What is home downsizing?

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amin khakizadeh Staff asked 3 years ago
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Anvi Staff answered 3 years ago

Downsizing is when you buy a smaller home than the one you currently have. This is often a decision made by those who now have an empty nest, are struggling to deal with the upkeep of their home or are finding the related costs hard to deal with.

If you’re spending more than 30% of what you take home on your basic housing costs, it’s a clear indication that you’re spending too much.

The perfect age to downsize is 64. Downsizing at this age allows you to get the best out of your house, and means that you don’t struggle with the stress and physical labour of moving house.

You should start the downsizing process as soon as possible to give yourself time to properly sort through your house without feeling overwhelmed. A general rule of thumb is that you’ll want to start at least 3 months before you plan to move but honestly, the sooner the better.

While smaller spaces can feel cozy, they can also feel cramped. This is particularly the case if you’re accustomed to a much larger home.

Done right, downsizing can still be a good idea. You might not just walk away with more money but also simplify your life and reduce your home-maintenance and utility costs for years to come. To reach that happy outcome, you need to steer around the unexpected pitfalls that make downsizing so dicey.

Here are 10 things to consider when downsizing to a smaller home.

    • Available amenities.
    • Close proximity to neighbors.
    • Home office needs.
    • The number of people in your household.
    • Your need for personal space.
    • Future visitors.
    • Your storage needs.
    • Your financial goals.
    • The size of your furniture
    • Future plans

Minimized stress: Less responsibility, smaller workload, increased cash flow, and greater flexibility—added together, they all reduce stress. Homeowners who have successfully downsized sometimes appear happier when they’re no longer overwhelmed by the demands of a larger home.

For deeper insights visit: https://www.readersdigest.co.uk/money/property/10-reasons-to-downsize-your-house

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