If you’re finding that your current property is becoming a little burdensome because the five bedrooms, three reception rooms, and forest-like garden are simply too much to maintain, you may wish to consider downsizing. On the other hand, if you’re keen to move to a more salubrious location you may need to adapt your square footage requirements. Downsizing has a stigma attached to it with people only deeming it acceptable if you’re in your mid-fifties and your kids have flown the nest leaving you with an empty house. Tell your friend that you’re thinking of purchasing a smaller pad, and they’ll assume that you’re either splitting up from your partner or you’ve been hit by money worries.
However, finding a smaller humble abode to meet your needs is slowly becoming more acceptable and often the norm. Take a look at the benefits of downsizing and consider whether this could be an option for you.
How Do You Want To Spend Your Cash?
Society dictates that success is measured by certain cultural norms. In the western world, home ownership signifies financial comfort and shows everyone around you that you are a responsible borrower and earn a decent wage. However, is image important to you? If it is, you probably strive for the large detached home with a white picket fence. Your mortgage may be sky high, and you could be stretched to your financial limits, but at least you have a huge house to show off.
If you would rather have more disposable cash to spend on holidays, home improvements or a new car, you will inevitably need to move to a smaller home which will result in a smaller mortgage. You may be able to achieve financial freedom quicker and become mortgage free earlier. Three bedrooms instead of four doesn’t sound such a bad idea now, does it?
What About Your Stuff?
Over the years we come to collect things. We’re not talking about the usual trinkets and clutter, but the more important things. Think about the handcrafted furniture that you bought on your third wedding anniversary in Cornwall or the stunning mid-century Scandinavian mirror you picked up from that little vintage shop down the road. If you’re not sure whether these will fit in a new smaller home, consider heading to a place like Safestore and hiring a storage unit. This entirely private and secure space is a great way to keep your items safe while you work out what to do with them. You might work out a way to adorn your home with your art collection, or you may choose to sell it. Hiring a storage unit means you don’t have to rush into any decisions.
Alter Your Goals
If your main goal in life is to own the largest property you possibly can, then downsizing may not be for you. However, if you’d rather release some of your cash, become a little less worried about your finances and focus your attention on other areas of your life such as family, friends, and hobbies, downsizing could be a way of achieving these aims.
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