downsizing

Downsizing – Things to Consider

September 3, 2019 10:19 am Published by

You might be considering downsizing for a lot of reasons: your children are now grownups and left home, your home has become too big or costly to maintain, you are willing to spend more time doing the things you love, you want to travel more etc… Downsizing makes sense to a lot of people at different stages of their lives. This blog post will give you a few tips to do it as easily as possible

Beware of competition

You may get a decent price for your current home, but if you downsize too much you could find yourself in direct competition with first-time buyers, which could increase the average cost for properties

Planning head

Think carefully about the area you want to move to. Take the time to research it. You may end up paying a premium for a home in an area with good public transport links, that’s close to shops and a GP surgery or a health centre. This could mean you end up spending more on your new home.

In this instance like in many others, planning is always best especially if you want to save some money. Although we realise, it isn’t always possible

Get expert advice

This is where expert advice can make a difference. Seek financial expert advice not only to ensure all the costs involved with moving home are taken into account, but also so you have a plan for what to do with the money you free up.

If you don’t feel ready to move from your home, there are other ways to access lump sums of cash, such as equity release and drawing money from your pension pot.

Make the right move

If you want to move to a bungalow for the ease of living on one level, you may find these are in short supply and competition could be fierce. Retirement villages are another option to explore. Look at how much space you’ll need. Will all your “must have” furniture fit in a smaller place? Also think about any guests you may have. How many spare room will you require? What about your hobbies? How much space will you need? Flat, bungalow, smaller house, apartment or townhouse. Either option is suitable for easier and cheaper maintenance. List your priorities and categorise them into three columns: keep, sell and give away. We recommend moving through one room at a time so you know what you’ve already covered

Declutter ready for downsizing

Which brings me to my next point… time to declutter. You have several options here: give to friends and family, the people buying your place might also be interested in keeping some of the items, car boot sale, auction sell, join as many local Facebook buy/swap/sell sites as you can, find a storage space you can rent until everything is gone, give to charity, dispose of everything. Decluttering is also a long and continuous process. So, don’t put too much pressure on yourself, it will happen…

Convert into several flats

If you have several floors, you could convert every floor into a flat. Contact an architect to go through the possibilities. You might also decide you build an independent extension and have a member of your family moving in with you. Downsizing could be the ideal solution if you want to travel more, free some space for your hobbies or having your own gym in your house! It could also be the answer if you want to raise capital to clear an outstanding mortgage or other debts or, for example, provide a deposit for a child’s first home. If you keep your priorities in mind at all time, you can do it! Share your progress with us!

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This post was written by Elizabeth Graney

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