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Is it time to downsize? What to consider before selling your property

Selling up and downsizing is a popular choice for many people when life enters a new phase and needs a new property to match! Whether due to retirement, the children having flown the nest or finding your property unmanageable, downsizing is a practical choice to consider. However, downsizing can feel like a daunting step – particularly if you’ve lived in your home for a long time. Before you put your house on the market, here are a few things to consider to make your house search less tricky.

Affordability

For those downsizing after retirement, affordability is a key consideration to take into account before moving as most individuals will see a decline in income after retirement. Before you begin to look for a new property, it’s important to take stock of what type of property will be financially comfortable in the long run. Take time to figure out your budget, including the estimated sale price of your property, and plan accordingly.

Area

A new property offers the exciting opportunity of a new area and, as your priorities shift, provides the chance to enjoy a new locale. If you’ve spent too long living in an area close to work or feel stuck in the same spot, downsizing is the ideal time to explore a new area or move closer to loved ones. Now’s your chance to find a new place to call home – whether you’re dreaming of a leafy suburb to call home or living around the corner from your family, downsizing offers buyers the opportunity to fall in love with a new area.

Space and Style

If you’re planning for this move to be your last, it’s important to know how much space you’ll need in your new property and how the layout of the house will impact its liveability over time. Will you need a room or two spare for visiting children or old friends, or would you like a home that’s small and easy to maintain? Bungalows are a common and practical choice when downsizing for their ease of access, but flats and smaller houses may suit your needs best. If your heart is set on a bungalow, it’s vital to remember that interest often outweighs availability – so you may have to express your interest and act fast!

Personality

A smaller space doesn’t need to compromise on character. When deciding whether to downsize, you may feel nostalgic for the home you’ve had for years and anxious to find a similarly personal and familiar space. Before you jump into house hunting, consider whether you’re ready to commit to a house that may need redecorating or whether you’re looking for a property that will only need a few personal touches. Don’t rush into getting rid of years’ worth of memories you’ve become accustomed to at home. Although a few things may need to be left behind, keep what you love and make your new house a home.

Whatever your reason for considering a downsize, it can be an exciting and beneficial choice for a lot of people. If you think it may be the right thing for you, then we’re more than happy to discuss your consideration further and help advise you on the most suitable property types and locations to be looking at. Good luck with your journey into discovering that bigger doesn’t always mean better!

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