Is Now The Right Time To Downsize?

There are many reasons why you may want to move home – you may feel like you have outgrown your home, you may have to relocate for work or family, or you may have simply fallen out of love with your current property. However, one of the most popular reasons for moving house is the motivation to downsize. As your needs change, the scale of your current property may not be as suitable as it once was, which encourages many homeowners to look for a more compact home. But how can you ascertain the right time to downsize? Here are four questions you should ask yourself to help you determine whether now is the right time to downsize your property:

What Is The Value Of Your Current Property?

If you are downsizing your home for financial reasons, it is definitely worth consulting a local selling agent to help you understand how much your home will achieve on the market. A local property agency with knowledge of your neighbourhood will be able to tell you when the best time to list your home on the market would be, and could even put you in contact with searching buyers and investors to expedite your sale. They will also have an acute understanding of local housing demand and will be able to advise you of ways to help you exacerbate the appeal of your property to increase interest and boost your sales price.

If you’re looking for a quick and simple valuation with a member of our team, follow the links here to arrange a free, no-obligation property valuation in Birmingham, Solihull or Nottingham.

Do You Require Equity Soon?

When downsizing, you will likely purchase a property for far less than what you sold your original property for, leaving you with a sizeable amount of equity. If you require this equity soon to pay off any debts, give money to your family, or fund your retirement, it may be worth downsizing sooner rather than later. However, if there is no immediate need for you to get this equity, it may be worth waiting for your property to accrue value in the meantime until the time is right to sell. It is certainly worth seeking financial advice if you are looking to acquire funds from a house sale: for example, a loan may suit your needs better.

Has Your Current Home Become Unsuitable?

A desire to downsize is not always financially motivated. If your children have moved out, you have split from a partner, or you have experienced health issues that impact your ability to move throughout your property, you may be driven to downsize. Similarly, those with disabilities or those requiring more advanced senior care may find themselves better suited to retirement homes or sheltered accommodation that is easier to move around, clean, and offers the benefits of care facilities.

If you suspect your current home has become unsuitable for your developing needs, consider these questions:

• Are you able to walk around your property with ease, even if you are not feeling your best?
• Do you think you will need to fit certain measures such as stairlifts and bannisters in the future and, if so, do you have the financial means to do so?
• Can you easily access and clean all of your rooms?
• If you have vacant rooms, do you expect to find a use for them anytime soon?

Are Your Costs Stacking Up?

The current cost of living crisis is seeing an increasing portion of our income being spent on food, fuel and utility bills, leaving many homeowners struggling to meet their needs. This is especially true in larger homes which require more energy to heat, and often cost more to maintain.

If your home needs extensive repairs, you cannot keep up with garden maintenance, or your home is costing too much to heat, you may benefit from moving into a smaller property. A new build home may be particularly beneficial thanks to its energy saving technologies and the newness of its features, which reduces the likelihood of requiring extensive repairs or maintenance in the near future. A new home is also more likely to be energy efficient thanks to modern insulation, double glazing and eco-friendly materials which will drive down your energy bills even further in the long-run.

Thinking Of Downsizing?

Moving home can be a daunting prospect with a plethora of factors requiring consideration. That’s why Centrick have created the At Home hub to provide you with relevant property advice that can guide you towards making the best decision regarding your future property journey. Whether you’re looking for ways to save money on your energy bills, wondering whether a new home or resale home suits your needs better, or want to explore the latest innovations in energy efficiency – At Home With Centrick has got you covered! Check out the At Home hub for the latest property advice, or alternatively contact our team using the form below for more tailored advice on whether now is the right time to downsize:

Written By

Jenna Coghlan

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