Where once getting the biggest house possible was the way of thinking, now it’s all about downsizing. Naturally, many people currently in a larger home will question this. There is the inherent downside of having less space. Still, there are many pros to moving on to somewhere smaller as well. Depending on your lifestyle, these benefits might just outweigh the reduced space. Let’s explore the downsizing pros and cons as well as if it’s right to move in 2024.

Cons of downsizing and what to look out for



Downsizing isn’t for everyone. Many people who have lived in larger homes for many years have grown into the space. So, downsizing would require to clear out of a lot of things. On top of this, all of the comfy furniture that you’ve come to love might not fit in your new surroundings. With rooms being smaller, you might feel uncomfortable having less space when just moving around the house.

Of course, downsizing doesn’t always mean just moving into a tiny home. The tiny home trend was going strong for a while, and might be picking up again now, but the move doesn’t have to be so extreme. Even if it isn’t, there are many costs involved. So, the initial estimate of how much you’ll pocket would be reduced due to moving costs. Plus, if you want to keep all of your stuff, you may have to consider paying for storage.

Pros of downsizing and what to look out for


Pros Cons Downsizing Pixabay House-2606818_1280 Copy
Image: Pixabay

From a purely financial standpoint, downsizing in a healthy housing market will help to bring in the most money. If you sell a large home for £320,000 and move into a £220,000 house, for example, you pocket £100,000 or shave it off of the mortgage. As it stands, the housing market is in the right place to cater to such a swing as it’s on the rise. There’s a pent-up demand to buy, it seems, so it’s a good time to sell a larger house.

Of course, the housing market can swing. Plus, the UK has an election on the way. Drastic moves from the next government, as we’ve seen before, could influence the housing market. While the going is good, some are turning to faster house sale methods. Going with online estate agents lets you sell in your own timeframe. It all starts with a free cash offer and ends in a process without any hidden fees. Plus, a sale can come through in 30 days.

However, once your current home is sold, the benefits of downsizing are as good as immediate. As mentioned, you’ll free up a fair bit of equity. This is especially true if you sell a big property – or even a medium-sized property – in a city and move to a more rural smaller house. From there, each of your utility bills will be cheaper, as will your mortgage if you still have one. Day-to-day maintenance is quicker and easier, from dusting to managing appliances.

Downsizing isn’t for everyone. Still, those who take the leap will benefit from, among other things, hefty savings.