The top 5 tips to ensure a smooth property downsize
So, you've paid off your mortgage.
You've retired or taken your foot off the gas. A little bit, at least.
The decision is made, you want to move to a smaller house.
So what do you need to do?
So, you've paid off your mortgage.
You've retired or taken your foot off the gas. A little bit, at least.
Your kids have grown up and moved out. They're starting to build their own lives with careers, homes, and families of their own.
And you've been keeping on top of this big house for years now.
It's time for a downsize.
You want to release some of that hard-earned equity that you've built up and start to enjoy it!
Holidays? Maybe golf? Spoiling your children and grandchildren a little?
The decision is made, you want to move to a smaller house.
So what do you need to do?
Find out how much your home is worth.
You need to know how much your home is worth. How much equity do you have to play with?
Either by booking a valuation, or you can do a quick instant online valuation to initially give you a ballpark figure. Click here for an instant property valuation.
Decide on your spending budget.
When you have the value of your property, you can decide how much equity you would like to release.
Are you looking to sell for £500k? Perhaps you could buy somewhere for £250k?
Which will mean that you can pocket the difference!
Now start searching!
With your budget figure in mind, what can you buy for £250k?
What do you need from a property? How many bedrooms will you need?
Are you looking for a smaller, more manageable garden than you have currently?
Will you need a garage or workshop to while away your afternoons in retirement?
Make your list of non-negotiables and your maybes, and then it's time to get searching.
Contact our office to register for our Heads Up property alerts CLICK HERE for properties that come onto the market.
The critical thing to remember is to set a budget and stick to it.
You do have more money to spend. But unless you want to end up selling your current home and buying a smaller home for the same price, you need to stick to the budget.
So set clear boundaries and try to adhere to them so that you are genuinely downsizing and not simply moving house.
What furniture will you keep?
Once you know the size and price of the property you're looking for, you'll need to decide what you are taking with you and what you'll get rid of. You're not going to be able to keep all of your belongings.
The furniture from a large property will simply not squeeze into a smaller property. It just won't.
So, what pieces of furniture do you have to keep and what could you get rid of. Make a mental note of the items you're not going to keep as your buyers may want to buy them from you!
Get ready to enjoy your time freedom and spend your hard-earned money!
Downsizing is relative. You might live in a mansion, and a 4 bed would be much more comfortable. Or you could live in a 2 bedroomed house now and think you would rather live in a one-bedroomed bungalow.
Either way, you are agreeing to a massive change in your lifestyle when you downsize.
You'll not have room for as many guests. You'll probably not have the same dining room for dinner parties or the same garden for summer BBQs. So, you need to think about what you're willing to give up for the new, smaller property and what you absolutely can not do without!
If you’re beginning to find the upkeep of your home a challenge, and it's all getting too much for you, it might just be the right time to downsize.
It's a big step to sell a large family home and move into a smaller property, so it's important to take your time.
Get in touch with our experts today if you have any questions or want to discuss your own property move.