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The advantages of downsizing…

February 14th 2017
By: Melanie
The advantages of downsizing…

If you are over 55 and would like to free up some money tied up in your home you will not be alone. Many people from this age and up find themselves living in homes which are far too big, mainly due to adult children leaving home. So if you are thinking about downsizing here are some factors you might want to take into consideration:

Do your sums:

If you are thinking about freeing up some equity tied up in your home then the first thing you will need to do is to contact an estate agent, such as Intercounty to give you an accurate valuation, to ensure you are going to achieve the type of money you are expecting if you chose to downsize. Check out the prices in the area you would like to move to - If you are thinking about downsizing from a larger property into a smaller property then you won’t always achieve the money you would like if you are planning on moving to a more expensive area.

Once you have found out how much you can achieve by downsizing, make sure you keep to your budget, as this could possibly leave you short of funds to start your new life.

Here are some interesting statistics from the Good Housekeeping magazine – people who are over 60 have seven million spare rooms in their homes and most downsizers want to stay within five miles of their old home to be close to family and friends.  

Don’t underestimate how much it costs to move – make sure you work out how much the conveyancing, Stamp Duty, removal fees, estate agents fees.

Possible savings:

According to Homeshift downsizing from a four bedroom house to a two bedroom house will save you around £1,605 on household bills per year.

Pitfalls:

One of the pitfalls of moving into a smaller house is that you might not be left with as much money as you had anticipated – so make sure you have a really clear idea of your budget.

Make sure you buy a home which is big enough for your needs.

Try and stay in the same area as quite often people are tempted into new areas but find themselves cut off from friends and family. If you are considering moving abroad or to somewhere different it’s always a good idea to try before you buy, by renting somewhere first it will give you a good idea on whether you would feel comfortable living there.

Don't leave it too late – many people find that the thought of moving as they become older is too daunting.

This beautiful three bedroom detached cottage in Hempstead could make an ideal downsizer property. The cottage offers a host of period features including an inglenook fireplace and exposed beams throughout. The property offers two reception rooms, kitchen/dining room, shower room, 18ft lounge and study area. On the first floor there are three double bedrooms and family bathroom. There is a delightful cottage garden with a summerhouse and parking for two vehicles. An internal inspection is highly recommended. EPC Band G.

Screen shot 2017 02 17 at 08.51.11

Features include:

  • EPC Band G
  • Charming Detached Period Cottage
  • Village Location
  • Delightful Gardens
  • Two Reception Rooms
  • Period Features
  • Study Area

To arrange a viewing or to find our more information follow this link or call Intercounty Saffron Walden 01799 522641.

Readers might also be interested in:

Downsizing: Is your home too big for your needs?

The benefits of downsizing

Source: Good Housekeeping magazine