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Why Downsizing Your Property as You Age Is a Good Idea – and How to Go About It

Downsizing Your Property: This is a decision that only you and your partner can make. It is important not to be pushed into selling your family home as it is likely that for you. It will be the wrong decision. However, in saying that, there are lots of benefits to downsizing, and it is a good idea to remember that just because the big house is going to be somebody else’s, your life, memories, and social life is still very much your own.

Property Benefits

Although there are countless benefits to downsizing your property, you should ensure that you have your own reasons. This is because it is a big decision and not one that should be taken lightly. Once you have let go of your family home, the chances of you getting it back are very slim, either due to the fact that there will be another family occupying it or that it will be unaffordable to you.

Less housework and maintenance

A smaller home will take far less time to keep clean and tidy than a larger one. Especially if it isn’t overly cluttered, and as it is a smaller property, it should cost less to maintain. Of course, this train of thought does not necessarily follow through if you purchase an old rundown property or one that is in need of lots of TLC.

Lower expenses

You should also be able to save money by having lower utility bills. As a smaller property, such as an apartment, will take less energy to heat. Especially if you have moved from a large, detached dwelling.

Free up invested money

Many people have invested huge amounts of money in their homes, and although house prices rise and therefore hold a profit, that profit is only obtainable when the property is sold. Selling your large home and downsizing to a smaller property could have you releasing some of this money. This means that you will be able to either enjoy it yourself or pass it on to other generations of your family to help them get a foothold on the property ladder, for instance.

Property Considerations

Of course, there are some very serious considerations that you will need to take into account once you have decided that it is time to sell your large family home.

What you want from your next property

You will need to consider what you actually want from your next property. Writing out a tick list could help you keep these priorities in mind while you are actively looking. For instance, if you like being outdoors in your garden. You should make sure your next home has an outside space. Whether it is in the form of maintained communal gardens or having its own private garden or outdoor space for you to potter and sit.

If you like entertainment, then looking for properties with the right-sized kitchen, dining area, or sitting room could be high on your list. Of course, in this, you will probably want an area that has an abundance of parking facilities for your guests’ convenience.

In addition to these features. You may find that as you get older, security plays a large part in your happiness. Although you may have to pay top dollar. You will find that a lot of apartment complexes and retirement properties have taken this into account and offer security as standard.

Hiring the right professionals

When selling your property, you are going to want to obtain the best price you can. This means hiring the services of a professional real estate agent in your area. They will most certainly be able to provide you with a relatively accurate estimate of what your home is worth and will have the ability to connect with interested parties that are seeking properties like yours within the right price bracket. However, it is important that you ask at least three different real estate agents to value your property before putting it on the market. As you will get a far better idea of what it is really worth.

As you are seeking buyers for your home. You need to approach real estate agents to get property details of the homes you may be interested in. Drawing up shortlists of which ones fit your desires will mean that you save time trawling around properties that you will simply have no interest in.

Of course, when you find your dream property, you will have to think about the move. Most moving companies will be happy to collect from one house and deliver to another. However, when it comes to apartments, it may be a different experience entirely. Finding out too late that your moving company has whopped on an additional fee because they are moving you to an apartment is nothing to laugh about. So, it is important that you opt to hire a dedicated apartment movers company.

Final thoughts

It can be a big step moving from a family home to one that is solely for you and your partner. The closing of an era, if you like. It is therefore important that you think about it seriously and that you document all the good points against the bad. Selling up and moving and then realizing that you have made the wrong decision can be devastating. However, if you make the right decision, it can be invigorating and revitalizing.

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