How do you know when to downsize your home?

Simply put, you should downsize when your home becomes more of a burden than a benefit.

If you have a large family or require the extra space, a large home, though expensive to maintain, is still of benefit as you are actively using it to facilitate your lifestyle.

However, if, for example, your children move out and their rooms are no longer in use, the vacant space now becomes an extra room to clean, an extra room to heat up and a purposeless space that adds nothing but a few extra zeros to your mortgage.

The below are ways you know when it's time to consider a downsize:

1.) If you are a parent and your kids get their own place

Change is not always an easy thing to embrace but if you are in the fortunate position where your children are financially independent enough to get on the property ladder, it might be worth considering a downsize.

But we would also recommend not undertaking a dramatic downsize in this situation (i.e., going from a 4-bedroom property to a 1-bedroom property), as you might still want to have a guest room for when your children/grandchildren come round to visit. However, going from say a 4-bedroom property to a 2-bedroom property might be worth considering.

And downsizing this way doesn't just benefit the parents but it benefits the children too. By selling your older, more expensive property and moving to somewhere newer and slightly smaller, you'll free up assets that can be used to support your children in other ways, such as with helping fund their wedding or provide additional financial support during particularly challenging months.

2.) If you're considering retirement

Upon retirement, many find themselves in a position where they want to fully experience the world, especially while they're still young enough to do so.

However, one anchor from pre-retired life that can risk holding back the globetrotter-to-be is an unnecessarily large property and all the maintenance costs that come with owning one.

Reaching retirement age is a good time to take stock of what you own, what you value and what you'd like to experience and what you never had the chance to.

The solution isn't always downsizing but it's at least worth considering. There's a reason why Gen X are seemingly racing to downsize.

3.) For practicality reasons

As you get older, you may want to consider mobility limitations. Even if you don't end up using a wheelchair, it's best to limit unnecessary struggle on the other side of the golden years.

Whether you're considering moving into a stairless property, like a bungalow, or are just after somewhere smaller and easier to navigate, downsizing is often considered the practical choice for the older homeowner looking to grow old within their own home rather than within the confines of a care home or something equally suited to a physically-restricted individual.

HEAR HOW OUR HOMEOWNERS HAVE BENEFITED FROM DOWNSIZING

Real story: Nigel and Gillian discuss their choice to downsize and be closer to family

Nigel and Gillian Wright chose their Bloor home at The Fairway for its ideal location near their family and the opportunity to downsize into a fresh, modern house with warranties and a 10-year guarantee

Downsizing isn't always a size or space situation

Downsizing isn't always driven by a desire to move to a smaller and more manageable home, sometimes people move to a smaller home because that's what's available in the area they're looking to live in.

City centre and urban developments tend to be home to smaller properties while you'll find the more expansive properties scattered across the countryside.

Ready to downsize?

At Bloor Homes, we offer a wide range of properties, ranging from 2-bedroom to 5-bedroom homes.

If you're after a smaller property that feels just as special as the larger property you're looking to leave, get in touch with one of our sales advisors today so we can find you your perfect home.