The cost of living in the UK is increasing at speed. With energy prices set to rise in April, more people are looking for ways to save money, and for some, this means downsizing their homes or reducing their outgoings.
Moving to a smaller home may mean you can reduce your bills; however, downsizing has some implications aside from the lack of space.
Can You Afford To Lose The Space?
Downsizing your home will mean you lose some space. Consider the space you will need for yourself and your family if you choose to downsize. If this is not something you can afford, then this option may not be for you.
You may think that downsizing would save money, but in reality, some households could end up spending more money than they would if they stayed in their current accommodation. For example, a small new-build terraced home may cost more than a large family house, which has been on the market for a while and is ready to move into.
Will You Need To Move To A New Location?
If you are thinking about downsizing, you need to think carefully about the ideal location for your new home. If you are moving to a smaller property, it is essential to think about moving closer to work or closer to family members. Moving closer to work may also mean paying more rent, which could cancel out any potential savings from downsizing.
What Are Your Future Plans?
If you are thinking of downsizing your home, the first question is, what are your future plans? If you plan on moving abroad or no longer have any children at home, this could be a great time to downsize. However, if you plan to stay put in the UK and want to remain living in a nice area with good schools, it might be better to keep your big house.
What Are Your Storage Requirements
When downsizing your home, you’ll have to store your items. Be realistic about the amount of storage space you need and what you want to keep. For example, if you’re moving in with a partner, it may be worth considering whether they have enough space for your belongings at their house.
If you have a lot of belongings that will take up a significant amount of room in the new home, you might need to look at self storage. Moving to a smaller space will make organising your stuff much more complex, so make sure you consider what size home would suit your needs.
How Will A Move Affect Your Career?
While it can seem like downsizing will only affect your home life, it can have broader implications, including your career. Factors such as a longer commute, not having the space to work from home if applicable, or even a negative impact on your quality of life mean you don’t perform as required in your job role. You might find it affects your chances of a promotion, especially if you need to move locations to take up a new position.
There are many reasons why downsizing your home might be the right choice for you. However, knowing how it is likely to affect you can help you make the right choice and know what to expect once the move occurs.