In times of uncertainty with the cost-of-living crisis, the price of mortgages and anything else that comes our way, many people are choosing to downsize their homes. Especially popular with the over 50’s, downsizing is an option many people have been strongly considering. Downsizing is a big decision to make. It’s about deciding whether it’s not only the right decision for you, but for your extended family.
A difficult and life changing decision to make, you want to make sure you’re making the right choice by having all the facts and information you need to help you not only with the move but with the paperwork process. Here at Arrow Conveyancing, we’ve broken down every aspect of downsizing and how to get it right the first time.
What is downsizing?
To put it simply, downsizing is when you move from a bigger home to a smaller one. Whether that be smaller indoor square footage or outdoor garden space. Downsizing has become even more popular over recent years due to the Covid pandemic and the results of lockdown. People are wanting to be closer to friends and family or bustling areas such as city centres, highstreets and near local amenities. In addition, some have realised they don’t use or need all the space they have in their current home. Which is why they may look to downsize to make the most of not only their money but of the space they have. Many popular options include a bungalow, retirement village, park home or smaller house/flat.
Why do people downsize?
Everyone has their own personal reasons for downsizing, whether that be you fancy a change, money issues or quality of life benefits. Many move to a smaller home due to empty nest syndrome. Many people’s kids have grown up themselves, moved out and started their owns lives in their own home. This leaves a few empty bedrooms with little to no use.
Another reason for downsizing is due to kids moving away and the parents/grandparents wanting to be closer to them, or they fancy moving to a whole new area to live out their escape to the country fantasy and quiet, slow-paced life.
Downsizing also creates the benefit for offering and prolonging one’s independence. Whether that’s moving to a property that requires less work and care or moving to a single level space to help with mobility.
There are also financial reasons such as your spouse needing funding for care home residence. Another reason is that small homes may come with lower utility bills which is a major bonus in today’s current climate.
Some sellers fancy a welcomed cash injection through the selling of their larger home, whether that be to boost retirement funds, become mortgage free or invest their money e.g. help their children buy a home or simply save it for a rainy day.
Is it the right step for you?
Downsizing is a big decision to make. It can come with many pros and cons as well as complicated and stressful paperwork. So, is it the right choice for you? To help you decide, Arrow Conveyancing has the information and expertise you need to become well informed and make your final decision.
First you need to consider whether it’s not only the right move for you and your family but whether it’s the right time to sell up. Consider what the market is like and whether your property will be on the market for long or sell quickly.
The next thing to consider when downsizing is the big task of the move. You’re most likely not going to be able to take everything you already own with you, so consider selling it on for that extra bit of cash or donating to charity. Downsizing can also be a tough job for some as you’ll have to do an extensive clear out of your things, and perhaps part ways with items you may not want to.
To really understand whether downsizing is the right move for you, you need to know what you’re going to be looking for in your new property and whether it’s a move worth making. Creating a check list of points you want from your new home, with some being preferable options but non-essential can be a great way to make your search that bit easier.
Things you should be aware of
Arrow Conveyancing is here to make the downsizing process run smoothly with minimum stress. We can assist with the paperwork and any legal issues that may affect the sale of your property. This includes identifying any land ownership issues and property issues before they delay the process.
Furthermore, we assist with the buying process, acting as your guide for dealing with first time buyers, cash buyers and those with a chain of connected transactions. In addition, not only do we help with the checks and offer expert advice, we also regularly monitor the process and transactions along the way.
If you use Arrow Conveyancing for your conveyancing, because we work via email, we can ensure a smooth and well monitored process, allowing you to get on with the exciting move and start your new life. Please feel free to contact us for any additional information or queries you may have.
Arrow Conveyancing Ltd.
Call: 0116 266 5394
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The information contained in this article does not constitute financial advice or recommendation and should not be considered as such. Arrow conveyancing does not offer financial advice and is not regulated by the Financial Conduct Authority (FCA), the authors of this article are not financial advisors and are therefore not authorised to offer financial advice.