We love our kids, and to see them as fully-fledged, independent adults make any parent proud! Whether your offspring have gone to university or perhaps moved away for work or love, you have probably found yourself with an empty bedroom or two. So the question is: do you keep your spare rooms for guests, turn them into a gym or study, or do you decide to make a change and downsize your property? What are the pros and cons of downsizing and how might they affect you? Read on for our Top 5 Tips to bear in mind when considering downsizing your property:
1. A Smaller property will likely mean lower monthly bills
Smaller properties are generally cheaper to run and so when making your decision, do think about the monthly cost of running your current home. More bedrooms generally mean higher heating costs. Your council tax will likely be higher, too. However, if you have less people than bedrooms in your home, you may be able to save money by installing a water meter.
2. Could you make money on your spare room?
If the idea of having a lodger fills you with dread then skip this one, but if not, consider the benefits of the monthly rental income that a lodger generates. As well as this, it could also be someone to mind your home and pets when you’re on holiday. Of course, unless you know the person beforehand, you’re always going to be taking a chance with a new lodger, but if the person is clean and tidy, it’s a nice way to make extra money for very little effort.
3. A Smaller home in a better area?
This is one many folks are faced with. They have a sizable home but it’s become too big for them. However, they know that moving to a nicer area may mean sacrificing space. Think about how much of your home you actively use on a daily basis. 31% of homeowner’s waking hours are spent in the kitchen. If you’re not using one or more rooms in your house regularly, then that’s an expensive empty space.
4. Helping your Kids
It’s no secret that getting on the property ladder is tough for young people these days. By freeing up some of the money in your home you could help your kids with that all important first home deposit.
5. The Trip of a lifetime
Have you always dreamt of visiting the Sydney Opera House, or perhaps seeing Vietnam by rail is more your thing? The money freed up from downsizing your home could fund an exciting adventure with memories that last for years to come.
Are you thinking of downsizing? Take a look at our free, quick valuation tool to get an idea of what your property could be worth https://www.fortisproperties.co.uk/value-my-home/