As life changes and evolves, so does what we need from our living space.
Downsizing is a big decision to make, and we understand the reasons to downsize are different for everyone.
Some of the most common reasons that we see for people deciding to downsize their properties are:
- that their children are moving out and renting or owning their own homes;
- help with retirement;
- they are looking to release some extra capital;
- wanting a simpler life (less space, less clutter);
- less environmental impact (smaller property reduces carbon footprint and minimises energy use); or
- just making a lifestyle change.
At Levi Solicitors, we’ve helped hundreds of clients to downsize. Here are some of the benefits to the process, to help you decide.
| Benefits of downsizing
- Freeing up equity – Moving to a smaller property means that you will likely be moving into a home which costs much less than your current property. Doing this could provide you with a nest egg to support you in later life.
- Reduce utility bills – Living in a smaller home may lead you to seeing a reduction in the cost of your utility bills. A smaller home means less electricity, water and gas will be required. This is something which will be reflected in your energy bills.
- Lower council tax – Council tax bands are based on the value of a property (and which local authority it is located in). In most cases, therefore, a smaller property will attract a lower council tax liability.
- Reduced responsibility – A large property can be expensive and time consuming to maintain. Downsizing usually means less home maintenance and is an ideal solution for those looking to enjoy and relax in their retirement.
For more information please get in touch with our conveyancing team or for a free online conveyancing quote for your downsizing move, try our online quote calculator below.