I’m a single guy in my 30s currently living alone in a 3-bedroom terraced house in Manchester. I’ve been here about 5 years — bought it for £165k and it’s now valued around £240k, with roughly £150k left on the mortgage.
Lately I’ve been seriously considering downsizing. The house feels bigger than I need, and with just(mortgage + council tax), it’s taking up around 35–40% of my income. It’s manageable, but it does limit how much I can save, travel, and enjoy life.
I’ve been looking at smaller, cheaper properties (around £80k–£120k), mainly outside Manchester or in less “desirable” areas (including parts of North Manchester and Wales). In theory, I could become mortgage-free or have a very small mortgage, which is really appealing from a financial freedom perspective.
Longer-term, I’d love to move abroad and work/travel, but that’s probably still a few years away. I like the idea of keeping a base in the UK for stability.
I’m quite minimalistic and don’t need loads of space, so that part doesn’t bother me. What I’m really unsure about is whether this is a smart move overall or if I’d be giving up something I might regret later.
For those who have downsized in similar circumstances:
Was it worth it, or did you have any regrets?
Did moving to a cheaper/less desirable area impact your quality of life more than expected?
How did it affect your long-term financial position and flexibility?
If you had the chance again, would you do it differently?
I know everyone’s situation is different, but I’d really appreciate hearing real experiences to help me think this through. I am not sure if this would be the right thread to ask.
Downsizing in your 30s – worth it or a mistake?
byu/CapitalResearch5520 inpersonalfinance
Posted by CapitalResearch5520
6 Comments
If you’re looking to travel etc in anything less than 5 years I would stay where you are. The costs of selling, moving, stamp duty etc will eat into your equity. I would stay put and sell up when you want to travel / work abroad.
lol. I’m in the same boat mate. Thought I’d get married. Now I’m in this big ass house 3 floors and I spend 100% of my time in the smallest room or the bathroom. It’s ridiculous. I don’t wanna live with anyone I did that for the past 5 years saving up… most people are terrible. Wanna sell but need to gain some equity. Either way I can’t complain the mortgage is affordable, learning some harsh life lessons
Do it; but not the dodgy neigjborhoods….saftey is worth it
Paying for space you rarely use is wasted money; like having the heat on while keeping windows open
If your circumstances change in the future; you can always move again.
Rent out the extra rooms?
if you change your mind and do want to move: why move to a cheaper and less desirable area?
just move to a smaller cheaper place in an equal or BETTER area.
keep an eye out for bargains. if you can find a cheaper place in an area that is more appealing to you, i’m betting you will never regret it.
Not in the same situation. But also moving to lower the housing cost. Keep in mind the accommodations (don’t know if this is the right English word) in the new neighborhood. Like don’t give up your grocery store that’s close by. You don’t want to have to drive an hour if you forget eggs. Same goes for gym’s or other sports.
It doesn’t matter if it’s just a few extra minutes. But the city has benefits and probably some social life. Which more rural areas have less of.