Downsizing from the family home can be one of the most emotional decisions homeowners in Letterkenny are likely to make.
It needs careful consideration but can have a raft of benefits both practical and financial.
Huge demand for all types of residential properties – especially those ideal for families in Letterkenny and Donegal – mean it’s now an attractive time for those with grown up children to think about a downsize.
Commonly, the 7% of Irish homeowners who opt to downsize make the decision because the family have flown the nest and the house and garden have become too big to manage.
Downsizing is almost always a good financial decision and freeing up cash from equity in your current property is often an attractive proposition.
It can offer a real sense of financial freedom, maybe boost retirement funds or help fund the family’s next generation as they take their own first steps on the property ladder.
The costs of heating, lighting, taxing and insuring are usually determined by a property’s square footage so downsizers are also likely to save on household bills and running costs.
Furthermore, downsizing can have a number of social benefits – people might make the move to be closer to family, have a smaller home and garden to maintain or to get a broader social network and wider shopping and transport options.
But it’s not an easy decision to take or move to make.
Some niggling doubts are to be expected – after all this is most likely a move from the family home and emotional bonds will be strong.
But downsizing at the right time can be an exciting and rewarding move, just as life-changing a move as for a first time buyer.
Imagine having greater financial freedom, more time to spend with family or to travel, or start a new hobby.
As with any house move, the best first step to take is to speak to the experts.
At SherryFitzGerald Rainey we provide free residential valuations when you are thinking of selling and can arrange a house visit or a confidential meeting at our office at your convenience