Downsizing. How to downsize for retirement.

Is now the right time to downsize?

Because downsizing your house is such a big decision, it’s important to look at your finances, both in terms of the price of your future home and the profit you’re likely to make on your current property. While opting for a smaller place should earn you a healthy lump sum, there are a couple of things to bear in mind when you come to sell.

Firstly, estate agent fees, conveyancing and stamp duty can of course be costly, so factor them in early on to avoid unexpected outgoings further down the line.

Secondly, the area you’re moving to could have higher property prices than your current location, so it’s worth taking that into consideration when you’re planning your move.

Our home buying service is a popular option because the sale of your property is guaranteed, there’s no chain (so delays or last-minute offer withdrawals won’t happen), and there are no estate agent fees.

As well as the initial lump sum from the sale, downsizing should reduce your monthly payments, given that you’ll be heating a smaller space. This is particularly true of new builds, which tend to be more energy efficient than older properties and require less upkeep. On average, monthly utility and property maintenance bills can drop, leaving you with enough extra per month to spend on the things you really enjoy.

Downsizing and decluttering

When it comes to downsizing, a big deterrent for a lot of people is the prospect of decluttering. When you’ve lived somewhere for a long time – particularly if you’ve had children there who have since left – you’re likely to have amassed a lot of things. Attempting to sort through and, in some cases, throw out, all of those belongings seems so daunting that it feels easier to bury your head in the sand. But sifting through it all can be a refreshing, cathartic process that will free up space and make the whole moving process a lot easier.

To get started, it’s worthwhile making a floor plan of your new space. Measure up the items of furniture you know you want to keep, and work out where they’ll fit best. Built-in shelving, cupboards and under-bed storage will make the most of your extra space, but there will be items that you don’t need anymore. Here are a few tips for when you come to tackle the big clear-out:

• Don’t feel like you have to get rid of everything – for those items you just can’t make up your mind about, offer them to a family member or put them in storage with companies such as Lovespace.
• If something’s beyond repair or you haven’t used it for years, be ruthless: you probably don’t need it.
• If there’s anything you don’t want to keep but can’t sell, take it to the local charity shop.
• Specialist auction companies can help you to sell any antiques and collectibles, and provide free valuations too.
• Ebay, Gumtree and Freecycle are also great ways of passing on everything from books and homewares to large pieces of furniture.

If you’re feeling overwhelmed by the prospect and you’re looking for some expert support, specialist companies such as The Senior Move Partnership can see you through the whole relocation process. From planning where all your furniture will go for you, to packing everything up on the big day, they will take care of the details to guarantee you a hassle-free move.