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Downsizing to a house smaller than your current home might seem strange after climbing the property ladder. Learn more about the pros and cons and how downsizing can make you better off.
Why build up to owning a decent sized home with ample space, only to then take a few steps backwards?
If your needs and priorities change, a smaller home may suit your new lifestyle. In some cases, it can also free up cash and save you money.
There are many advantages to switching to a smaller house, yet it really depends on what stage of life you’re at and what you want from your home.
If you own your property outright and have completely paid off the mortgage, you may be able to free up money through downsizing.
One of the main reasons many people consider downsizing is to free up some money so you can comfortably enjoy your retirement.
Say you live in a three-bedroom detached house in the city and your children have left home – you no longer need all the bedrooms. Selling this property and moving to a two-bed bungalow closer to family could free up equity.
You'll need to pay for general moving costs, stamp duty and conveyancer fees, but the rest will be your money to use as you please.
There are other ways downsizing could help you save money. Here are just a few of them.