According to Which, the South East of England is the one of the UK’s most lucrative regions in which to downsize. Given the value of properties in Elmbridge and the equity homeowners have likely built over time, downsizing has come to represent a straightforward way in which to release property wealth. If you’re thinking of taking this route – and around a third of people moving today are downsizers* – then here are a few things to consider.
The road WELL travelled
According to research carried out by Saga**, the UK’s specialist in products and services for those over 50, nearly one in five of all over 50s owner-occupiers have downsized. That’s a total of nearly four million – or an average approaching 200,000 downsizers a year. With statistics like this, it’s clear that the idea of living in a ‘forever home’ is starting to become a thing of the past as a growing number of people look for ways in which to free up money, reduce their financial and property management burden, and generally make life easier for themselves.
Smaller footprint, smaller bills
Everyone has their own reasons for downsizing. However, the reality is that the less space you own, the less you pay for. Council tax in our area is amongst the highest in the UK, so downsizing to a smaller band will make a big difference. Let’s take Elmbridge’s largest band – Band H – for example, which comes in at £4,665.60 per annum. By moving down to Band D, at £2,332.80, you would immediately reduce your council tax liability by 50 per cent. It goes without saying that the same goes for energy, too – and irrespective of your financial position, nobody enjoys paying over the odds to heat their home.
Less is more (but be prepared)
Whilst the UK public is becoming more minimalist in its approach to ‘stuff’, data from Access Box Storage, a storage solutions business, suggests that over 90 per cent of the UK public has clutter in their home. Furthermore, 47.2 per cent revealed that home clutter makes them feel stressed. Downsizing, therefore, offers the perfect opportunity to declutter – and maybe de-stress, too. We all know that throwing out or donating those unused and unwanted items can be a cathartic experience; but if you’re downsizing, it’s also likely to be necessity. If you have decided to downsize, then addressing the clutter sooner rather than later will make the move go much more smoothly.
Looking to the future
Downsizing provides a blank canvas on which to consider your future needs – all within a much smaller and easier to manage space. Depending on what stage in life you’re at, you might be thinking about moving to a smaller property that can cater for your needs 10, 15 or even 20 years from now. You may even be considering the functionality of your next property, such as accessibility as you grow older. Whilst you can always retrofit and install equipment in your current property, it’s much easier and more cost effective to futureproof a smaller property. Growing older is a part of life, so being prepared for any eventuality is just good planning.
The pros and cons of downsizing
Pros
Cons
Free up money currently locked in bricks and mortar
Saying goodbye to a property filled with memories can be a wrench
Potentially go mortgage-free
A smaller property is likely to build less equity over time
Less maintenance may lead to more free time
Potential storage costs for those items you simply can’t throw away
Smaller properties attract smaller council tax and energy bills
Getting used to a property with less space may take some time
Downsizing doesn’t have to mean moving farther afield and starting again. Far from it, in fact. At Davies Property Partners, we’re fortunate enough to receive a continual stream of instructions from people looking to downsize to those looking for larger properties. As a result, at any given time we’re selling properties that cater for everyone’s needsand can help you manage what can be a large life change seamlessly and as stress-free as possible.
Why not start by taking a look at our selection of one, two and three-bedroom properties here.
Thinking of downsizing? Contact your local Davies Property Partners office to arrange a no obligation valuation of your property.
I’ve been with Davies Property Partners since March 2018, albeit it feels like I’ve always been here. I started my career in agency in 2007, all of which has been based in Elmbridge. My passion for property started at a young age, and I would often work in construction between school terms. I consider myself very fortunate to be working in an area with some wonderful homes. These homes are often made wonderful by the people and families living in them. Property is such an exciting industry, but is one which often comes with its stresses. Whether you’re dealing with someone’s first purchase, upsizing, downsizing or simply changing areas. Every transaction is of the greatest importance and needs the right care, skill, knowhow and above all experience. It’s a wonderful feeling to help achieve the best result for our clients or advise those buying. I feel flattered every time someone comes to me for my advice or opinion. I am always here to help!
