Choosing to downsize once the children have flown the nest can be incredibly liberating especially if it frees up property equity and enables you to do some of the things you have been unable to do in the past such as travelling, having a bit more spending money to treat yourself, spending less time cleaning and maintaining a large property and all the costs associated with it such as council tax, energy bills and so forth. As well as more time to pursue hobbies and spend time with grandchildren.
Making sure you get it right the first time is really important, so here are a few things you might like to consider:
Location is really important, things to think about is whether you would like to live in the countryside, consider public transport, getting to the shops, do you want to move nearer to the children, are you happy to stay where you are as you have a good friend circle. Write a list of the pros and cons of moving out or staying in the same area. If you are considering moving to a new area then spend some time there to make sure you like it, check notice boards to see how active a village is, talk to some locals as well as any pubs and shops.
What type of building would you like to move in? A house, bungalow - consider whether this next property will be your forever property. Make sure you have enough room to have the kids stay and enough room for you to do any hobbies etc.
What type of property would you like to live in, new or old? A new build property would enable you to have more time to do other things as well as being more energy efficient.
If you are thinking of downsizing then why not contact your local branch of Intercounty for a chat to discuss your options.