The recent trend for downsizing property is no longer just for retirees and “empty-nesters”; more and more people are taking advantage of downsizing and moving to smaller, affordable homes.
With lots of families feeling the pinch in the recent economic climate, many people have decided to enjoy the financial benefits of downsizing sooner rather than later, and are looking for compact and cleverly designed homes that still accommodate their family’s needs.
If you’re thinking of swapping your current property for a smaller, more practical home, we’ve come up with some helpful tips to get you started.
Do your homework
Before you decide to put your home on the market and search for a new property, take the time to research the process, establish whether you need moving funds, and fine tune your budget. To get the best advice on downsizing, talk to an independent financial advisor for expert guidance.
Ask yourself why you want to downsize
Thinking carefully about your reasons for downsizing can help you make the right choice of new home. If you’re downsizing because the nest has emptied, consider how many rooms you really need, and what comforts you want to continue to have. If you’re thinking of swapping your spacious home for a smaller property that’s easier to clean and maintain as you get older, consider choosing a new build home which won’t need maintenance and repair work, and a smaller garden that you can enjoy without much strenuous gardening.
Be clear about your needs
Downsizing doesn’t have to mean compromising, and your new home should meet all of your needs and suit your lifestyle. Make sure you consider all of your desires and priorities when looking for a new home to help you find a space that’s the perfect fit for you. If you entertain regularly, make sure you choose a home with plenty of dining space and large bright living areas, and if your family will still be regular visitors, consider whether the kids have space to play.
Choose the right location
Before choosing the location of your new home, remember that moving house doesn’t have to mean moving away from your loved ones and social life. By researching affordable properties in areas that still allow you to easily travel to see friends and family, you can make the transition to a smaller home feel like a far less stressful move.
A family home gathers lots of valuable memories and mementos, but it also accumulates a lot of junk too. Moving to a smaller home means you’ll have less storage space and less room for furniture, so do a “clutter test” on your belongings before you decide what to take with you.
The clutter test is simple – just ask yourself three questions about each item:
· Do I love it?
· Is it useful?
· Have I used it in the last year?
If you can’t answer yes to these questions, then you probably don’t need the item. Research local charity shops and second hand stores who could take larger items like furniture and appliances. Alternatively, you can sell smaller items on eBay or Gumtree, and give your moving budget a boost!
Our exclusive Part Exchange Plan can help you downsize to a new home easily and quickly. Contact us today and you could have a fair market offer on your existing home in as little as 5 working days. The sale of your existing property is then managed in tandem with the purchase of your new home, making the whole process simple and stress free. Start the journey to your new home today.