Downsizing is something that many homeowners consider as they get older, especially when their children start to move away. It’s a popular choice as it enables a release of equity from your large family home by moving to a property that will be more manageable in retirement. A large garden might be something you enjoy at the moment, but will you be able to maintain it as you get older? Similarly, narrow or steep staircases may be manageable today, but what about when you’re in your 80s? So when is it time to consider downsizing?
So when you are deciding if it is time to consider downsizing, here are some questions to ask yourself…
When should I downsize?
The majority of downsizers decide to make their move before they reach the age of 65. This might seem young, but moving home is known to be one of the most stressful life experiences, so you want to do it when you’re physically and mentally fit and able. If you’ve lived in your family home where you brought up children for decades, it can also be a hugely emotional time. While the idea of a home move may seem like something you should consider at a later date, broaching the subject of downsizing sooner rather than later, could save a lot of trouble.
Where should I move to?
A common choice for downsizing is to sell up and move to a more affordable region, where you can take advantage of cheaper property prices. However, you want to ensure there are still friends and family nearby. Relocating to the country may appeal but, as you age, getting around could become problematic so you need to ensure there are transport options. There are also a few other factors you should definitely take into account; consider your proximity to shops, a doctor, and a pub or restaurant. As time goes on, you want to ensure easy access to local amenities.
What should I do with my possessions and furniture?
Moving out of a larger family home to a smaller property inevitably means parting with possessions. Measure your most prized items and work out where you can fit them into your new home, and then decide what to do with everything else. There may be some pieces that your children, relatives or friends, have a connection to and they might love to rehome them. However, if you want to take time to consider and hold onto some items until you feel comfortable in your new surroundings, putting them into storage over the short-term could work.
Should I buy a retirement flat?
These can be an attractive option for many older homeowners, as they come with a ready-made retirement community and are designed exclusively for older people who want to consider live independently but with support available. They can often include onsite facilities such as swimming pools and restaurants, as well as care services. But be careful to check the purchasing details carefully so you are aware of all charges and caveats. You might find that your flat can only be sold to someone over 55 or you are barred from selling on the open market.
If you’re not ready to sell your home but want to access some of the money that has accumulated in your property, equity release is another option, so if you would prefer to stay put but get the benefit of a cash injection there are options available to you.
So if you’ve decided it is time to consider downsizing then how you sell your home is a huge consideration. The traditional estate agency route might be your first thought, but selling your home this way will be very stressful. You will need to get the property in tip-top shape, keep it spotless for spur of the moment viewings, and of course be prepared for negotiations from buyers to knock the price down for any and every ’fault’ in the property, small or large. A property sold through a traditional estate agency not only has the wait and delay of finding the right buyer, but also the stress and delay of waiting for mortgage offers, surveys, chains, and the inevitable sales that fall through. You can avoid all of this hassle and delay and get on with downsizing by using a home buying service. This type of home sale is quick, easy and hassle-free! Valuations can be done online, with cash in your bank account in as little as 7 days, allowing you the time to enjoy your new home as soon as possible. There is no obligation to find out what your home is worth right now, just click here…