for You
for Solicitors
Posted on 16 February 2022

4 things to think about when downsizing

Whatever age you are or wherever you find yourself in life, downsizing can be daunting. Here…

Downsizing - Image of property

Whatever age you are or wherever you find yourself in life, downsizing can be daunting. Here are 4 things to consider when looking at smaller properties;

What about your current home brings you joy?

In most cases, people that downsize are looking to make a change for very powerful reasons. So, be sure you don’t lose sight of the things you love about the house you currently live in. You are going to have less space to begin your next chapter and making sure that you take the good stuff with you will help ease the change. For example, if you love gardening, look for a property with outdoor space that you’ll enjoy but won’t become a chore because of its size.

Storage could be the answer?

If you’re downsizing on a short-term basis and you have things you don’t what to part with then storage might be the solution. Family and friends are a sensible place to start especially if it’s a stop-gap solution you need. Alternatively, looking for properties with a garage or shed might be the way forward, you could even buy a garage separately if you have the capital to do so. Another option is rented storage which is almost commonplace, you can even rent people’s empty rooms.

Clearing the decks!

Even if you decide to get extra storage, having a clear-out is a good plan. Yours will likely be a bit more militant because you’ll have limited space in your new place. The best thing you can do is set some rules, for example, if it hasn’t been used in the last 6months – 1year then get rid! Sell, charity, giveaway or bin it is entirely up to you but be ruthless. You could even take the 3 categories of ‘keep, chuck, and not sure yet’ if it’s taking too long to decide.

Rent or buy!

The age-old question applies here too. If you’re not sure about the type of property you want, renting is definitely an option. You’ll need to consider your finances when it comes to available mortgages but renting can be advantageous. Firstly, you can ‘test drive’ a different type of property. So if you are moving from a 5-bed semi-detached house to say a bungalow then you can see if single-story living is for you. If you are cash-rich as a result of selling your house then renting can put you in the enviable position of being a cash buyer. If this is the case you’ll seem more proceedable to estate agents and be in a stronger negotiating position.

Downsizing can be a positive experience, offering the chance to start afresh.

For more advice, visit our blog.