Life is full of new chapters; be that getting married, moving jobs, or the big one – moving house!
Moving is reportedly one of the most stressful life events people face. Even though moving is stressful, once you’re in your new home, you will start to reap the rewards, and you’ll likely be so glad you took the plunge.
In this blog, we’re going to focus on those of you looking to downsize, highlighting all the associated benefits of moving to a smaller property.
What do we mean by downsizing your home?
In its simplest terms, downsizing your home means moving to a smaller place of residence. This can happen for a number of reasons, which we’ll examine below.
Reasons for downsizing
Downsizing is common for people facing changes to their lifestyle, for example, retirees may choose to downsize so they have a smaller and more manageable home to maintain now they are no longer working as bigger houses can be expensive to run.
Downsizing is particularly common amongst ‘empty nesters’ – these are couples with grown-up children who have now moved out.
These empty nesters often find their house is too big once their family members have left home, leaving them to switch out, for example, a five-bedroom house for a three-bedroom flat.
Changes to relationship status, such as divorce, is also a common reason individuals downsize their property.
Or, sometimes, people relocate and downsize so they can be closer to family members to spend more quality time with them and be on hand for caring responsibilities – be that caring for elderly relatives or young children.
Financial benefits
As we touched on above, there are numerous financial benefits associated with downsizing.
Here we’ll examine a number of these upsides that can keep your bank balance looking healthier.
Lower housing costs
A smaller home will inevitably reduce your monthly expenses.
Mortgage payments, home insurance and potentially even council tax will all be lower when you downsize, leaving you with more money at the end of the month.
Reduced repair expenses
Repair expenses are likely to go down as you will have fewer and smaller elements to maintain.
If you’re living in an apartment block, maintenance and repairs will be split amongst all residents, meaning the buck no longer wholly stops with you, and costs are reduced.
Lower utility bills
You’ll also be saving money on your gas and electricity bills as you’ll have a smaller space to heat and light.
Free up equity
A really obvious benefit of downsizing is (usually) the value of the property you have purchased will be lower than the value of the larger property you have sold, unlocking cash you can use for retirement, investment, holidays or other priorities!
Additionally, downsizing helps you pay off a mortgage and stops you from accumulating more debt as your overall expenditure (and mortgage payments) are likely to be reduced.
Lifestyle benefits
Not only will your wallet benefit from downsizing, but so too could your quality of life, thanks to the reasons highlighted below.
Less cleaning & upkeep
By downsizing your property, you’ll have a smaller square footage to keep clean, meaning you can easily keep on top of your housework and have more time to spend on hobbies or socialising in your spare time.
As mentioned above, a smaller property will require less upkeep, even from a painting and decorating point of view, keeping it looking as good as new with less effort.
Enhanced mobility
This is two-fold: by downsizing and having a smaller property with fewer possessions, it frees you up to move again more easily in the future, as you won’t have to sort through as many belongings, meaning that moving is quicker and more efficient.
A smaller home could also free you up to travel more, thanks to increased money in your pocket and fewer maintenance and upkeep responsibilities on your shoulders.
The right fit
By downsizing, you’re probably moving to a home that better fits and reflects the life stage you are in. For example, elderly people may wish to move to a ground-floor flat where all the rooms are on one level and easily accessible when facing possible mobility issues in later life.
Wellbeing benefits
There are a number of aspects to downsizing that can positively affect your wellbeing.
Let’s discuss a few of them below:
Streamline your life
To downsize, you must first declutter, which allows you to pare back your belongings, leaving you with a more considered way of living and potentially more mental clarity, à la the famous saying “tidy house, tidy mind”.
Reduced stress
As we’ve mentioned above, smaller homes are less of a financial burden than larger homes, and the maintenance and upkeep are significantly reduced.
These are often areas that keep people awake at night, so by reducing these, stress levels will be lowered, too.
Cosier environment
Smaller homes can often feel cosier thanks to their size and their energy efficiency. Rather than rattling around a big, empty house, you can spend time in an environment that feels cosy, calm and homely.
A fresh start
Moving home marks a turning point in your life. By downsizing, you’ve given yourself a fresh start in brand new surroundings.
People can often become inspired by being somewhere new, so who knows, maybe you’ll dream up an idea for a new business or the plot of a novel in your new space?
Conclusion
Moving house can be stressful, but there are myriad reasons why downsizing will likely improve your life, making it more than worth it.
If you’re considering downsizing and aren’t quite sure which pieces of furniture and personal items you’d like to keep hold of, having a safe and secure space to store them is essential.
Here at GTW Storage, we offer city-centre storage solutions to make downsizing your property a smoother and easier transition. To learn more about how self-storage can help, click here, or get in touch with our team.