Would You Downsize to a Smaller Home for £110,000?

A row of houses

Most homeowners still prefer staying in their old house even after their children have moved out and despite the potential of earning at least £110,000 on average.

In some parts of the UK, empty nesters can get more than double the average amount, but certain factors prevent them from downsizing into a bungalow from a detached house. A quick search on quotes from online conveyancing solicitors could give you a better idea of the associated expenses.

Most Profitable Places

Financial security and strong community relationships are just some of the reasons almost half of the homeowners above 55 years old decide to stay put. In the South East, you may earn more than £273,000 on average if you plan to sell your house and buy a new one. Take note that these earnings’ potential is based on an average property without a mortgage.

Homeowners in London can only receive a windfall worth £54,780. It may be a small price difference, but downsizing shouldn’t just be entirely about securing a financial gain. If your health prevents you from moving around a two-storey home, then moving to a new, smaller one would be a good alternative.

Relocation Costs

Those who plan to downsize in the next few months should take note of conveyancing fees, as these are often overlooked when determining the overall expenses. The charges with selling a home would cost £590, while you would likely need to pay a £845 fee for buying a house.

These fees reflect the charges with an average home sold for £225,000 in the UK. The charges may be more or less expensive, but the total budget necessary for relocation would be around £9,810.

Empty-nesters aren’t the only ones that should consider downsizing to a bungalow. This also applies to younger homeowners who plan to rent out their homes and unlock the potential of their property investment.