Downsizing can be a scary thought but it needn’t fill you with dread! Wills & Smerdon have been helping people downsize since 1933 and it’s an adventure we’re happy to lend our expertise to help. To keep things simple, we’ve come up with 7 top tips to master the art of downsizing so you can start thinking big, about going small.
First things first, get a realistic valuation. If you can run the numbers on all the costs early on then you’re already off to a strong start. Knowing what your current property is worth is the foundation of any move, so make sure you spend time getting this right before you start looking. You can apply for one of our free valuations here.
Working out what to keep and what to chuck can be a disheartening process. Your home should be full of pieces which make you happy and that have fond memories attached. If they don’t, get rid of them! Downsizing is all about being smart with space and evaluating what you’ve already got against what you want to achieve.
You wouldn’t go shopping without your wallet and the same should be said for buying a house! Make sure you avoid the stress of not being able to secure your perfect next home by making sure you’re ready to buy. At the very least have your property on the market, but if you can secure a buyer first, then you’re over half way there!
We bet you’ve already started looking online at properties… this is a great place to start but downsizing is becoming a bigger goal for more and more people, with many properties never making it online before selling through Agents. Get registered and get chatting! Let Agents in the area know what you’re after and you may find yourself nabbing your perfect property before anyone else knows about it.
Though you may have an idea of what you’re looking for, being open to other possibilities may lead to something you’d never have dreamed of but that might just be your perfect fit. It costs nothing to view (except time & maybe a little fuel!). Agents are there to listen carefully to what you’re after and to help you see your property desires reach their full potential.
Moving house can be exciting but it is an expensive and long journey. So, wouldn’t it be nice if you only had to downsize once? Try to think ahead about what your property needs might be further down the line. A lot of people move to be on one level, to be closer to amenities and family members, as well as to have better access to public transport. Try to think practically about what matters to you now and also about what will matter to you in the future.
Everyone wants to feel like they’ve bought well in the market. However, if you find a property that ticks all of your downsizing boxes, then don’t pass up the opportunity without considering any financial wriggle-room (don’t worry, tip number one already had you crunching the numbers, so you’re ahead of the game!). You’ve looked long and hard to find your next home with that ‘special feel’ and it’d be a shame to loose it for the sake of small amount. Be prepared to compete for the right house.
The property you’re looking to downsize from may have been your home for a long time. Making the move to go small is no easy decision and make sure you’re ready. If these tips haven’t empowered you to start thinking smaller, maybe you should consider what other options you have. Perhaps annexing a section of your property might work? Or just renting out your spare room?
Feel free to give us a call if you’d like to chat through any of these tips or your downsizing goals.