Is downsizing the new property trend?
Downsizing was once viewed as a step taken in the later stages of your property ownership journey, however in the last few years it is clear that this has been becoming less and less true. More people, that aren’t the stereotypical older couple with an empty nest, are viewing downsizing as a new way of approaching their property needs for many different reasons.
There are many benefits of moving into a smaller home. . One of the main benefits of downsizing is the money that you could save. Downsizing can often mean cheaper bills to pay and spending less money on the upkeep of the property, which can be seen as a great bonus.
Over the last few years there has been a real shift in living trends and more and more people are deciding to live in a more minimalist and eco-friendly way. Some feel that they simply don’t benefit from the size of their larger property whilst some actively want to reduce their material possessions, save on the costs of powering and heating a large home when it’s not fully occupied and live in a more minimalist way.
Some also see downsizing as the best option to get some extra cash in the bank or even just to spend this saved money on holidays and other luxuries such as cars and entertainment. The average value of a three bedroom property in the UK is £270,000, however this cost quickly drops once you reduce the number of bedrooms. The average two bedroom property is just £141,600 which is a huge 47.6% decrease. Downsizing again to a one bedroom property means the average price drops down to just £72,995.
It’s important to really think about your lifestyle and what you want from the future before making any big changes such as downsizing or even upsizing. If you are looking for a bigger or smaller property, or anything in between, then speak with an expert at your local branch who and can help find the perfect property for you.