Finding an agent who understands the emotional, practical and future considerations associated with downsizing will help to ensure the process runs as smoothly as possible. We’ve compiled a few top tips for those thinking about this step in their property journey.
Choosing to relocate to a smaller property is not always an easy decision – particularly if the property you’re leaving behind is a cherished family home. While the head might say ‘yes’, the heart can be harder to convince.
According to analysis by Savills Research, last year 131,200 sellers – representing just over 11% of all UK house sales – were downsizers and between them, they sold £60.7 billion worth of property. While reasons differ when it comes to making the move, some of the most commonly cited motivations include wanting to find somewhere smaller once children have flown the nest and there’s no longer the same need for the space, seeking to free up capital to supplement retirement, helping family members get on the housing ladder or simply wanting a more manageable, easy to maintain home in a convenient location.
WHAT DO YOU NEED TO CONSIDER WHEN LOOKING TO DOWNSIZE?
First and foremost, it’s essential to understand exactly what it is that you want from your downsize – both in terms of the property itself and its location. With some opting to move away from the area they currently live in, visiting the new neighbourhood and viewing a variety of properties should help to narrow down your search criteria. This is particularly important if the area is somewhere you’ve holidayed; looking at somewhere as a buyer is very different to staying there on a short-term seasonal basis.
For many, this will be their final move so it’s important to think realistically about the lifestyle you want at this stage of life as this is likely to determine where you focus your search and the type of home you look for.
Timing too plays an important role. On occasion we see homeowners keen to downsize who wish they had done so a number of years ago when they were more active and better able to enjoy their new surroundings. Sometimes it may seem too early to consider scaling down from the long-term family home but embracing the next step and what it could offer from both a lifestyle and wellbeing perspective can encourage people to make the commitment to go ahead.
In certain circumstances it may also be beneficial to ‘try before you buy’ and dip your toe into the rental market. This is especially true if you can’t quite find the property you want straightaway. It’s a good opportunity to see if you like an area before committing to a purchase, as well as a chance to experiment with how much space you actually need.
WHEN SHOULD YOU START TO PREPARE FOR DOWNSIZING?
If you’ve made the decision to move then it’s useful to get the ball rolling as soon as you can. Despite the current market headwinds there remains strong demand for high-quality family homes in sought-after locations.
Decluttering can be one of the hardest – but most important – steps in the downsizing journey. Having time to sort through possessions and what you’ll do with them is key – whether this means moving with them, passing on to friends or family, selling items, taking to the local household waste recycling centre or donating to charity. There are also a variety of paid for services to assist with home organisation if the task seems too challenging to handle alone.
Appointing a solicitor early in the process is also a wise idea. They will be able to identify any legal anomalies that might exist – such as covenants or rights of way – to help keep any unexpected hiccups to a minimum.
Meanwhile, instructing an estate agent can be done in advance of when you are planning to launch your home to the market. This can often be a useful exercise in getting their suggestions about how to prepare your property for sale as well as having photos, floorplans and marketing materials ready.
HOW TO PUT YOURSELF IN THE BEST POSITION
Often the homes most in demand among downsizers are in short supply and can attract attention from those at the other end of their property journey. Properties that tick a lot of boxes in terms of the lifestyle they offer, the size and location naturally gather more interest, so it’s important to be in a strong position to move.
When downsizing, having your property on the market – or even better under offer – will highlight to a seller that you are serious about your next move and also gives them a good sense of a potential timeline. Starting your search and making offers before putting your house on the market could leave you in a vulnerable position, especially when the best-in-class homes are still commanding competition in some areas.
HOW SHOULD YOU PREPARE YOUR PROPERTY FOR SALE?
Just like every sale it’s important to make sure your property is well presented and tidy. Keep on top of regular maintenance such as the garden and have a good declutter.
It’s also a good idea to get your property photographed in the spring or summer when it’s looking its best – even if you’re not planning to sell straightaway, it’s helpful to have these ready to go.
Meanwhile, sellers who are realistic about their pricing expectations are likely to see more activity and interest in their home. In the current market it’s imperative to be sensible on pricing, particularly if the property you’re selling needs a little TLC.
WHAT SHOULD YOU LOOK FOR IN PROPERTIES TO BUY?
Homing in on the fundamental reasons for the move are key – and trying to tick as many of these boxes as possible is sensible.
In general, downsizers often want a lower maintenance property and will tend to prioritise searching for somewhere that’s in good condition and which will be cheaper to run. Many will want a ‘lock up and leave’ type property so that upkeep and security is less of a worry if regular travel is likely to be on the agenda.
You may also want to look for properties in cities, towns or villages with good local amenities, where shops are within walking distance and which have good transport links so that it’s possible to stay connected via local services without the use of a car. Interestingly, we are finding that an increasing number of downsizer buyers now want somewhere with plenty of activities nearby so that when their families visit there is lots for children and grandchildren to enjoy.
Downsizing from a much-loved family home may seem daunting but with some practical steps and advice from an experienced agent, the next and final move on the ladder can be just as exciting as the first.
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