When is the right time to downsize your home?

A large property isn’t for everyone, and there are many reasons why you may want to downsize, from no longer needing a big family home if your children have flown the nest to struggling to maintain a bigger property as you get older. However, knowing when to sell up and downsize can be challenging and timing is everything - leave it too late and you might find you’re left with a big house that’s overwhelming to maintain, or you might miss out on getting more for your home as markets shift.

Why might you want to downsize?

There are several signs that it’s time to make a fresh start with a smaller home.

• You want to release equity: You might choose to downsize so you can fund your dream retirement lifestyle, travel the world or help your kids get on the property ladder themselves.
• Maintenance has become tricky: Larger properties require more time and money to maintain, especially if the property was an older home when you bought it. As we age, doing those all-important DIY jobs becomes harder, whether it’s gardening, redecorating or simply keeping it clean.  
• You dream of a home that suits your lifestyle: As we enter different phases of life, our needs and priorities often change too. Maybe the location you live in doesn’t work for you and your family anymore, or perhaps you want to be closer to amenities or in a quieter location.
• Being closer to family: If your kids or relatives live elsewhere, you might consider moving closer to them and downsizing in the process to save money.
• Bills are too high: You might be left with a large home when kids go off to university or fly the nest to live on their own, but you still have bills to pay, from mortgage payments to utility costs and insurance. Downsizing to a smaller home could help reduce your monthly expenses or perhaps even go mortgage-free, something more and more Britons are enjoying the benefits of.
  
  

When is the best age to downsize?

Downsizing can be beneficial at any age, depending on your reasons for wanting to, but it’s often life events that prompt us to think about moving to a smaller house or flat. This might be retirement, paying off your mortgage or wanting to be closer to your children or grandchildren.

One thing that does tie these reasons together is age - downsize before you get too old to do so, since moving is incredibly stressful, emotionally draining and time-consuming. Completing a house move is therefore best done while you’re fit and healthy, as opposed to much later in life when you might have mobility issues or illnesses that will make it tougher.

What to consider before downsizing

If you’ve weighed up the pros and cons and decided that downsizing might be the right step for you and your family, there are a few factors to consider for a smoother move.

First, consider your location carefully. Will the area you’re thinking of moving to suit your needs, now and in the future, such as having access to the amenities you need for your lifestyle, or transport connections?

You’ll also need to start preparing for the move as early as possible to reduce stress and make the process seamless and hassle-free. For example, declutter your home as soon as you decide you’re going to move, as this will save you time packing items you won’t need but also means your next smaller property won’t be cluttered the moment you arrive. This also benefits you when you list your home on the market - staging the home so it looks more appealing to prospective buyers is much easier when the property is clutter-free.  

Think carefully about the type of property you want to live in before you start your search. Downsizing might mean a slightly smaller version of your current property, but it might also mean a complete change from a detached house to a flat where you’ll be surrounded by neighbours or moving to a bungalow. There’s every chance downsizing won’t leave you with all the room you need for personal items and furniture, so you might choose a smaller property that allows for an extension or a garden room to give you space without the expense of a larger home.

Finally, make sure you have your home valued early on so you know what you have to work with. A common mistake is overestimating what you think your home is worth, and underestimating how much moving will cost you, so get the figures in place first so your search is properly informed.

Regardless of your age or your reasons for needing to downsize, evaluate the financial and emotional aspects of moving to make sure it’s the right decision and the right time for you. Downsizing is often a personal decision that doesn’t depend on the market but rather on lifestyle needs or a desire for a change of pace, so weigh up the pros and cons carefully before you list.

If you want some advice about downsizing, contact your local branch and we'd be happy to help.