Why Downsize?
Everyone has their reasons; however, these are the most common motivations for Downsizing.
- The kids have moved out. It may be hard to believe, but eventually, they go. Yes, they will leave you with boxes piled high with who-knows-what not to be collected until they’re well in their 30s, but they will, at some stage, surrender their rooms back to you.
- The cost of running a more extensive home. Heating empty rooms – especially amidst the cost of living crisis – has become a widespread concern. You can manage this by turning radiators down in rooms you are not using; however, this only goes so far.
- The time commitment a more prominent home requires. We’re still looking for anyone who loves dusting, and never-ending Saturday morning DIY house maintenance does become tiresome.
- Future-proofing for old age. This is often the time to start thinking about the home where you want to spend your finer years. Three flights of stairs, a slippery drive and a garden like a jungle – perhaps not what the doctor ordered?
- Release funds (or reduce payments) to support retirement. You may find that the funds released from your property more than cover the costs of a new one leaving you with a pot to help your retirement. Or, if there is still a mortgage to pay, you should be able to reduce your monthly payments by Downsizing.
It is always a good idea to seek professional advice from a Financial Advisor and Mortgage Broker to review your circumstances and give you the best options.
Why is Downsizing hard?
Downsizing is one of the more difficult moves for both practical and emotional reasons.
Emotional
Typically, homeowners considering Downsizing will have spent many years in their current home. They will have created many memories, built familiarity, and likely brought up a family. These factors all contribute towards forming an emotional attachment to the home.
Where more than one individual is involved, it is common for potential Downsizers to be on slightly different timelines, with one team member feeling more or less ready for change.
Practical
Furniture. Going from a five bedroom three reception room home to a three bedroom two reception room creates excess furniture. Deciding what stays and what to keep can be tricky.
Clutter. Even the most organised households will build up clutter. Compare how often you have removed items from your home with how many Amazon parcels have come through your front door (where you’ve been lucky enough to get to them before the courier throws them over the fence).
Faulty Crystal Ball. Many Downsizers want to make this move their last move, so look for the property that will answer all of their future needs. The trouble is there is a lot that we need to plan for.
Top tips for Downsizing
- Start Clearance Early. Keeping on top of clutter is good advice for anyone, so this is an extension of that advice. Start by setting aside a little time and pick one room. Cupboards, wardrobes and drawers should be your first targets. Take everything out and only put back in what you use. With what is left, consider taking items to charity shops or selling online – gumtree is a great place to do this and is free. Or, if you are happy to part with your items for free, look at your local freecycle If you need help, you can employ the services of a Professional Organiser, which you can find through a Google Search.
- Take the Best Furniture with you. When debating what to take and what to leave, a simple rule is to take the highest quality items and rehome the rest unless you feel adventurous and go for point 3.
- Or Start with New. Do you need your 10-year-old sofas, or is it time for a change? Often we go blind to the wear and tear that our possessions have endured, and this is a great time to consider if items are past their best.
- Have Clear Criteria. Knowing what you are looking for next will help you. Knowing what you want is especially helpful if you are not in a hurry, as you can casually browse new listings until the perfect fit becomes available.
- Know your finances. You’ve been at this a while, so you’ve no doubt got this down to the last penny; however, if there were a time to double-check those sums, it’d be now. Knowing your circumstances will help you make the next move more seamlessly.
- Get Help. At TIE Sales & Lettings, we offer a bespoke off-market search service. We use your criteria and our third-party AI software to identify matching off-market properties and predict those likely to come up for sale soon. We then contact them directly to enquire about their plans. Contact us today to find out more.
