Downsize to something new
Many think of new build homes as the desirable first step onto the property ladder for younger property buyers or those starting out with a family. But, buying new is just as attractive a proposition for those looking to downsize from a large family home to something smaller. Something clean, affordable and requiring minimal decoration, offering a new start to a new phase in life.
Cost savings when downsizing
When it comes to those over the age of 55 considering their future, finance plays a big part. Many have large family homes, an expensive asset but there’s little to show for it in terms of readily available cash. By selling the family home and moving to something smaller, you can release equity to help fund future projects. That might be to invest or use for your pension, to help your grandchildren get onto the property ladder or cover the costs of future holidays.
You can also significantly reduce your monthly outgoings, to help make living costs more affordable. Downsizing from a 4-bedroom home to one half the size with two bedrooms can see annual savings on energy bills alone. And by buying new you may save even further on energy bills thanks to the energy efficiency of new build homes. Then there’s insurance and maintenance costs, which with a smaller property can also be more reasonable.
Manager better when you downsize
With a smaller home you can expect general maintenance to be reduced in terms of time, effort and maybe even cost too. If your large family home requires a gardener or cleaner to complete tasks due to size and scale, you might just be able to save the expense by tackling these for yourself. And it pays to look to the future in terms of how you will cope in future years. A smaller home is easier to manage from the amount of cleaning, to maintaining its security and even in years to come, how easy it is to get from one room to the next.
Join a new community
A large home in a beautiful rural location with lovely views and very few neighbours will always be desirable. But it’s worth considering whether you can get to the local amenities and services you need easily, without driving. Many new build developments are built either very close to, or have within them, local shops and other amenities. Again, thinking ahead to the future it makes sense to move to a location offering excellent transport links, close by to local arts, leisure facilities and other community services. Having everything you need on your doorstep as you approach retirement years can help reduce the risk of isolation, especially if getting around becomes more difficult.
Why new is good when downsizing
We mentioned before the cost benefits to be had when buying new, especially in terms of the energy efficiency of a new home. Anyone leaving an old period property with multiple rooms for a smaller, brand new home will certainly notice the difference with the outgoing spend on utility bills.
But there are other benefits to be had to.
When you buy new everything inside and out is new, so there’s less need to worry during the winter months or periods of extreme weather. Pipes, rooves, heating systems and the general wear and tear of the building need not be as much of a concern as in an older home. So, less stress and more enjoyment to be had in a smaller, warmer, cosier home.
Many of the master bedrooms in new build homes come complete with an en suite bathroom, something you may not have had previously in your large family home. By buying new, you’re also buying an extra bit of luxury for you to enjoy in your later years.
If you are looking to downsize to a smaller, new build property, start your search here and browse the new developments and homes that might suit you. Some house builders offer downsizing schemes – get in touch with one of our property experts to find out more about what’s available to you in your area.
