Glastonbury – Page 58 – Glastonbury Property News

When it comes to making the most of your home, it is important to consider what you need from your home and what your home offers you. It may be that a smaller or more suitable property is better for your needs and here are 10 reasons to downsize your Mid Somerset home.

Your property is too large for your needs
Circumstances change in life and just because a home was perfect for you five or ten years ago may not mean it is right for your needs these days. If your children have left home or you no longer need as many rooms for activities, work or hobbies, it may be that downsizing your Mid Somerset home is sensible because this will allow you to have a home that is ideal for your needs.

Your running costs are too much
While the space and comfort of a large home are attractive, there are costs involved with larger homes. Whether this is your mortgage payments or the costs of heating your large home, you may find that downsizing allows you to pay less each month, which can provide you with money for savings or to make the most of your life.

You want a better retirement
Different people have different aims and goals for retirement. If financial freedom and flexibility are more appealing for you than having a large home for your retirement, downsizing your Mid Somerset home can allow you to have the money you require to fully enjoy your retirement.

You want your children to benefit now
While having a home to pass on to your children is a great legacy for any parent, it may be that selling your current home, downsizing and passing the money earned to children now can help them achieve their goals in life, while also allowing you to see these benefits. If your children are leaving home to go to college or University, the additional space and the chance to prove them with financial backing may be the ideal combination and incentive to down size your Mid Somerset home.

You may have debts
A lot of people have financial issues, concerns and problems these days and downsizing your property may be the ideal solution to removing these problems from your life. The peace of mind that comes from dealing with debt is of considerable benefit to most people, and downsizing can provide you with the platform to fully enjoy life.

Buy a holiday home
While Mid Somerset provides an attractive lifestyle for many people, it may be that you are looking for something different. If the thought of owning an additional property abroad appeals to you, downsizing your current property may allow you to buy a more compact home in the area while also having the chance to own property in another country or climate.

You may be concerned about your environmental impact
Big homes can have a big impact on the environment. If using energy in a smart manner and reducing your carbon footprint matters to you, downsizing your Mid Somerset home can be of benefit.

You want a simpler life
Sometimes having a large house is just too much hassle and work. Downsizing can force you into removing clutter and leading a more focused life. This is definitely an outcome that appeals to many people, making downsizing an attractive proposition.

Personal circumstances may have changed
There may be personal circumstances why a person is looking to downsize property. If a relationship comes to an end, selling property and buying smaller or more fitting properties can enable people to move on with their life and find new freedom and opportunities.

You don’t want a high level of capital in one property
If you consider your home to be an investment, you may wish to diversify your assets slightly. It could be that downsizing and buying smaller properties or even buying a smaller property and investing the return into other assets will give you a more confident approach to your investments for the future.

Many people are looking to downsize their home these days and these are 10 common reasons as to why people in Mid Somerset are downsizing.

About Tom Morgan

Founder of Jungle Property the multi award-winning letting agent based in Glastonbury, Somerset. I am passionate about property and Glastonbury and about providing the very best advice to anyone who wants the best return on a buy-to-let property investment. For an open and brutally honest opinion on anything in the Glastonbury property market please contact me via tom.morgan@jungleproperty.co.uk

With such a high level of demand for rental property across the country, landlords and investors are continually looking for areas that will provide them with a good return. Glastonbury may not be the first location an investor thinks of when looking for a new area to buy property in, but there are a number of reasons why Glastonbury may be the property location of interest to landlords and investors.
It is always good to get as much information about the property market as possible and different specialists or data sources will likely have their own figures for the market. These figures can be viewed alongside each other to get a general feel for the market.

Get as much information as you can about Glastonbury property market
Data for the Glastonbury property market can vary wildly from source to source. The most realistic dataset shows that as of the end of May 2017, the average price paid for property in Glastonbury stood at £278,956; which represents an increase of 7.19% in the past 12 months. This is in line with what I would expect and gives a slightly higher return than the national average. The same source states that the average value of property in Glastonbury, as of the end of May 2017, stood at £296,985.

Consider Glastonbury rental yields
Of course, while property prices are important, landlords and investors should also be looking at the rental yield. An affordable property with a very poor rental yield would be less appealing than a more expensive property with a very attractive expected yield. In Glastonbury, landlords and investors should consider the expected rental yields for the BA6 postcode area.

A one bedroom property in this area should return a yield of 4.75% while a two bedroom property should provide an expected rental yield of 4.4%. A three bedroom property provides an expected rental yield of 3.23% in the BA6 postcode area while a four bedroom property offers an expected rental yield of 3.2%. There is an expected rental yield of 4.19% for five bedroom property areas in the BA6 area.

Clearly some of these yields are more attractive than others. Given that one bedroom properties are likely to be cheaper and have a higher rental yield, it is only natural that landlords and investors will consider this style of property for the Glastonbury market but it is important to look at the bigger picture. Given the nature of the local area, there is likely to be a higher demand for larger properties to house families. This means some investors or landlords will consider a larger property, with a smaller expected rental yield, to be a more suitable option as there is likely to be a higher level of demand.

There are many things to consider when looking to enter the buy to let market and the nature and style of Glastonbury will have an impact on the decision an investor makes as much as the stated figures and expected yields.

Some investors get too caught up on numbers and expected returns, especially in areas like Glastonbury where less tangible factors will impact on the overall demand and benefits, so make sure you fully consider what you are getting into. However, investors and landlords should find that the Glastonbury market is an appealing one.

Category: Glastonbury Page 58 of 101

10 reasons to downsize your Mid Somerset home

About Tom Morgan

A Glastonbury property update for landlords and investors

About Tom Morgan

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