6 min read
Thinking of downsizing? Here you'll find all you need to know about how to make a smaller home work for you! Find tips on planning and organising to help make your move stress-free.
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Whether you’re an empty nester approaching retirement, want to be mortgage-free or are looking to move close to your loved ones, relocating to a smaller or less expensive property might be a good option for you. As with all these things, researching and planning will make the process less stressful and help you get organised. Our guide will help break down everything you need to know about how to downsize your home.
In this article we explain
Whatever your reason for downsizing, here are a few questions that’ll help you get ready for your move.
Think if you’re downsizing for the right reasons. Since the process involves both financial and emotional costs, you need to feel confident that this decision will benefit you and improve your quality of life. Our article on when to downsize your home might help you make sure it is the right decision for you.
Consider if you want to stay in your neighbourhood or move to a new area. Think about proximity to local amenities, green spaces, hospitals, transport links, as well as your family and friends.
Decide the type of property that you’d like to purchase. As you age, your priorities and lifestyle will change, so you’ll need to find a flat or house that’s right for your current and future needs, especially if you’re approaching retirement. Read our helpful article to help you decide if you should downsize when you retire.
Consider if you want to be mortgage-free before you put your existing property up for sale.
Check our complete guide to selling your home, to find out the steps you need to follow. To speed up the process, instruct a conveyancer to complete the legal work as soon as possible, so everything is ready when you find a buyer.
When downsizing home, you probably wont be able to take all your belonging’s with you, therefore it’s essential to decide which items you can donate, sell or recycle. To help you get started, here are some top tips to make it as easy as possible:
Take your time and start early: Packing for a move can take a long time, especially if you are having to decide what you are keeping. To help the process go as smoothly as possible, start decluttering once you list your home on the market, giving yourself a bit of a head start for when you need to start packing.
Be practical about storage space: Be mindful of how much storage space you will have in your new home, especially if you currently have an attic or a garage.
One room as a time: Decluttering a whole house can seem overwhelming, however breaking it down to each individual room will make it feel more manageable.
Start small: When starting the process, start by emptying wardrobes, drawers, cupboards, etc, one at a time and deciding what you want to keep, donate, sell or recycle. Once the contents have been tackled, you can then think about the pieces of furniture themselves, and if you want to take them or if they will fit into your new home.
Organise your piles: As you decide what items you are keeping, pack them directly into boxes, ready for moving. The “go” items can then be put into separate bags ready for their new homes.
Ask family to sort their own things: If you have children or family members that have things in your house, ask them to sort it out themselves. They may want to keep hold of them, otherwise they might be thrown out!
Reduce the number of items: If you are moving from a larger family home, you might have lots of plates, bowls, towels, bedding, etc. Now might be the time to consider if you will need so many in your new smaller home.
Make sure you don’t throw away any important papers such as a marriage licence, medical records and insurance policies as well as items with sentimental value.
Here’s a list of costs that you need to consider when downsizing:
Stamp Duty will be the biggest cost to take into consideration when deciding whether you can afford to downsize. It’s paid on any property over £250,000 and will vary depending on the purchase price.
Estate agent fees: Estate agents manage the details of your move and usually charge 1-3% in commission.
Conveyancing fees to cover all the legal and administrative work your conveyancer will complete. These will vary depending on your property purchase and sale. Get a personalised quote based on your circumstances in under 30 seconds.
Mortgage fees. You’ll need to consider mortgage fees if you’re still repaying a home loan.
EPC certificate. You’re legally required to provide any potential buyer with an energy performance certificate (EPC). This usually costs around £40 and is valid for 10 years.
Homebuyer’s survey is a detailed inspection on the property you’re interested in buying and will flag any issues. Find out more about the costs in our comprehensive guide to surveys.
Packing and moving costs can range from £600-£1,800 but you can always shop around to find the best price or even rent a van and do it yourself to save money.
Maintenance and improvement costs. You’ll need to cover the cost of repairs and getting your home ready to go on the market.
Find out more about the cost of selling a house and get tips to keep your expenses down
Get your free personalised conveyancing quote and start your home moving journey today
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