The prospect of leaving behind a house which may have been a family home for 15 or more years can be a daunting one.
For many, moving onto the next chapter of their lives means leaving behind the home where their children grew up, a house where cherished memories were created and saying goodbye to a property they made their own over the years can be a difficult decision.
There are a lot of things to consider, including finding the right property that works for you and making a prudent financial decision, so here are a few tips to make the process as simple as possible.
Consider your needs
Often people looking to downsize put the needs of others before their own, but this shouldn’t be the case. The key is to really consider what you want from your next home.
One of the first steps is to find your perfect next property, which means rolling back the clock and going through the same tried and tested process of deciding on the type of homes you are looking for, how much you have to spend and, of course, perhaps the most important element; location.
As a downsizer, the likelihood is you want to spend your time enjoying your new property, not redecorating or DIY. For many, that means buying a new-build property, which offers a virtually maintenance free prospect. Recent research from the Home Builders Federation (HBF) revealed that upgrading an older property to the same standard as a new build home would cost homeowners more than £50,000, which is money that could be spent elsewhere.
Considering the area you want to live in is absolutely vital. A development, town or village with a community feel provides the perfect location for downsizers. You can also consider moving close to family for an additional element of comfort that will make the next step on the property ladder as easy as possible.
Think about how you’ll live in your new property
Perhaps one of the most important messages to carry with you through the process is not to re-create exactly what you had in your previous property on a smaller scale, but to think of the change as something completely new and different.
For many this means decluttering and possibly reducing the furniture and possessions you have. It is important to consider your new property and what will fit into it. The last thing you want is to feel like you don’t have enough space, so it is important to get rid of anything you don’t need before moving to your new home.
Take finances into account
Downsizing, by its very nature, means buying a smaller property, which frees up money tied up in your previous home. If you have any money left over, you can decide how to use this, which can mean a more comfortable life, an increase the number of holidays you have each year, or keeping the money aside for a rainy day.
However, there are a number of pitfalls that must be avoided that will ensure a move to a new property is financially viable.
Before deciding to downsize it is important to think about your future financial requirements. These can change and it means doing some forward planning and considering your needs as they are now, as well as forecasting into the future.
Once you have taken the plunge and sold your property, there is no going back, so if your former property increases in value you won’t be able to reap the rewards of this any longer. So, you need to be comfortable selling your home at the market price as it stands now.
If you’re ready to take the next step towards downsizing take a look at Avant Homes’ developments here.