Downsizing your house to free up your finances
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Can I downsize to free up finances?
If you’re struggling with debt, then you can look into downsizing and selling your house to pay it off.
Between separation, changes in circumstances and ill health, there are plenty of personal reasons that could lead to you downsizing your house. Whether it’s to secure funds to improve your quality of life or to ensure you have a bit of spare money set away for a rainy day, moving into a house more appropriate for your living conditions can help you live more comfortably.
Why is downsizing popular?
Moving into a cheaper property gives you the opportunity to not only lower your overall mortgage payments but also use some of the profit you make from the sale of your current property to pay off any debts you may have accrued over the years.
People tend to start thinking about downsizing to a smaller property when children leave home; with no more need of the extra space, homeowners can free up extra funds. Sometimes, downsizing can be the best option as family members begin to get older and struggle to get around their current home. A smaller property may be more accessible, especially if the size of your house and garden becomes unmanageable.
Are there extra costs?
When considering a smaller house, it’s important to remember that there are a wide variety of fees associated with the transfer of property. Before beginning the process, estate agent fees, legal costs, taxes and even stamp duty should be considered to discover whether it is truly worth the move. Alongside this, there is always the risk that the sale of your property can be delayed if you get stuck in a property chain.
While you want to quickly move from one property to the next, the reliance on others throughout the property chain can become a burden, especially if you’re downsizing for financial purposes. The longer you have to wait, the longer you have to stay in your bigger, more expensive property and if you’re struggling, this is only going to worsen your debts as you wait for the right buyer to come along.
There is also the risk of the property chain breaking down completely; then you could lose out on the property that you were planning on downsizing to. This means that you’ll have to start the entire process again; going to viewings and paying for more surveys and negotiating prices.
At We Buy Any House, we specialise in getting the money in your bank as soon as possible, usually within 14 days. We also take care of all the legal business, meaning you won’t have to pay an extra penny. Our service is quick and easy, so you don’t need to worry about any extra stresses as you prepare to move into your new house. For a free quote, contact us and see how we can help.
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