Downsizing your house to save money could be the way to go for many individuals and families across the country, especially given the rising energy costs and mortgage rates. Having fewer home maintenance requirements will free up your time so you can do the things you love. We’ve come up with these pointers to delve deeper into downsizing your house to save money.
When to downsize your house
One of the keys to downsizing your house to save money is doing it at the right time. Like with many things in life, timing is everything when it comes to downsizing. It really depends on your current life circumstances. For instance, downsizing your house when you’re retired and have an empty nest makes more sense than when you’ve just had more kids!
Purchasing a smaller place should cost less
You ought to be able to sell a larger home for more than the one you’re downsizing to, provided they’re in areas where property prices are similar. For example, the average cost of a new build three-bedroom house in the UK of 90-120 square metres is £213,000, but around £348,000 for a four-bedroom. House prices differ a great deal in different parts of the country. Homes in the Knightsbridge area of London tend to cost around £7,000 per square foot!
Buying a more affordably priced smaller-sized property will also mean you take on a smaller mortgage. Mortgage rates are rising at a rapid pace at the moment. You never know what the future holds, there’s no harm in being wary of the loans you commit to.
Smaller houses are less expensive to keep
Rising living costs in light of the conflict between Ukraine and Russia have brought about a spike in prices for household utility bills in the UK, such as electricity and heating. Don’t forget, we use electricity constantly in today’s age where we’re hooked on tech gadgets and many work remotely.
Lower insurance premiums and taxes
There are also lower home insurance and council tax costs placed on smaller homes. Home insurance costs for larger homes are higher since there’s more to cover should anything happen. When you downsize, you will notice your insurance and taxes drop in price in no time.
Lower maintenance costs
Owning a large older property can be a great source of stress due to the sheer amount of maintenance they require. With a small property, maintenance and repairs are less of a hassle and it costs less to take care of things around the house like:
- Replacing a boiler
- Plumbing maintenance
- Painting and decorating
- Repairing damaged roofing
- Fixing electrical appliances
- Installing new flooring
- And all else that comes with maintaining a house!
Put your possessions into secure self-storage while moving house
There are many practical considerations to downsizing your house to save money. Moving house can be an unpredictable process at times. You may be in a long chain and it can be difficult to move all your household possessions with little prior warning. Where will you keep your stuff if your move gets delayed for whatever reason? One sensible solution could be to hire a self-storage facility. At Magenta self-storage, we provide secure personal self-storage units perfectly suited to home movers at our 24-hour CCTV-monitored locations in Acton, Banbury, Nottingham, Oxford, and St Albans.
You can keep some possessions in self-storage after downsizing
We all grow emotionally attached to certain household items, particularly if they’re real family heirlooms passed down the generations. That said, some of the most precious household possessions aren’t the most space efficient. For example, when it comes to items such as a vintage cabinet, chest of drawers, a welsh dresser, or even a grand piano, you probably won’t have ample additional space after downsizing. A good resolution could be to hire self-storage space on a more long-term basis. Fortunately, Magenta self-storage offers facilities up to as much as 500 square foot, and the price gets better over time!
We hope you now understand more about downsizing your house to save money and how it could be an excellent life choice for you. Contact us today to find out more about how our self-storage solutions could help you out when downsizing your house by emailing info@magentastorage.co.uk or calling us on 0800 058 4102.
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