Is downsizing really the right size for me? How to decide when to sell the family home

Over the past 10 years the number of people over the age of 65 owning their own home has risen by 27% to 5.45m (source: English Housing Survey).

It’s no surprise as we’re all living longer, but it does create an interesting dilemma. As we become “empty nesters” (a parent whose children have grown up and left home) then should we look to move out of our larger family homes into properties that are more suited to our needs as we get older?

This would free up family homes for younger families to up-size into and in turn this increases availability of more affordable homes for first time buyers.

Chris Hodgkinson of House Buyer Bureau says: “It sounds great, but downsizing property is a major life decision that can have both positive and negative consequences. It may seem like a practical and sensible move for many people, but it's important to consider both the pros and cons before making a final decision”. Here are some of the advantages and disadvantages of downsizing property.

Pros of downsizing property:

Reduced expenses: One of the most significant benefits of downsizing is the potential to reduce your expenses. Moving to a smaller home can mean lower mortgage or rent payments, as well as reduced utility bills, maintenance costs, and property taxes. This can free up more money for other expenses or investments.

Simplified lifestyle: Downsizing can lead to a simplified lifestyle, with fewer possessions to manage and maintain. This can reduce stress and give you more time and energy to focus on the things that matter most to you.

Lower environmental impact: A smaller home typically has a lower environmental impact than a larger home. A smaller home requires less energy for heating and cooling and produces less waste and emissions.

Access to new amenities: Downsizing can give you access to new amenities that may not have been available in your previous home. For example, a smaller home in a more urban area may offer easier access to public transportation, cultural events, and entertainment options.

Better suited to your needs: Getting older is a fact of life, and as we age our needs change. Costs can soon add up if you’re adapting an existing property to remove trip hazards or add a walk-in shower or add handrails. It may be that moving to something more purpose-built solves all these challenges in one step.

Cons of downsizing property:

Less space: Downsizing means that you will have less space to live in, which can be a challenge for some people. You may need to get rid of some possessions or be creative with your storage solutions to make the most of your smaller space.

Limited options: Depending on where you live, downsizing may limit your options for housing. Smaller homes may be more difficult to find in certain areas or may come at a premium cost. Chris says “We’ve seen the value of bungalows sore in recent years as demand for this type of living increases in popularity”.

Emotional attachment: Downsizing can be an emotional experience, particularly if you have lived in your current home for a long time or have strong sentimental attachments to it. It can be difficult to let go of the memories associated with your current home.

Less room for guests: A smaller home may not have as much room for guests or entertaining, which can be a drawback if you enjoy hosting friends and family.

In conclusion, downsizing property can offer many benefits, including reduced expenses, a simplified lifestyle, a lower environmental impact, and access to new amenities. However, it's important to consider the potential drawbacks, such as less space, limited options, emotional attachment, and less room for guests. Ultimately, the decision to downsize should be based on your individual circumstances, priorities, and goals.

If you are looking to downsize, and to sell your home fast rather than wait for an estate agent to find you a buyer, then contact House Buyer Bureau for a quick, no-obligation cash offer. Or call 0800 880 3232.