When’s the right time to downsize?
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When is the right time to downsize?
Usually, homeowners downsize when –
1. They retire and want to free equity.
2. They lose their partner due to death or divorce.
3. They start to struggle with health or mobility.
Downsizing a property is commonly associated with the age of retirement, but in reality, there is no perfect time to downsize. Knowing whether you need to move into a smaller property completely depends on your individual circumstances.
Typically, there a few common scenarios which may lead you to downsize, and these can happen at any point in your life:
- If you retire and need to free some money held in the property
- If your partner passes, or you find yourself going through a divorce
- If you begin to find it hard to get around the house due to health or mobility reasons.
Whether you find that you have too much room once the children move out, or you’ve retired and found yourself asset rich but cash poor, moving into a smaller property can help you free up more funds and ensure you’re living a comfortably in a more manageable space.
While there is no age barrier which indicates a time to downsize your house, there are a variety of signs that might help form a decision. For example, after your retirement, you may find that maintaining the house is a struggle both financially and physically. Having a smaller home can be easier to keep and while you may have to sacrifice some of your possessions to fit into the property, it can make your life much more comfortable.
How can downsizing help me financially?
From a financial perspective, payments on your house can become a lot harder to keep up with, especially if you’ve recently retired, have gone through a divorce or suffered a loss. Downsizing your home to a property that has more manageable and affordable payments can ensure you remain financially secure.
From a retirement perspective, selling the family house can be tough, but if you don’t need the room anymore then it can help you free some money that is tied up in your property. If your mortgage is paid off, then selling your property and purchasing a smaller, cheaper one means that any profits made in the transaction is will be yours to keep.
However, if you are considering downsizing, it’s important to remember that there are extra costs associated with selling your property. From solicitor’s fees to Stamp Duty, you need to make sure that the profits from selling your house can justify the costs of the entire selling process.
Working with a company like We Buy Any House, can be beneficial if you’re looking to downsize your property quickly. We handle all the additional costs and legal stresses, so you don’t have to worry about anything. Contact us today for a free quote and see how we can help you downsize.
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