Downsizing has anyone done it?
So I'm in a strange situation at the moment I have cancer and am receiving treatment for it. The outcomes are positive I should be ok at the end of it I hope. I am self employed and the business is suffering as I'm limited what I can do. We have a second business (landlord) thats unaffected.
We currently live in a pretty big property and the situation I am in has left me with a lot of free time to think about life after cancer and what I want from it. The idea of downsizing has come up. Current house is worth about 7-800k we can live very comfortably in a 500k property (North of UK) and have no mortgage. We could also clear the debt we have on our rental property and have an income of around 100k from the properties we have. Am I wrong or would that be a pretty sweet setup?
I'm under 50 so couldn't stop working just for my own MH so we would still have a normal working income.
Challenges
Where does all our stuff go? I think our current property is like 5000 square feet its huge. Quad garage full of stuff (would be going to a double) We would need a huge purge
Kids rooms would possibly be smaller
Current property has no neighbours and total privacy (I do not like chit chatting to neighbours and the keeping up with the Jone's type crap you get on estates) We would be hoping to move to a house not on an estate although the Mrs would like a brand new build!
Kids are anti moving as they love our current property which is to be fair pretty special (we would not be moving out of area)
It seems like a good idea but I'm interested to see if anyone has actually done it and regretted it or done it and had a good outcome?
It is just about possible to keep the property and rent it out but this would involve a small mortgage on the smaller property plus we dont do residential lettings much any more. Would need to establish demand for rental too as it would be a very unusual one for letting.
Reduction in stress is a big thing with all of this is so letting would remove the pressure of selling and being in a chain etc
A lot to think about!