The Advantages of Upsizing and Downsizing
There is one theme that continually crops up in the UK property market—and it is that of sizing. During the homebuying lifecycle, there will come a time where homeowners decide if they should upsize or downsize.
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Now, we’re not talking about taking some sort of pill that sees those on the property ladder shrinking or growing in size. Instead, we’re…..
But what are the advantages of downsizing and upsizing? And is it worth doing, or should you hang tight in your current pad? We take a look at whether you should look at doing some form of ‘sizing’, all the while wishing that we could upsize and downsize ourselves just like Ant-Man. That would be sweet!
Anyway, where were we? Ahh, yes – to size or not to size?
Why do people upsize?
Selling the idea of upsizing doesn’t take much effort if we’re being honest. After all, moving to a bigger home is the dream. Upsizing takes on many forms, such as moving from an apartment to a house or moving from a house to an even bigger one.
The reasons why people upsize vary: perhaps a young family is expanding and needs the extra space for the new addition, or it could be someone who has outgrown their relatively modest digs. Or maybe you’re tired of your eight-bedroom home and think it’s time to move into a 10-bed. Who are we to judge?
Whatever the reason, upsizing tends to take place when people are moving up the property ladder. While the semantics of how people move is anything but straightforward, the consensus is that as you progress in life, so too does the square foot of your home.
Cons of upsizing
Did we say upsizing was the dream? Even dreams come grounded in some form of reality, and if you’re thinking of upsizing, it’s essential to know all the details. You know those pesky things called utility bills, council tax and maintenance bills? They only become more expensive as you upsize.
We recommend checking EPCs on property listings to get an idea of how much you might pay for electricity and gas. For council tax, the government has an online checker to help you get a better idea of what you might pay.
General upkeep and cleaning will also require more work than if you lived in a small property. It was a blast hoovering your 450 square foot flat. Running the ol’ Dyson across a 1,500sqf home is a different ball game altogether.
Should you upsize?
Personal circumstances play the most significant role in upsizing. If you’re thinking of moving to a bigger home, make sure that you have a good idea about extra bills and upkeep costs.
Reasons for downsizing
While upsizing is often met with excitement, downsizing doesn’t hold the same appeal – at least on the surface. That’s not to say it’s not a good idea, but you don’t get the same buzz when moving from your grand home to a smaller pad – or do you?
Sometimes people downsize because of financial restraints, but more often than not there is another reason behind the move to a smaller home. Older families who have seen their children grow up and leave the nest often decide the family home is too big and move somewhere smaller.
Other reasons include things like breakups, which might see a couple who lived in a two-bedroom home look for something smaller after parting ways. Others might like to move closer to a city centre, but can’t afford the higher prices for larger properties and instead go for something cozier.
Cons of downsizing
The most obvious con when it comes to downsizing is having less space, which means not as much room for entertaining or hosting those epic dinner parties you’re so well known for. At first, downsizing might also feel a bit awkward as you get used to your reduced space.
There is less space for storage too. If you’re a bit of a hoarder, you may find yourself struggling to keep all of your stuff under one roof. There is also the emotional aspect, especially if you’re moving from a home where you previously spent decades living and where your kids grew up.
Should I downsize?
Downsizing is a good idea if you have retired and are looking for something that has less upkeep than your previous home.
Again, your personal circumstances are the most crucial factor here, and for some, downsizing might be necessary.