Choosing to downsize your home is a huge decision but could turn into the best choice you’ve made in a long time.
We have put together our top tips and considerations to help you make the move to a smaller home as seamless as possible.
There are a few considerations that you need to make before downsizing. These include:
Reasoning: Why are you looking to downsize?
Time: Is this the right time for you to downsize to a smaller home?
Location: Where do you want your home to be located with your future needs in mind?
Property type: What type of property suits your current and future lifestyle?
Mortgage: Do you want to be mortgage free if this is a possibility?
Finances: Can you afford to spend money on stamp duty, estate agent, legal and removal fees?
The benefit of moving into a new Avant home is the access you have to the My Move Made Easy scheme, where we can sell your home for you. We find the right estate agent and buyer to get you the best price for your existing home. We have plenty of others schemes to take advantage of too. Find out more here.
Here are some options you have available (but not limited) to you when downsizing:
You also need to decide how much space you need too, as this will determine the number of rooms you need to look for in your next home.
Preparing your home can significantly impact how quickly your home attracts buyers and maximise the amount you may receive for your property.
Boost your kerb appeal: Ensure your garden is tidy, lawn mowed and bushes/trees trimmed. If you want potential buyers to be interested from their initial viewing, you need to make sure their first impression of your house is positive, and a maintained exterior shows a pride of ownership and hints at a well-cared-for home.
Declutter and depersonalise: Potential buyers need to envisage themselves living in the space, this means you need to make sure there’s minimal mess or clutter visible. Put yourself in the viewers shoes and make sure the room is as welcoming as possible. Moving the positioning of furniture can also help with this!
Deep clean and freshen up: A sparkly clean home helps to showcase its potential and even giving each room a fresh coat of paint can enable buyers to visualise the room as a blank canvas.
Read our top tips blog on how to prepare your home when you are looking to sell.
The best time to downsize depends on your current situation and what your reason is for downsizing, which will allow you to understand how soon you need to begin the downsizing process.
The main reason people choose to downsize is to live in an environment that is more manageable for their lifestyle, this could be once your children have flown the nest and there’s no need for a large family house anymore.
Alternatively, you could be looking to downsize to a smaller home to reduce your expenses or even give you the chance to go mortgage-free. The best time in this case could be once you retire, to save money for other activities.
There isn’t a single best month to sell your house in the UK, but traditionally spring (March to May), January (think new year, new home), and September (when the kid’s go back to school) are months when we see an uplift in buyer activity.
The best time to sell depends on your specific property type, target market and local trends.
Our Sales Advisors can help advise you on this due to their knowledge of the local market and connections with estate agents.
If you’re looking to downsize into a smaller home, we can help!
We offer the My Move Made Easy scheme where we can sell your current home for you, so you can move into your Avant home quickly.
Take advantage of Mortgage Porting, where you move your current mortgage to a new Avant home.
Enjoy lower mortgage rates with Avant and Own New. You can secure a mortgage rate as low as 1%*, whilst owning 100% of your property!
There isn’t a correct age to downsize. Although, the majority of people do tend to make the decision to downsize later in life, as they are heading towards retirement. Research suggests that many people contemplate downsizing in their late 50s to early 60s.
Gather the items you know you use on an ongoing basis and any keepsakes together, then move onto belongings that you no longer use or want. This should help you decide what items to get rid of first.
You can use our My Move Made Easy scheme. This allows us to help you sell your home. For more information on these schemes, please visit our ways to buy page or get in touch with a Sales Advisor.
We would recommend speaking to an independent mortgage specialist who can help you determine the financial aspects of downsizing.
Usually if you are selling an existing home and buying a new one, you will need to pay stamp duty (known as LBTT in Scotland).
