Should I Downsize?
In the last year or we have benefited from increases in property values. Now it appears they are about to fall and some say not recover until 2025. That means there could be an opportunity to sell now to profit from those rises and downsize.
By doing so you will reduce monthly outgoings/bills. Current estimates suggest that you could make annual savings of over £500 on energy bills alone by relocating from a four bedroom to two-bedroom house, while relative savings on tax, insurance, maintenance and even mortgage payments could also be substantial.
In addition by selling your house and buying a smaller, less expensive property you can free up equity locked in your home and use the proceeds to fund retirement, help children or grandchildren to buy their own home or pay off the shortfall on a mortgage.
In addition, you could use that equity to invest in a rental property to add passive income.
By downsizing you will also be able to reduce your maintenance burden as smaller homes obviously require less in the way of general maintenance. It’s wise to look to the future and consider how you would cope in future years.
However, if you do decide to sell and downsize make sure you get the right price for your property. You are welcome to call me anytime to discuss how decluttering, repairs and a cost effective refurb is essential to consider first to maintain the value or even perhaps increase the value. You can do this whether you have to funds to do so or not as we can assist with that.
Mau Investments – Property Solutions made easy