B31 - A Smaller Home and/or Garden

Moving to a smaller dwelling and/or garden could be the lifestyle change or the 'dream home' you are seeking.

Bigger is not necessarily better. A smaller home can be cost-effective to buy, as well as easy to maintain and manage.

Smaller homes come in several housing types, including stand-alone dwellings, semi-detached, townhouses, flats and apartments. Sometimes options such as apartments and flats have the advantage of being located close to shops and other services.

Moving to a smaller place can be a challenge. To help identify the optimal size of home for you, think about:

Pros

Cons

What do I need in order to take this option?

You need the funds and the right home to be available. Mortgage-free or small-mortgage homeowners whose home has a high value have more flexibility to find a smaller home that fits their needs well. However, home-owners who have high mortgages or low-value homes will have fewer choices.

Could this option limit my future choices?

Maybe, it depends on the equity you have in your current home and the potential equity generated in your new home.

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