If you are looking to free up some extra funds on your property investment, then you may want to think about downsizing. There are a number of benefits to you if you do decide to downsize your property. Obviously, the most obvious plus will be that you will have some extra funds available to you after selling your property and buying something a little cheaper, but it will provide you with a number of different advantages that will help with your day to day living.
If you do decide that downsizing will be of benefit to you, then you should know what kind of advantages and allowances that it will give you as well as the obvious. One allowance that may be possible as a result of downsizing is the possibility of paying off your mortgage on your new downsized home. If you get a good price from selling your home and purchase a downsized property outright, then it may be possible to pay off your mortgage straight away which would make the day to day living a lot more comfortable for you without the fear of keeping the mortgage repayments.
Downsizing Advice
You can read more on the benefits of downsizing and some downsizing advice below ….
With just under a quarter of homeowners (24%) choosing to downsize*, the National Association of Estate Agents (NAEA) offers advice for those moving to a smaller property.
Jan Hӱytch, President of the NAEA, said: “It is clear that downsizing is on the minds of many and if this process is carried out in the correct way it can be hugely beneficial to a homeowner. The appeal of owning a potentially mortgage-free property or lower energy bills can be key considerations, particularly for ‘empty nesters’ who find themselves no longer needing a larger home.
“Downsizing can also be a perfect opportunity for homeowners to raise capital, prioritise what’s important and get rid of any unnecessary clutter.”
The NAEA’s top tips for those looking to downsize are as follows:
Remember you are moving in as well as moving out:
Nothing is less welcoming than moving into a new property with no gas or electricity. Be sure to check with the agent and get the details of the previous utility providers so you can set up new accounts. Also, make sure that your phone and broadband services are ordered prior to moving in as these can take a few weeks to be activated.
Remember to redirect important mail to your new address and also leave forwarding details so you don’t miss out on any post. [Original Source: here ]
