Seddon Blog

Downsizing your property could be a gold mine

Posted on March 18th, 2016

At one point or another, the topic of downsizing your home will come up. Whether it’s because the kids have all moved out into their own homes or you’re looking forward to retirement and just don’t need as much space, downsizing is an increasing lifestyle choice, and a potentially lucrative one.

According to Lloyds Bank, 46% of home owners will think about downsizing their homes in the next three years, and those thinking about it could expect up to £117,320 by doing so. If you’re a Londoner the news is even better, as you can expect to make £200,000+!

On average, most people considering taking this step are aged at around 53 and have lived in their current homes for approximately 11-20 years. In that time memories are made, children grow up and the house becomes a home.

But as the children move on and you start to think about retirement, do you need all of that space? Are the running costs of the house getting too high for the space you have? Do you need to free up some equity? Downsizing could be the answer to all of these questions.

By downsizing, you don’t only help you, you can help the entire housing market. By relocating from your home to another you then open up the possibility for another family, who’re just starting out, to move in and take another step on the property ladder.

If you are thinking of downsizing, you may think “where shall I go?”

Why not have a look through our developments across the North West, Midlands and Yorkshire for inspiration or contact us today.

[Sources: Zoopla]

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