market, can mean releasing the capital value of your home. The cash you generate from the sale could be the budget for your new build home so that, once completed, you’re mortgage-free but in a modern home more suited to your requirements.
Even if your mortgage isn’t quite done, the move to a smaller home could mean significantly lower mortgage repayments especially with interest rates being as low as they are.
- Lower monthly outgoings
A smaller, more modern house with high levels of insulation is going to be easier and cheaper to heat and cool, meaning a reduction in the monthly outgoings for basic services. Depending on the size house you’re moving into a downsize could also mean a decrease in rates.
Additional ancillary costs could also see a reduction should you downsize as well. Insurance, for example, is based on how much your house would cost to rebuild so moving from a larger, more expensive home could be reflected in your monthly insurance premium as well.
- Greater location options
Building new also means starting fresh. You can choose a section that’s closer to your popular spots in town, nearer family or out in a nice rural spot to enjoy the great outdoors. Choose a location based on lifestyle or for convenience (near a bus route) to create a more simplified life.
Choosing the right location might further reduce your costs if you move closer to shops within walking distance, or buy a plot of land perfect for veggies. You could perfect the evening walk by buying near a domain or by the beach. Whatever your dream, building new enables you to factor it in from the beginning.
- Easier to sell in future
Houses of a certain price and size can be easier to sell as there are often more buyers looking in that range. As property prices change over time and as some locations become more desirable a house can become unaffordable for the majority of buyers. By downsizing you can reposition your largest asset into a price bracket that more people could afford. Should you be thinking of selling later down the track this could mean more offers and a great settlement price.
Combine that with the modern fixtures and fittings and high standard of finish and your downsized home might be a very appealing property if it needs to go on the market again in the future.
- Less maintenance required
Building on a smaller section can mean less weeding and upkeep as the years progress, and a smaller home requires less cleaning with fewer windows to scrub. Even basic upkeep like checking gutters and maintaining fences is less daunting on a smaller property - with just enough to keep you busy, but not so much that you can never keep up.
As you look to spend less time having weekends sucked up with housework and maintenance a downsize could be just the ticket to more ‘you’ time. You could take that road trip you’ve always talked about, or spend more quality time with family in other towns.
Downsizing doesn’t mean moving into a shoe cupboard. The design of your new home can still be spacious and incorporate spare rooms for kids and grandkids. Downsizing just means finding the perfect amount of room for the lifestyle you want and making the most of your free time without being burdened by unnecessary upkeep and maintenance.
From greater energy savings, lower monthly outgoings, releasing equity and gaining a bit of extra time you can create a new chapter for your dream lifestyle.
If you are looking to downsize then Manor Build homes are the perfect place to start. Specialising in smaller, more manageable floorplans, the designs range from one bedroom, two bedroom and three bedroom prefabricated houses.
Designed with all the benefits of a brand new home just for you, but without the project management headaches and extending timelines. A prefab home is built in our factory and delivered to your site with minimal fuss. Why not learn more about our range and the Manor Build process by downloading our brochure.
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