There are many reasons people consider downsizing. Perhaps you want to live somewhere more manageable, or you are looking for lower running costs or to release equity. Maybe you just feel that it’s time to move on from the family home and create new memories somewhere else.

Whatever your reasons may be for downsizing, you are not alone. Here are 5 things to keep in mind:

1. Half the Size Doesn’t Mean Half the Price

The majority of downsizers are looking to move from a 4 bedroom property to a 2 bedroom property, but bear in mind that this will not always mean that it is significantly cheaper. A home half the size may not be half the price – especially if you are looking to move to or remain in a very desirable area. When considering downsizing it is best to be as open minded as possible regarding location if you are looking to pocket some capital.

2. Location is Key

You should also be realistic about accessibility and how close anywhere you consider is to amenities and friends & family. While a remote country cottage might seem like a great idea on paper it is always worth considering the practicalities of having to travel miles to shop or socialise.

3. Consider All the Costs

Be sure that you do your research. Take into consideration fees, stamp duty, moving costs, etc. to ensure that you will be making the right investment. And remember to be patient – it may take a while to find exactly what you are looking for.

4. Do You Have to Wait?

On the other hand, what if you find your ideal property quickly but are still trying to sell? Or what if you want to use the equity from your property to invest somewhere else and want to look at a short-term mortgage for the new place? Ask an expert!
It is always advisable to speak to your mortgage advisor before making any big decisions about your next home to find out all the options that you have to suit your individual circumstances.

5. Declutter and Freshen

Also, remember to consider miscellaneous costs like furniture. Downsizing to a smaller property may mean that your current pieces won’t fit. Before you buy, have a good clear out and think carefully about what you really want to hold on to and what you can say goodbye to.
And while you’re in the process of de-cluttering, take the time to get your current home ready to sell. Freshen up the place with a coat of paint and finish any outstanding repairs.

As always, we hope this helps! For more information on how ABC Mortgages can help you with your mortgage needs you can contact us through the information below.

Thanks,
Bill Muir
ABC Mortgages