Is it time to think about downsizing?
There comes the point in life when the idea of moving from a larger to a smaller home can seem very appealing. The family have flown the nest, and it’s an opportunity to release capital and lower maintenance and utility costs. Add to that the fact that you won’t have unused bedrooms to dust and a garden that you’re a slave to, and you’ll have more time to enjoy the things you love doing. It could be a win-win situation.
That said, for many, the thought of embarking on a downsizing move can be daunting, and it’s often put off for too long, especially when the larger home is filled with happy family memories.
Downsizing made easier
At Penfolds, we’re often asked for practical moving advice and tips, and with decades of experience in property, we’re always happy to share our knowledge. If you’re thinking about moving from your large family home to something smaller, but you’re not sure where to start, then read on for five steps to downsizing success.
- Preparation is key: Always face any concerns you may have as early as possible. With thorough planning, much of the worry can be avoided, and it is far better to move at a time that suits you rather than trying to move when you have no choice.
- Cost considerations: The financial implications of this move are often the driving force, and so it’s vital to ensure the costs of moving are carefully calculated as well as budgeting for how much money you want to see in the bank after all the moving costs.
- Living your life: Downsizing doesn’t mean compromising your lifestyle. With careful thought, you should be able to enrich your standard of living. Do your research into the area that you’re considering moving to. Discover whether people are living there of a similar age to you. Consider the amenities the locality has to offer and whether those amenities match your own interests; shops, cafes, gyms, swimming pools or golf clubs! Even if you still have a car, it’s worth looking into whether there is good public transport close by and a local shop for everyday necessities.
- Practical makes perfect: Downsizing will inevitably mean you’ll have less storage space than you may have been used to. This is an advantage in many ways, but effective planning is essential. I’d recommend beginning with three lists; the things you must have with you; the things you can live without and the things you could replace. Ask yourself which of the items you own are actually important to you and prioritise comfort in your new home over ‘things’ you may have collected and stored for many years!
- Gather your team: When all this has been thought about the next decision to make is which estate agent to choose! Sometimes a few words from someone who has experienced the value of a good estate agent is enough to help you make an informed judgement.