When people think of someone downsizing to a smaller property, they tend to think of a couple nearing retirement age who are looking for somewhere a little easier to maintain.
The reality though is that the decision to scale down is becoming more and more popular among younger home-owners. Recent research from Lloyds Bank has shown that the average downsizer is now 40 years old, and at Warners our team speaks to sellers of all ages who are looking for something a little smaller.
Here, we take a look at the most popular reasons for downsizing and the top tips you should consider if you’re thinking of moving to a smaller property.
Cutting out the commute
For many people, moving closer to the city centre to cut down on their commute and be closer to work can be a real incentive. If you’re moving from out of town, this can often involve a trade-off where you have to accept a slightly smaller property in order to find somewhere that’s affordable.
Of course by reducing your commute you will save a little on travel costs, and a smaller property will generally be a little bit cheaper when it comes to utility bills.
Freeing up some finance
Perhaps the most obvious reason to move to a smaller home is to free up some finance. With the costs of further education rising, downsizing can be one option for parents of children approaching student age. Alternatively, it may be that you’re just looking to free up a little cash for that once in a lifetime holiday once the children fly the nest.
Whatever the reason, if money is your main motivator it can be well worth speaking to a financial advisor. Moving home is one of the biggest financial decisions that most of us will make, so spending a little to get the right advice at the outset can pay dividends in the long-run.
A chance to declutter!
As a nation, we are prone to getting too attached to our treasured 'stuff'. It can be incredible just how much of our homes are taken up by often unnecessary items that we’ve accumulated over the years.
When considering downsizing you have to assess your actual needs – is this clutter genuinely necessary for your current lifestyle?
Make a decision that unnecessary items with no sentimental value should go. Stay organised and be ruthless when considering what enters your new space. Quality over quantity is key – choose great pieces of furniture with personal value over that pair of expensive shoes you are yet to wear.
Selling unwanted items on Ebay or other auction websites is also an easy way to gain extra cash.
Freeing up some time
People who downsize are often able to feel liberated from the endless amount of chores that come hand in hand with maintaining a large house and garden.
Downsizers are also often surprised by the increased amount of time they have for leisure activities or for spending with family and friends.
If you have the luxury of time before you move, try to squeeze in some of the following:
Declutter, and be firm with yourself about it. It will make your current home appear more spacious and appealing to buyers and ensure that you have plenty of room for everything in your new property.
make lists of everything you’ll need to do and everyone you’ll need to contact.
Get a copy of the floorplan for your new home so you know how much space is in your new property and analyse your new storage space. Floorplans should be readily available on good property websites like ESPC.
A helping hand
Of course, Warners is always on hand to provide expert advice to anyone who is thinking of downsizing – or indeed selling any property.
If you are thinking of downsizing, or have any questions about buying and selling in general, feel free to get in touch today on 0131 662 4747 and one of our friendly team will be delighted to help.