Here at Fisher Wrathall, our experts understand the pressures of needing to upsize or downsize your property. Our blog this week takes a look into this subject and gives you 8 reasons why you should move.
Reasons to Downsize
1. Fresh Start
Downsizing can offer a great opportunity to start again. Maybe you’re retired and looking to have a Marie Kondo inspired clear out. Finding a smaller property to fit your needs will help you consider how much of the clutter you need that you’ve been hoarding for years. Spark joy back into your life by using your new home as a blank canvas to make it your own again.
2. Empty Nest
Many parents experience empty nest syndrome when their children leave home to go to university or start their own journey for the first time. This could open a new opportunity to downsize and get rid of any unnecessary space. The property market in Lancaster offers a wide range of 1 or 2 bedroom properties perfect for those looking for something smaller and cost-efficient whilst still leaving room for friends or grandchildren to visit.
Downsizing also comes with the opportunity to save on costs. Having fewer rooms to heat and bathrooms to supply hot water with will result in fewer running costs of your property meaning more money for you to save for a rainy day. It also comes with lower mortgage and council tax payments resulting in more money for you. Many industry professionals recommend downsizing due to the rise in the cost of living year on year so you can utilise the money you save.
4. Investment Opportunity
Another reason to downsize is the chance to free up any equity by selling on your property. This spare cash could be used to rent out another property or add value to your current property through refurbishment. The local market has seen a huge increase in sales due to people downsizing, demonstrating the growing demand for smaller properties. With houses prices continuing to decrease every year also means your getting more for your buck.
Reasons to consider Upsizing
1. Crowded Nest
If you’re a young growing family, you might find yourselves living on top of each other. That’s why upsizing sounds like the sensible thing to do and doesn’t always cost a bomb as you’d expect. Having more bedrooms not only keeps the kids happy having their own space but will make you feel a lot more at ease with more space for storage and entertaining guests.
2. Long term Investment
Although there is some uncertainty about house prices, buying a larger property presents itself as a long-term investment. If you’re not looking to sell your property anytime soon investing in a larger family home may be worth spending more if you intend to stay in that property for a long period of time. Investing in a property long term may also provide opportunities to rent out the property in the future depending on your circumstances.
3. Low Mortgage Rates
Whether you’re a first-time buyer or looking to invest as the housing market cools off you could benefit from buying a larger property for a lower price. This tends to happen faster more so for the higher end of the market than the lower end of the market. First-time buyers are also exempt from paying Stamp Duty on homes up to £300,000 giving you more of a reason to buy big if it’s your first time. There’s also an abundance of choice within Lancaster and Morecambe for new development sites making your choice to upsize even easier.
4. Help available
With mortgage rates being at an all-time low this makes buying a house more widely affordable for a lot of people. No matter what your circumstances, many people are out there willing to help. With services such as Let to Buy and affordable lending schemes its never been easier to look into selling or buying your home.
Whatever the reason, make sure you carefully plan what is you want whether short term or long term. You may need to consider other factors such as location and school catchment areas and what is most ideal for you. We would always advise you speak to industry professionals such ourselves for the best possible advice for you and your personal circumstances.