Autumn 2022 has seen alarming news about rising energy costs, 10% inflation and frozen wages in many sectors of work. There is a real sense of crisis for many people in Norfolk and Suffolk and across the country. We don’t intend getting political on this blog post but simply offering advice from the title: the benefits of downsizing your home.
There is often a point in all our lives where we crave space. We pay for more space. Internally and externally. When singles become couples, and many couples have children, space is necessary. It’s not just in the family car where travel cot and pushchairs eat up the boot. Young children may need space at home, a garden and yet, when Darren, Conrad, Avril, Lucina, Stuart and Suzanne talk to many people, that need for space shrinks as children get older and as we get older.
In places like Tokyo, Hong Kong and central London, where space is at a premium, many people will buy a micro-apartment, a studio apartment, a modest terraced home, as 3, 4, 5 bedroomed homes are not affordable – or available.
In Norwich itself, the city centre, like many others, is peppered with high rise apartments, new builds all rubbing shoulders with period homes. Travel to the Golden Triangle or the suburb of NR3 or Thorpe St Andrew and bigger houses and gardens are readily available – when they’re not in the city.
We all have equity tied into homes – if you were lucky enough, or old enough, to climb the property ladder in the 80s and 90s, you will have lots of it.
If you live currently in a large house, does it still suit your needs? Are there rooms and areas that are no longer used? Would it be better to downsize?
Of course, they’re your choices.
A garden may be a non-negotiable for you, so an apartment with balcony or communal grounds, is off limits. But a smaller garden with a smaller home?
There are though distinct advantages of downsizing, Sefftons Estate Agents, believe:
- Lower running costs. Smaller home means lower running costs. Gas, electricity and water usage will almost certainly one lower when downsizing
- Reduced council tax. Council tax is typically based on property size – a large detached home will probably be Grade E or F; a smaller property could well be Grade B or C, meaning lower outgoings
- Better quality of life as you age. A 4 bedroomed home may be perfect in your 30s, 40s, 50s, but will it hold the same appeal as you age? We’re not saying finding a bungalow, what we’re saying is a smaller property may work better for your circumstances
- Equity released. Some of us are sat on generous equity, tied in to appreciating values, and even, perhaps, a paid off property. By selling your £450,000 property and heading for say a £300,000 smaller property, you are releasing money to live on and enjoy life with. Clearly this is not a one size fits all strategy, but something to consider?
- New build downsizing comes with many added premiums – insulation should be perfect. Heating bills will be low. Maintenance costs will be minimal. You may of course have to pay more for a new build, as demand exceeds supply, but longer term, we’re certain this will pay for itself, given the way energy costs are rising.
Our next blog post will look at town and city centre living. Only this last week, we are marketing stunning properties in and around Norwich and the number of viewing requests for these and others remains high.
If you’re thinking of downsizing, upsizing, relocating or moving close by, Sefftons, based on Plumstead Road, Norwich will be your estate agency friend.
Many of our customers use and recommend us, time and time again, to others. We offer the highest quality marketing, superb support throughout your move and many of our clients become friends (and even employees!)