For many of our clients, there comes a time when they look to downsize their home. It could be that the children have flown the nest, and a bigger house is surplus to requirements, that they’re looking to release equity from their property, want to move to a better-served location, move closer to loved ones, an unforeseen change in circumstances or perhaps they need a property that is easier to manage and move around in.
Whatever the reason, looking to downsize effectively means using a different mindset to ensure you make the right choice about your next home. Downsizing is becoming increasingly popular among a wide cross-section of the UK’s population, and it’s not just confined to the over 50s. A change in personal and financial circumstances may lead individuals, couples and families to pursue this route. However, for those of an older generation, it may well be their last move, so it’s vitally important to get this right.
Here are the top tips we share with clients about how to approach a downsizing move.
Begin with an open mind
When thinking about your new home, it may help to view a wide range of types and styles of property. You may have certain requirements such as a bungalow, ground floor flat, but looking at different locations and types of building will give you an idea of what you can afford with your downsize budget and what feels like the right next move for you.
Have a clear-out
Knowing that your new home is most likely to be smaller than your existing one, it makes sense to think about what you really need in your existing home. You may want to keep things, but can they be boxed up and put into storage? Will you need all of your existing furniture? Local charities will be very pleased for any donations and groups like the Lions Community Store will collect furniture and white goods from you (which makes the logistics easy) and subsequently put them to good use. If this is something that you wish to explore further, please visit www.communitystore.org.uk or call 01252 616998 for further information.
Clearing out your existing home can also help it sell for the best possible price, as well as making it easier to see how you might live in a smaller home.
Remember why you’re doing it
Moving, and in particular, downsizing can be stressful but remember you have good reasons for downsizing your home, which is part of a bigger picture for the next stage of your life. Don’t lose sight and forget what your priorities are and why you started the moving process in the first place. Always keep the pros in mind, in most cases downsizing means a move to a smaller property, therefore, cheaper to run with lower bills and maintenance costs, perhaps downsizing is an opportunity to maintain independent living or to even see friends and family more.
Maximise your money pot
For many of our clients, downsizing is financially driven, to release equity for retirement, to pass on funds to family members or to adjust to changes in income. With the average cost of moving reaching almost £30,000, to include estate agency fees, legal fees, surveys, stamp duty, removal fees and more, it’s a move you have to get right. Getting the best price for selling your existing property at the least cost is the first step to downsizing as you’re maximising the funds you can make available for the next stage in your life.
To make your move worth it, and to significantly reduce the sum cutting into your equity release, consider not just instructing local estate agents but also online estate agents like Check 4 Houses who can sell your home for as little as £699 + VAT, giving you thousands more in your downsizing pot. If you’re looking for any more advice or a free valuation of your home, then please give us a call on 01252 819725 we would be delighted to help. We pride ourselves on our local knowledge and personalised service, helping you through every step of the process of selling your home.
Make the right next downsizing move with Check 4 Houses.