For many, moving to a smaller home does not make financial sense…
It is a property truth, universally acknowledge, that people don’t downsize because of stamp duty and a lack of suitable homes.
There is another more compelling reason why people aren’t moving from larger to smaller homes in the present market, and it comes down to basic mathematics. Homeowners often think they can gain more equity from their homes than the market allows………..
Carol Peett, a property finder in West Wales http://www.westwalespropertyfinders.co.uk says that when clients say they want to downsize, they often don’t want to move from a five-bedroom house to a two-bedroom one. “When you show them a two bedroom home, they immediately say the house is too small. If there are only two bedrooms it means the size of the living room and kitchen is likely to be smaller than they are used to. What they are envisaging – and are unlikely to find – is the same size living area as their present house, with fewer bedrooms”.
Often people in this situation get discouraged and give up. However, some opt to downsize financially, but not in the size of their home. “They may be buying the same size house, so not technically downsizing, but downsizing the price by moving from London and the South East to West Wales”.
The Times – Friday, 11th October 2019 – https://www.thetimes.co.uk/article/why-people-are-no-longer-downsizing-3s3t6f0q6
If you are looking to downsize or indeed buy any property in Pembrokeshire, Carmarthenshire or Ceredigion, give West Wales Property Finders a call on 01834 862816. We can find the perfect property for you whilst saving you time, stress and often money too.