Useful tips for those downsizing in property
Downsizing is currently a popular trend. According to recent research, around 5.7 million people are already looking to move to a smaller home and that figure is set to rise to 11 million by 2036. Especially later in life, moving to a smaller home often makes good financial sense and, for many people, a larger property can just feel too big to handle. Whether your home has become too big for your needs, you’re keen to move to another area, or looking to raise funds for travelling or investment, downsizing can be a great way to do it. These are our tips for anyone downsizing and ready to make the most of the opportunity.
Consider the timing
Although there is no “right” time to downsize your home there are a few factors that can make some times better than others. Retirement is often the moment that many people opt to downsize. At this stage many people find that they are asset rich but cash poor and downsizing can help free up some necessary income. Other factors to bear in mind in terms of timing include when you feel you have more space than you need and when property values are high in your area.
Think about the perfect property for you
The process of finding a property to downsize to will require an assessment of your current and future needs. Questions to consider include:
- Are you hoping not to move again after downsizing? If so, this property will need to be future proofed for old age. This may mean choosing somewhere more accessible, such as a bungalow, or which has features such as ramps instead of stairs and wider doorways
- Where do you want to live – think about the benefits of an urban or rural setting, where your friends are and what amenities you’d like nearby
- What are the practical considerations – for example, do you need a guest room for grandchildren?
What type of property appeals?
- A smaller flat or house. This is a good option if you feel your current property just has too much space. Smaller homes are easier to clean and maintain and can feel more secure.
- This type of property is ideal if you’re bearing future mobility in mind.
- A retirement community. If you’re looking to downsize to somewhere that also comes with a readymade sociable community, a retirement home could be a great choice.
Preparing to move
The biggest issue that most people face when downsizing is working out what to take and what to leave behind.
- Start by decluttering. Throw out everything you don’t use, don’t need or which isn’t useful.
- Consider the furniture. What will fit into your new home and which are your most precious pieces?
- Getting rid of what you don’t need. You can simply throw out items you’re not taking with you, pass them on for free to others or look to generate some income from them, for example by selling via a site like eBay.
Downsizing has a lot of benefits and can take the pressure off when it comes to property maintenance or personal finances.
If you are thinking of downsizing, then get in touch with Clarke Gammon Wellers today.