There comes a time in most people’s lives where downsizing seems like a sensible option for the future. Whilst this is still heavily associated with people at retirement age who want to downsize for health reasons or to supplement their pension, people of all ages are considering a smaller home in order to make the most of their assets. This could be to pay off debts or just to improve the quality of life by allowing them to spend it on other things like holidays or cars.

Although becoming more common, it doesn’t mean downsizing is any easier. Sometimes it is considered due to bereavement, unemployment, divorce or a change in health. As well as this, it can be a tough decision to move when you have lived in it for many years, given the memories associated with a family home.

If you’re determined to downsize your property, you might want to consider selling to a property buying company (read about the advantages below). However, if you’re still not convinced that downsizing is the right move for you, contemplate the following benefits to help your decision:

  • Lower energy bills: particularly if you move to a more environmentally friendly home with better insulation and a modern boiler etc.
  • Fewer chores: smaller house means less housework. Downsizing frees up time (and money) to spend with family or just enjoy your life more!
  • Free up cash: by downsizing you can free up capital to pay off loans, invest for your future or spend on your family or yourself to improve your quality of life
  • Lower mortgage repayments and council tax: limiting living space will allow you to have more budget every month to supplement your pension or pay check
  • Easier to manage: if your health or mobility has altered, moving to a smaller property can make it easier for you to maintain your independence

If money is one of the main reasons for downsizing, be aware that selling on the open market isn’t always as lucrative in terms of cash as you might expect. This is due to estate agency fees, legal costs and other expenses associated with moving, which reduce the money you free up. As well as this, more people are downsizing these days than buying bigger homes and fewer people can (or want) to get on the property ladder. This in itself may mean that you might have to accept less money to downsize.

For this reason, it may be worth considering selling to a property buyer like Vivo. Whilst we do buy houses for slightly less than market value, we do pay all the fees so the price we offer is the amount you receive. This means that you’ll know exactly what your financial situation will be once you have sold your house, helping you make more informed decisions about what you can afford to spend on a smaller home.

As well as this, we guarantee to buy your house meaning there will be no broken chains. In addition we let you stay in your home for a number of weeks once the sale has gone through, helping to make this stressful and emotional time that bit easier for you.

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Vivo Property Buyers is the trading name for Potrell London Ltd, The Ashridge Business Centre 121 High Street, Berkhamsted, Hertfordshire, HP4 2DJ.

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