The benefits of downsizing according to our property market stats
‘Downsizing’ is the term that is used to describe moving from a larger property into one that is smaller and generally more economical.
Typically seen as a solution for the retired, those whose homes now feel too big to manage once their children have moved on to homes of their own. Yet today, in an era when people are starting to re-focus their lives around the idea of working to live, we are seeing more and more people looking to ‘downsize’ for a wide range of reasons.
Discovering the reasons why a person wishes to buy or sell a property can be really enlightening. We are blessed to be able to gain an insight into their lives, their wants, their needs, and how this move will be the solution they seek, whether that is due to location, needing more space, or even helping to create a specific lifestyle.
Instead of the stereotypical ‘downsizers’, we are now seeing people from all generations looking to move somewhere smaller. Having too much space is not the main driver for this new generation of downsizer; instead, their focus is creating a better life for them and their family. Becoming mortgage-free is a dream for many, and by downsizing you will more than likely reduce your monthly outgoings, enabling you to be able to pay off your mortgage quicker.
Let’s start with the basics – how much cash could you free up? In Canvey Island, the average two-bed costs £225,000, three-beds cost £275,000 and four-beds cost £365,000. In crude terms, this means that each room a homeowner sacrifices could free up about £70,000.
In Benfleet, the average two-bed costs £280,000, three-beds cost £350,000 and four-beds cost £515,995. This means that each room a homeowner sacrifices could free up about £118,000!
When you add to that the money saved from reducing your bills in a smaller home, and possibly selling some of the excess belongings which used to clutter up the extra rooms in your larger home, that’s plenty more money in the bank to raise your standard of life, and give you peace of mind you deserve. The smaller mortgage can be the difference between huge stress, and happiness.
While downsizing used to be synonymous with a reduction in homeowners’ standard of living, today it’s seen as the opposite, and for those chasing the mortgage-free dream, it could be the right choice.
If you would like to talk about the possibility of downsizing in Canvey Island or Benfleet, pop into our office or give us a call today for a friendly chat. We’re here to help!Back to articles