Things to consider when downsizing

PUBLISHED: 27th Oct 2023

Inflation rates are gradually starting to stabilise and mortgage rates are finally beginning to lower, and so, apparently is the price of every-day shopping is too, however, recent months have certainly left many people considering the option of downsizing.   

If your children have left home and you now have an empty nest, you may have thought about downsizing because your property now feels to big, but now also feels too expensive to run – if so, then now might be a good time to downsize, simplify your life  and start a new chapter. 

Your home is one of the biggest assets, and by downsizing this could also be a welcome supplement to your retirement income. 

So, if and when you decide to downsize there are questions that you need to ask yourself first according to Zoopla.  Here are some of the top tips they recommend:- 

Is the layout correct? 

The number of bedrooms is usually one of the key factors, stairs may be an issue, the garden may be too big and with fewer people living in the home, it may be a time to consider ground floor living – when doing a search on the key portals, bungalow or apartment are definitely key words. 

Is the area still right for me? 

As we grow older, then living in an area that has local shops and a good community is key – at David Phillip Estate Agents we have invested in local area videos - take a look at Bramhope, Pool-in-Wharfedale and Adel, all areas have lovely surrounding countryside, and a great local community with flourishing businesses. Local videos help you get a real feel for the area, you can also see from aerial shots the types of properties there are in the area too, and particularly the number of bungalows. 

Am I keeping on top of the house? 

For DIY enthusiasts and keen gardeners, then a property that has a small amount of pruning, planting and painting may be ideal – some people are happy to be climbing up ladders in late retirement but to many people it just isn’t worth the hassle. 

Am I up to the move? 

If you are looking to downsize, try not to leave it too late – downsizing requires a lot of effort as does moving into a new home and potentially a new area. If you are moving from a 5 bedroomed detached property to a 2 bedroom bungalow, then now may be the time to start getting rid of some of the items you no longer need, ‘de-cluttering’  is key.  People are understandably likely to feel emotionally attached to possessions gathered along the way, deteriorating health or knowing where to start may prevent people looking to downsize.  

People may be afraid that if they de-clutter, they may throw out something valuable or something precious that once belonged to a loved one. If this is the case then, it may be helpful to get the help of a professional de-clutterer . At David Phillip Estate Agents we recommend Lesley Naylor a professional De-clutterer and organiser who works with and supports people downsizing. 

You may want to give items to charity or hand down to family members, we also recommend Hartley’s Auction House in Ilkley for assistance with the disposal of contents via their auctions 

Would I rather spend money on something else? 

Priorities may have changed, you may want to help your children out, help grand-children to get a step on the property ladder or even buy somewhere smaller abroad – all these seem better priorities than spending money on utilities in an expensive home. 

If you are thinking of downsizing, then it is likely that your property will have increased in value from when you purchased if you have lived there for a while, which will give you lots of equity left over to use for whatever you wish – this may mean you can pay off your mortgage and move to somewhere else mortgage free and as a cash buyer.  

Retirement is personal, there are no right or wrong answers, but there is no harm in regularly reviewing your situation. 

If you are looking to downsize and were wondering how much your property may be worth, then get an instant valuation on our website www.davidphillip.co.uk, or if you would prefer a market appraisal, then call David Phillip FRICS for a free Market Appraisal. 

Downsizing can be a fraught experience for some who aren’t looking for change  or have become accustomed to their home, but there are so many advantages such as saving on bills, household chores and maintaining a big garden become more managable and the opportunities a new area can bring can be exciting, plus buying a new, cheaper property provides you with more cash to either spend on a new home mortgage free or money to enjoy a new way of life. 

So, once you have discovered the value of your home, then at David Phillip Estate Agents we can also help you find somewhere that will not only suit your future retirement plans, but also somewhere to spend the rest of your life. 

David Phillip Estate Agents, 86, Leeds Road, Bramhope, Leeds LS16 9AN T:01134 676 400  www.davidphillip.co.uk  

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