Consider downsizing to beat the cost of living crisis
The cost of living crisis has prompted one in six over 50s to consider selling their homes to release equity, according to a recent survey by LiveMore Capital. The data showed almost half of those surveyed would be impacted ‘a lot’ this year by the financial crisis and would be looking at ways to improve their current situation.
There are a number of reasons why downsizing to a smaller, or less expensive, property is a good idea, especially if you are mortgage free. Let’s take a look at some of them when you consider downsizing to beat the cost of living crisis.
By selling your house you can free up equity locked in it. This could be used to fund your retirement or, if relevant, pay off any remaining mortgage leaving you more money in the bank.
Cheaper utility bills
Larger houses will invariably use much more gas and electricity to run. By moving to a smaller property, your bills should decrease in size and you might save on council tax and water too.
One of the most daunting aspects of owning a larger house is the general maintenance and upkeep it requires now and in the future – painting walls, renewing carpets, roof repairs, weeding the garden to name a few examples. A smaller home should require less maintenance and cleaning, which will free up both your time and hard-earned money.
If you’re living in a house you now feel is too large and expensive for you to manage and want to enjoy the benefits downsizing could bring, please get in touch with us. We have helped many local clients downsize within and outside the area. You could be next!