Wells – Page 4 – 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

The rental market is hugely important across the United Kingdom. It may be that there are fewer rental options in areas like Wells compared to tenancy options in major towns and cities, but this doesn’t make the Wells rental options any less important. With more and more people finding themselves priced out of the property market, the rental market becomes their only option of finding property in the area that they wish to live in. There are many reasons why a person or family would wish to set up in Wells, so there will be a notable level of demand for rental property in this part of the country.

When reviewing the situation at the start of May 2017, one property specialist states that they have a total of 15 properties available for rent in Wells. While it is good that there are rental options in Wells, the small sample size makes it difficult to speak with confidence about an average or what the general state of the market is. All it would take is one outlier, such as a large and expensive property being placed on the rental market, or a small and dilapidated property being made available at a low price, and the market can be skewed.

Renting property in Wells can be expensive compared to other areas

Of the available properties, the average rent in Wells as of the start of May 2017 stands at £768 per calendar month. This contrasts the average rental price in Glastonbury which came in at around £610 for the same period. There is a good mix of properties available in Wells with the 15 rental options comprising of 5 one bedroom properties, 5 two bedroom properties, 4 three bedroom properties and a four bedroom property.

While it is often unfair to make comparisons between different areas, the average rental price for property, outside of the English capital at the start of 2017, stood at £740. This figure represented a 5.5% rise on the figures from 12 months previously which had stood at £702. This indicates that the average rental price in Wells is higher than the national average but the volume of three and four bedroom properties may have had an impact on this figure, as opposed to simply stating that Wells is a more expensive place to rent property than most parts of the United Kingdom.

While there have been many factors impacting on the property and rental market in the United Kingdom in 2016 and 2017, with further disruption set to continue this year, areas like Wells have been less affected than other areas. Due to the stability of the local property market and fewer rental options being made available, the market in Wells hasn’t been as impacted as much. In this regard, the lack of available property options means that price is likely to remain high, which is true for buyers and tenants. There is also the fact that there has been a levelling off rental fees in the past year, with many market observers fearing that an upper ceiling has been reached for now. This has led many landlords to hold off from making further increases, and this is likely to have been the case in Wells over the past 12 months.

Category: Wells Page 4 of 15

10 reasons to downsize your Mid Somerset home

About Tom Morgan

A look at rental prices in Wells over the last 12 months

About Tom Morgan

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