Downsizing can be a sensible and positive move for many homeowners particularly as people get older.
As well as freeing those with larger properties from the responsibilities of high monthly outgoings and extensive upkeep, it can also release equity.
Here are 3 important things to consider if you’re thinking about making the move:
Because downsizing is a big decision, it’s important to look at your finances both in terms of the price of your future home and the profit you’re likely to make on your current property. While opting for a smaller place should earn you a healthy lump sum, there are a couple of things to bear in mind when you come to sell such as estate agent fees, conveyancing and stamp duty which can all be costly so factor them in early on to avoid unexpected outgoings.
2. Finding your perfect home
A lot of downsizers move to be near their children and extended family, while others are looking for a change of scene and the new lease of life that moving home provides – whatever the reason, the area that you choose has to be right for you.
3. Making the move smooth
When it comes to downsizing, a big deterrent for a lot of people is the prospect of decluttering. When you’ve lived somewhere for a long time you’re likely to have amassed a lot of things. Attempting to sort through and throw out all of those belongings seems so daunting that it feels easier to bury your head in the sand. But sifting through it all can be a refreshing, cathartic process that will free up space and make the whole moving process a lot easier. Little and often and start as soon as you can would be my plan!
Infographic from Audley Retirement property