mid Somerset – 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

There are many different areas of Mid Somerset, which means that there is a good level of choice for potential buyers. However, there is a commonality about life in the area and this means that there is a great deal to be said for what is on offer here. There are a number of key areas that people can choose from when looking at property in Mid Somerset, including:

• Wells
• Shepton Mallet
• Glastonbury
• Street

Average property prices in key areas in Mid Somerset

The average value of property in Wells, as of March 2017, stood at £304,502 while the average price paid for property in Wells, in the same month, was £301,228. The average value of property in Shepton Mallet, as of March 2017, was £262,511 while the average price paid for property in Shepton Mallet, in the same month, was £241,902.

As of March 2017, the average value of property in Glastonbury was £288,948 while the average price being paid for property, in Glastonbury, at this time was £277,683.

Street is just 2 miles from Glastonbury and has a population of around 12,000 for the local parish. As of March 2017, the average value of property in Street stood at £236,754 while the average price paid for property, again as of March 2017, stood at £210,987. The prices of property in Street have risen by 3.90% in the 12 months between March 2016 and March 2017.

Pricing is always a factor in the property market

The price of property in Mid Somerset is a key factor in why so many people look to buy in this area. The contrast with property prices for Mid Somerset and London are obvious but even looking at areas like Bristol, situated close to Mid Somerset, indicates why this is an area that appeals to many buyers.

The average value of property in Bristol, as of March 2017, stood at £309,791 while the average price being paid for property in Bristol, again as of March 2017, stood at £292,468. This is much more in line with the Mid Somerset prices than the London prices, but focusing on prices alone doesn’t tell the full story.

There is affordable housing solutions in Bristol but a lot of these options include flats. Bristol is a thriving area and there is a great demand for property from young professionals and artists, which is reflected in the supply of property. Flats are an integral part of the housing stock in Bristol but this isn’t the case in Mid Somerset, which means that the money spent on property in this part of the country goes further.

Add in the fact that people who buy property in Mid Somerset are more likely to appreciate the quieter nature of life and more laid-back outlook on life and you have a number of reasons why Mid Somerset is such an appealing option for people looking for property.

The supply of property in Mid Somerset is not as high as some areas but this can be seen as a good thing. When people are settled in Mid Somerset, they are less likely to move on, which is a lifestyle benefit that many people are looking for.

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10 reasons to downsize your Mid Somerset home

About Tom Morgan

Why Mid Somerset is so popular with house buyers

About Tom Morgan

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