Like many parents who have raised their children in the larger family home, there comes a time once the children have left home to attend university or simply moved out, leaving an empty nest, that thoughts turn to the possibility of downsizing.
The home may now feel too big, or you might want to free up some cash to help your children (or spend and enjoy on yourself of course!). In the Bromley area it’s actually really common for people to come to us regularly to seek advice on downsizing, and luckily we always have many suitable properties to have a look at.
Reasons to downsize
- An Empty Nest. If your existing family home now feels too large and you just need a more suitable property for the number of permanent occupants.
- Less maintenance. Always a great incentive to downsize – less rooms to clean and upkeep! Depending on the style of property you choose, a smaller property usually means less maintenance, lower household bills and less garden to manage.
- Release equity. Selling to downsize could release some funds so that you have a cash injection to help family, travel or pursue other interests.
- Mortgage payments. If you sold your current property and bought a cheaper property, you could then pay off your mortgage or move to lower monthly mortgage payments, releasing money for other things (see above!).
How to find a suitable downsized property
- Location. A big initial decision here. Do you want to stay in the same location as your current house, or is this your chance to try something different? Move to the city vs move to the country, move closer to the kids vs move further away?
- Property Type. You don’t have to be tied to the stereotype of downsizing to a bungalow or a flat, but it’s definitely something to consider depending on your long term plans and any health issues/needs.
- New Build. If you’re wanting less maintenance then a new build property, or newly renovated place might be a great choice.
How to manage your excess belongings
Downsizing to a smaller property means that you are inevitably going to need less ‘stuff’. Go all Marie Kondo and keep only things you love, OR it could be a moment for a totally fresh start and go shopping for some new home and interiors items! Our pre-moving decluttering guide can help you when it comes to getting rid of things, and if you have a lot to get rid of then these are some of the options:
- Ask an auction house or house clearance company for a quote
- Get selling on Ebay and local Facebook selling sites/groups
- Give things away to family and friends
- Take things to charity shops
- Have a garage sale or sell at a car boot sale (Hayes Farm in Hayes, Bromley does a great one most Sundays in the summer).
Thinking of Downsizing? Book a property valuation with us today!