Things to Consider Before Downsizing

Downsizing can be a great way to make a profit on your home and save on some monthly expenses, but unfortunately, it’s not as straightforward as it sounds and there are a number of things you’ll need to consider before moving to a smaller home…

Competition could hit your profits

If you downsize too much, you could find yourself in direct competition with first-time buyers who are more attractive to sellers due to having no chain attached. To secure the property, you may find yourself paying above the asking price which could in turn take a sizeable chunk out of any profits made from selling your property.

Finding the right home

If you’re downsizing to cut down on your monthly costs, it’s important to bear in mind that with certain locations you could be spending just as much if not more on a smaller home. Properties with access to transport links and proximity to tourist attractions and local amenities often command premium prices to keep up with demand. Retirement hotspots in the UK such as Dorset, Devon and Norfolk are also known for steeper prices, so it’s important to take time to consider the location of your move and weigh up whether you value surroundings over indoor space.

Get expert advice

Selling and buying a home is never easy, and downsizing comes with its own list of extra complications and difficult decisions. You will need expert advice from an agent who knows the market well and can help you protect your profit, advise you on how to manage your monthly savings and find you the perfect home.

Do you need the extra space?

Downsizing can be tempting if you find that too many spaces in your home are going unused but if your concern is that your home has too many rooms, consider their function and if you can live comfortably without them. Repurposing rooms is much easier than moving house due to lack of use. For example, switching a spare bedroom into an office or a gym is a great way to get more use out of extra space instead of letting it collect dust.

The number of people in your household

If you’re moving your family into a smaller home, you will need to consider how many bedrooms are needed and how your family will function with less space. Will any rooms need sharing? Is there enough space for everyone to relax and have fun? Would your family benefit from more than one bathroom? Make sure you carefully plan out how you will be using your space and take into account every family member’s needs.

Your storage needs

When moving from a large house to a smaller house, it’s inevitable that you’ll have an excess of furniture items and family keepsakes that may need storing away. If you’re unwilling to part with certain items but there’s no space for them in your new home, you’ll need to consider all your storage options and any possible costs that come with them.

Your plans for the future

With any move, it’s important to factor in your future plans and whether the new home will be suited for them. For example, if you’re planning on retiring in a smaller home, make sure it can accommodate the needs of someone who is older or spends more time at home.

Are you thinking about moving this year? With the help of an award-winning Guild Member, you can confidently start your search today. Contact your local Guild Member for more advice.

Financial Services

Contact a specialist from Aston & Co Financial Services for help with finding the right mortgage.

Read What Our
Customers Say

Jodie Skinner

From the beginning, our experience with Michael and Rhys has been brilliant. Whenever we had a question to ask or needed some additional information, they were both just a phone call away and were always happy to provide us with an answer. As first time buyers, they made us feel ...

Sue Smith

We can’t fault Aston and co in Syston, for their handling of the sale of our property. We were kept up to date weekly and nothing was too much trouble. Both Micheal and Rhys were approachable and very professional. I would definitely recommend using them for an efficient and hassle ...

Andy

Having had issues with other agents, we came to Astons who gave us an honest appraisal of our house – not overpricing it like others to gain business. Michael and Rhys are a great partnership and Rhys being local was able to provide viewers with information that other agents hadn’t. ...

Andy Freer

Recently sold our house with Aston & Co. We honestly could not have asked for more. From the moment Michael came to value the house, to the day to day communication from Rhys we have not had to chase them once. Michael and Rhys are a great partnership and a ...

V Pears

We chose Aston & Co in Syston to handle the sale of our property. We were kept up to date regularly and Michael and Rhys dealt with all matters efficiently and quickly.We would definitely recommend using them for an efficient and hassle-free move.

Gareth Mueller

We bought a house from a vendor who used Astons & Co as their agent. Rhys was helpful and professional from start to finish and regularly kept us in the loop with how things were progressing. Communication was efficient and swift all the way through.

Julie Pearson

From the first visit to value our property to the final phone call informing us of completion Rhys and Michael at the Syston office have been brilliant, down to earth, realistic with valuation very easy to get in touch with.Making everything less stressful.Regular updates were very reassuring . I would ...

Charlotte Hings

The team at Astons are great. They’re really down to earth, take time to listen and help resolve anything they can for you.Their communication is excellent as they always keep you in the loop with what is happening with your sale. They keep both seller and purchaser happy.Fees are reasonable ...

Julie Perkins

We have recently used Aston & Co to sell our property. At all times we received regular reports from them on interest and following viewings . When our property sold Astons managed the chain keeping all parties fully informed and I believe that without their input our sale would have ...

Tina Poole

Michael and Rhys handled both our sale and purchases. They had good local knowledge, their valuation turned out to be on point. Our sale viewings were nearly all on the same day and we accepted an offer very quickly. We were kept up to date regularly with that and our ...

How Much is Your Property Worth?

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation.