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Downsizing to a smaller home has a number of benefits that often relate to your finances, family or freedom. However, we wanted to understand exactly why the great British public was choosing to sell up and move into a smaller property.
Research conducted by WeBuyAnyHome analysed the downsizing reasons of 2,501 UK citizens. Data revealed three key reasons as to why the majority of sellers downsize. 16% of respondents cited divorce or separation as their reason for downsizing, and a further 21% put their house sale down to retirement. However, the vast majority – 1 in 3 people – said they chose to downsize as their children had flown the nest.
Breaking down and analysing the data in terms of men and women revealed the same trend, with divorce, retirement and children leaving home being the top three reasons to downsize. Interestingly, 1 in 9 men revealed they downsized to reduce debt. Similarly, 1 in 9 women downsized to reduce their mortgage payments.
Unsurprisingly, across all age demographics, the same core three reasons typically reigned supreme. However, for the 25 to 44 age bracket retirement was replaced with 14% of respondents downsizing due to serious debt. 1 in 5 of this age group also noted that their primary reason for selling up was after a divorce or separation.
For those aged 45 and over the core three reasons for downsizing followed the general trend:
For many, downsizing isn’t a proposition that is chosen. Often with divorce or retirement, downsizing is a necessary action that is sometimes out of your hands. However, whilst downsizing inevitably frees up cash and allows you to manage your finances, there are some disadvantages you should keep in mind before selling up.
Moving to a smaller property will mean you can’t take everything with you. Some people opt to put belongings into storage whereas some revel in the opportunity to have a serious clear out. Whilst it can be hard to let go of some things, you will be thankful in the long run.
Whereas before Christmas may have been hosted at your house or you were used to laying on birthday dinners, after downsizing things may have to change. However, if your children have left home to start their own families perhaps it is time for the baton to be passed to them?
You will have become accustomed to a certain way of life and many associate larger houses with social prestige. Change is unsettling, but downsizing should be seen as an opportunity for a clean slate as opposed to something to be feared.
For whatever reason you may have for moving to a smaller home, WeBuyAnyHome can give you a cash offer for your current house within 7 days.