{"id":645,"date":"2022-02-22T12:08:57","date_gmt":"2022-02-22T12:08:57","guid":{"rendered":"https:\/\/new.contentdeployment.co.uk\/quilter\/?p=645"},"modified":"2022-02-22T12:08:57","modified_gmt":"2022-02-22T12:08:57","slug":"downsize-or-not-to-downsize","status":"publish","type":"post","link":"https:\/\/new.contentdeployment.co.uk\/quilter\/2022\/02\/22\/downsize-or-not-to-downsize\/","title":{"rendered":"Downsize or not to downsize?"},"content":{"rendered":"
\n

That is, indeed, the question. While it may seem like a\nno-brainer to build up your cash reserves for later life by moving into a smaller\nproperty, it can actually be a little more complex \u2013 both emotionally and\nfinancially.<\/strong><\/p>\n<\/div>\n\n

\n

So, what are the pros and cons to weigh up when you\u2019re\nthinking about downsizing?<\/p>\n<\/div>\n\n

\n

Pros<\/strong><\/p>\n<\/div>\n\n

\n
  1. Save\ntime and money <\/strong><\/li><\/ol>\n<\/div>\n\n
    \n

    Moving to a smaller home means less time\neaten up by maintenance tasks such as cleaning, while your bills and other\ncosts like council tax are likely to be lower.<\/p>\n<\/div>\n\n

    \n
    • Opportunity\nto relocate <\/strong><\/li><\/ul>\n<\/div>\n\n
      \n

      If you don\u2019t already live near, downsizing\ncould present the perfect opportunity to move closer to friends and relatives.<\/p>\n<\/div>\n\n

      \n
      • Fund\nyour retirement <\/strong><\/li><\/ul>\n<\/div>\n\n
        \n

        If your current pension savings aren\u2019t as\nrobust as you\u2019d like them to be, then the difference between the selling price\nof your former home and the cost of your new property can provide a welcome\ninflux of cash to help fund your retirement.<\/p>\n<\/div>\n\n

        \n

        Cons<\/strong><\/p>\n<\/div>\n\n

        \n
        1. Emotional\nattachment<\/strong><\/li><\/ol>\n<\/div>\n\n
          \n

          If you have lived in your home for a long\ntime, you may find it difficult to say goodbye to friends, neighbours and\nmemories.<\/p>\n<\/div>\n\n

          \n
          • Less\nspace<\/strong><\/li><\/ul>\n<\/div>\n\n
            \n

            If you have a lot of possessions, a smaller\nhome and the resultant lack of space may prove an issue \u2013 you\u2019ll need to be\nprepared to declutter.<\/p>\n<\/div>\n\n

            \n
            • Cost<\/strong><\/li><\/ul>\n<\/div>\n\n
              \n

              You may be saving yourself money in the\nlong term by downsizing but remember that moving home can eat through a\nsignificant chunk of cash in the form of estate agency fees, solicitors\u2019 fees,\nmoving costs and Stamp Duty\/LTT\/LBTT.<\/p>\n<\/div>\n\n

              \n

              No\n\u2018one-size-fits-all\u2019 approach<\/strong><\/p>\n<\/div>\n\n

              \n

              When\nit comes to downsizing, your decision comes down to what suits your personal\nand financial circumstances. We can help you weigh up your options to find a\nsolution that works for you.<\/p>\n<\/div>\n\n

              \n

              It is\nimportant to take professional advice before making any decision relating to\nyour personal finances. Information within this article is based on our current\nunderstanding and can be subject to change without notice and the accuracy and\ncompleteness of the information cannot be guaranteed. It does not provide\nindividual tailored investment advice and is for guidance only. Some rules may\nvary in different parts of the UK.<\/em><\/strong><\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

              That is, indeed, the question. While it may seem like a no-brainer to build up your cash reserves for later life by moving into a smaller property, it can actually be a little more complex \u2013 both emotionally and financially. So, what are the pros and cons to weigh up when you\u2019re thinking about downsizing? […]<\/p>\n","protected":false},"author":12,"featured_media":646,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32],"tags":[],"hd_content_source":[],"_links":{"self":[{"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/posts\/645"}],"collection":[{"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/comments?post=645"}],"version-history":[{"count":1,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/posts\/645\/revisions"}],"predecessor-version":[{"id":647,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/posts\/645\/revisions\/647"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/media\/646"}],"wp:attachment":[{"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/media?parent=645"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/categories?post=645"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/tags?post=645"},{"taxonomy":"hd_content_source","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/hd_content_source?post=645"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}