Advantages of upsizing or downsizing
In Wakefield we are seeing the five hundred thousand plus market booming in sales. A lot of this movement is due to downsizing. Many of the larger properties in more select suburbs rarely come on to the market, but when they do there is always considerable interest.
There are pros and cons. Upsizing may have been a dream but think of the practicalities. Your utility bills, council tax, and maintenance bills will be higher. General upkeep will be a much larger task; from gardening to cleaning it will all take more time and resource. Downsizing might be more practical, but how will the lack of space impact on you? Your utility bills might be cheaper but will you be compromising? Maybe you hadn’t considered the need for a spare bedroom, or a utility space, what about the outside space? Or simply the fact you’ll be much closer to your neighbours. For many the realisation can sometimes be quite an adjustment.
Ultimately the best time to upsize or downsize depends on personal circumstances. You have to be fully aware of market conditions, your budget, and be honest about your needs and requirements, otherwise you could stand to lose out financially and emotionally.
Written by: Simon Miller – simon@holroydmiller.co.uk
You May Also Enjoy
Latest ONS Private Rent and House Prices Index
Winter property checklist: How to protect your home this season
London homebuyers have paid nearly £25bn in Stamp Duty over the last decade
Slow maintenance responses are driving tenant anxiety
Agent confidence split as housing market braces for Autumn Budget impact
