We have spoken a lot about first-time buyers, as well as people looking to move to a bigger house…but what about the people who are considering moving into a smaller home?

With people living for longer, there are a lot more retirees and ‘empty nesters’ who are considering moving into a smaller property – be it swapping their 4-bed detached house for a cottage or bungalow, or even renting.

Of course, it’s not just the older generation that consider moving into a smaller property – some young people are considering a downsize as they look to save money.

But what are the pros and cons of downsizing to a smaller property?

A smaller house means a smaller mortgage, and therefore lower mortgage payments – or potentially no mortgage if the sale of the larger house covers the full cost. There will also be lower bills for energy and reduced maintenance costs.

This, of course, will free up more money for you to spend on your hobbies, or a special treat.

The downside is that moving house does, in itself, cost money. As well as the price of the house, there are conveyancing fees, LBTT and dozens of other costs to consider.

This could mean you don’t quite achieve as much money as you hope or expect to make from downsizing.

One other thing a smaller house means is less space.

This can be a good thing for some: providing an opportunity to declutter and get rid of all the “stuff” you don’t use.

However, other people might hate the idea of moving out of a family home (which they may have lived in for decades) to go somewhere smaller – especially if it means not having spare rooms for their children or grandchildren.

Of course, these are just some of the decisions you will have to weigh up when deciding whether or not you would like to downsize to a smaller property. It is a very personal decision based on you, your family and your circumstances.

Whatever you decide should be based on your own needs and wants.