Top tips on downsizing

27th March 2017

There are plenty of reasons why moving into a smaller home makes sense. Not only will there be fewer rooms to clean and possibly smaller annual household bills, but any profit generated can be used as a welcome cash injection to improve your quality of life.

Downsizing is ideal for anyone sitting on a lot of equity in their property who want to free-up some capital. Traditionally, we've thought of retirees downsizing, but a lot of empty nesters are making the move to downsize a lot earlier the kids have left for University, chances for their children to get on the property ladder are decreasing, so for those able to downsize it does offer an instant capital gain, which they can use to suit their family's needs.

Retirees are also downsizing much more than they ever did before. There's been a move away from clinging on to the family home to pass on to the kids, and much more emphasis on retirees living their lives, whether that be going on far-flung holidays or indulging in their hobbies.

If you're a retiree looking to downsize it's ideal to buy a new build property, which means your home will be virtually maintenance free, which is ideal for anyone aged over 60. Also consider the area you want to move to. Many retirees like to move onto a development with a community feel as it gives them the opportunity to meet a wide range of people and make new friends.

Sometimes families also decide to downsize, perhaps due to a redundancy or divorce etc, here try to remain positive and donâ??t look at it as a step back, think of it as an opportunity to rationalise and start a different path. Here a good idea is to look at property with space to extend at the back or to the side, which will help you get back that lost space at a time suitable for you.

Consider what items you want to take with you and what you may wish to sell, auction or give to charity. For many the clearing process of many years in one house can be very hard, but it's essential to make a good move into a smaller property.

For many downsizing will be their last property purchase, so really do your homework and make sure you're buying the right house in the right area.