The property market is a wonderful thing. We’re not just saying that because we’re estate agents either – it’s such a vast tapestry of different people, at different stages of life with different goals, all needing different properties with different characters, features and utilities. You will never find two buyers or two houses that are the same. But you will find people who are in similar general positions – like the need for more space, or to downsize – and it’s that last one we want to talk about today.
For the property market to function properly and serve all of these needs, downsizing plays a key role. Downsizers help to free up housing stock for movers on their second or third rung of the property ladder, and they in turn free up properties for first time buyers. It’s an effective chain. People choose to downsize for all sorts of reasons, from wanting to reduce the cost of running a larger house to having no need for the extra space now that the kids have left home. But for those who choose to downsize, there are a few things they should be aware of and tips they should follow, to make sure they ‘right size’ the first time around, and don’t end up having to move again down the line. And that’s what we would like to talk about today.
Prioritise Organisation
Downsizing from a family home with lots of spare storage space to a smaller property can be a daunting and emotional thing to face, and that’s before you add in all the stresses of a standard house move. But making sure you have an organised approach to the whole thing can help keep stress to a minimum. Make sure you plan your move out in advance, utilising to-do lists as much as possible to make sure you always know what you need to do, and what’s the most important. Knowing in clear detail what you have to do and how much time you have to do it will prevent any last-minute panics, and make sure critical tasks aren’t forgotten in the rush. In everything from property searching to packing, organisation can make the whole things go much smoother.
Be Practical
There are lots of advantages to swapping a larger home for a smaller one. For starters, you will have an easier to manage, cheaper to run house, with easier access to local amenities (since smaller properties tend to be located near towns, while larger ones are more remote), and money freed up to spend on retirement, holidays or helping younger family members get themselves onto the ladder. But there will be some challenges too – mainly around space. If you’re swapping a big four-bedroom house for a two-bed bungalow, you probably won’t be able to take everything with you when you move. But try to see this as an opportunity. It’ll help you to cull all of those items that are in questionable condition, the ones you barely use or the ones you forgot you had. You can purge those areas famous for gathering clutter, like garages, lofts and kitchens. You might also wonder if you really need the beds, mattresses and sheets for extra rooms you no longer have. Downsizing is the perfect time to be ruthlessly practical and ensure your new home isn’t filled with unnecessary clutter.
Work Out How Much Room Is In Your New Home
Your biggest challenge when downsizing is going to be working out how your current furniture and belongings will fit into a smaller space. So once you’ve chosen a property, it can be really useful to get or create a scale floorplan, and scale pieces of paper for your big items. This makes it much easier to visualise where everything will fit in your new property. You can play around with layouts and find something that works for you, and you’ll know in advance if something won’t fit, so you don’t need to go to the effort of moving it. Being aware of the dimensions of your new home, and working out how much space you have to play with, will enable you to establish which furniture you can take with you. Any excess furniture could be donated to charity, given away to friends or family, or sold.
Sell Unwanted Items
Speaking of donating and selling, don’t just throw things away! Moving house is an expensive process, and selling items you can’t take with you could give your bank account a boost while helping someone else. Furniture can be sold, donated to other family members or charities, Knick Knacks can be sold online or at boot fairs. If you find an abundance of kitchen items and bedding, consider taking them to your local homeless shelter or youth centre so that they can help someone in need. There are whole communities all over the country who look for used items, either because they are cheaper than new or to upcycle into new projects. All of this helps counter the cost of moving and means your belongings will still see some love going forward.
Beware Of Extra Costs
Moving home involves a number of one-off costs that can soon add up into something more sizeable. Short-term moving costs include estate agency fees and paying for a removals firm (if you decide against a DIY approach), while you will also be liable to pay stamp duty on any home costing more than £125,000. Other costs to factor in include conveyancing fees and paying for surveys to be carried out. Fortunately, though, downsizing will free up more funds in the long-term thanks to reduced maintenance costs and lower energy bills. You might even have a smaller council tax bill, although this will depend on the location of your property.
At Northwood, we love helping buyers find their perfect home, whether it’s their first or their 31st. Our experts are on hand to help you find your ideal downsized home in the Reading and Newbury area, answer any questions you might have and guide you through the downsizing process. At any one time, we have a range of properties available, from studio apartments all the way to bungalows in the suburbs, waiting for you to fall in love with them. To find out more about buying your next home with Northwood, just get in touch with the team today.
