Downsizing - Advice Gratefully Received

squelchy_2

Hi

I am in a real quandry about whether to move or not and hope someone on here may have some pearls of wisdom to share.
I am currently single (and childless) after a divorce 4 years ago and still living in the same 1960's semi detached house (garage/ garden etc) as I was not ready to move. The house has been reburbished inside but still needs considerable attention & cost to the outside (garden/ possible extention to kitchen)

I am now considering downsizing to a smaller terrace because:
a) I work full time or am out socialising so only really need a "base" to operate from.
b) Want to reduce my monthly outgoings (could save around £100-200 I think) to have more "fun" money
c) Do not want to hassle of "finishing" the current house.

All that seems sensible right now but I think do I want to have paid off the mortgage on a 1960's semi in 20yrs or a stone victorian terrace? What will be more desirable and have longevity in the market? What if I start a family and need the extra room I have now? What if I end up with terrible neighbours? I can afford to stay put so do I stay put and finish this off or move? Any advice??!! Thanks

cattie

A period property will always have the edge on a modern or 60's/70's property. Downsizing makes sense for the savings you make across the board, ie; smaller mortgage, lower utility & related bills.

Neighbours can change so you could start off with good neighbours, or have good neighbours where you are presently, then they move & the family from hell move in. There is no way to safeguard against this alas.

Part of you obviously does want to move for you to be even thinking about it. Ok, so if you downsize & then have a child & need more room you can either extend your house by say doing a loft conversion, or look for a bigger house when your family expands.

If you are living in the house that you shared with your ex then maybe psychologically it will be good for you to move to a place that is just yours, without any memories of what was in the past.

Sapphire

squelchy wrote:

Hi

I am in a real quandry about whether to move or not and hope someone on here may have some pearls of wisdom to share.
I am currently single (and childless) after a divorce 4 years ago and still living in the same 1960's semi detached house (garage/ garden etc) as I was not ready to move. The house has been reburbished inside but still needs considerable attention & cost to the outside (garden/ possible extention to kitchen)

I am now considering downsizing to a smaller terrace because:
a) I work full time or am out socialising so only really need a "base" to operate from.
b) Want to reduce my monthly outgoings (could save around £100-200 I think) to have more "fun" money
c) Do not want to hassle of "finishing" the current house.

All that seems sensible right now but I think do I want to have paid off the mortgage on a 1960's semi in 20yrs or a stone victorian terrace? What will be more desirable and have longevity in the market? What if I start a family and need the extra room I have now? What if I end up with terrible neighbours? I can afford to stay put so do I stay put and finish this off or move? Any advice??!! Thanks

I would definitely downsize if I were you. Apart from being able to pay less for utilities (which are continuing to rise rapidly) and council tax, it is a huge hassle looking after a place that's too big for you on your own.

I'd also say that a 1960s' property will generally not be as good value as a pre-Edwardian one. In fact, if you are single, you could even buy an Edwardian or Victorian maisonette with two bedrooms, which should provide plenty of space for a single person.