“Downsizing can be the right move – but it’s easier said than done”. This is frequently heard and Killens have now launched a service aimed at taking away some of the stresses involved and making the move so much easier. We look at how Killens can help.
“Downsizing” or “right-sizing” is becoming increasingly popular amongst a cross section of the population in the UK, with approximately 500,000 people per year now estimated to be considering a move to a smaller property. It is not just older people who may consider this route but redundancy, separation, divorce and other changes in personal and financial circumstances can also lead individuals to downsize.
The thought of downsizing can be a little emotional and overwhelming especially if you have lived in a property for many years. Attempting to sort through and, in some cases, throw out belongings can feel like a task too far but downsizing can be a positive experience that sets you up for the future and fits your lifestyle.
There are a large number of potential benefits from taking the plunge and these include:
♦ Frees up equity
♦ Pays off debt
♦ Reduces your monthly outgoings
♦ Facilitates early retirement or a career change
♦ Can help get your kids on the property ladder
♦ More freedom to pursue your interests
♦ Boosting your pension pot
♦ Funds long term care
♦ Reduces inheritance tax
♦ Helps you to embrace the “less is more” principle
♦ Removes property speculation risk
♦ Enables others to move up the property ladder
♦ Provides a fresh start
It is not too difficult therefore to recognise the persuasive case for making the move and the vast majority of those who do find it definitely worth doing but there are potential downsides that need to be overcome.
The largest deterrent is the hassle of moving. Moving home is one of life’s most stressful experiences, especially if you haven’t moved for some time. Selling your home, finding a new one, packing, moving and settling in is not for the faint-hearted.
When you’re older and moving from the family home to a new smaller residence, possibly in a new community or your child’s home, sorting through decades of family history and possessions can feel overwhelming – even paralyzing. Relocation can be an unwelcome admission of frailty, loneliness, illness and a loss of independence.
In addition to the stress of moving, the costs are something to consider. Fees, stamp duty and moving can be costly. In addition, there could be costs associated with making modifications to your new home so there is a need to fully and accurately calculate all potential costs before considering a move.
It should also be borne in mind that once you have moved, there is often no turning back and you will have to face less room for you and your possessions. You’ll also probably have less space between you and other people – for example, if you downsize from a detached house to an apartment.
Finally, a vital question to ask yourself is “will you still be happy?”.
So, once you have got to grips with the concept and decided to proceed, it is time to carefully plan. A well planned move is usually an easy move. Knowing what you have to do and the time you have to do it will make the whole process a lot easier.
So what will need to be tackled:
♦ Marketing your existing home
♦ Deciding the location of your new home
♦ Finding a new house whether that be on the open market or a ‘retirement living’ development
♦ Resolving your mortgage requirements – will your existing mortgage need to be transferred to your new home?
♦ Ensuring that your sale and purchase reach a satisfactory completion
♦ Decluttering and disposing of unwanted items whether that be cashing in at auction or giving to charity
♦ Collecting and keeping together important papers
♦ Arranging the move
♦ Unpacking and arranging the new home
♦ Changing providers for utilities such as gas and electricity
♦ Completing address changes
The whole process needs determination and a good sense of humour but we can relief you of the stress and make downsizing a liberating experience.
Our caring and professional staff in our estate agency and auction room teams, can arrange for all the steps of moving to be taken acting in accordance with your wishes.
You will face the emotional side of leaving your home but safe in the knowledge that you do not have to spend time, effort and stress in making it happen. We offer a flexible service and we can do as much or as little as you want from packing and moving to home cleaning and negotiating the purchase of your new home.
So we are helping clients to avoid paralysis caused by the apprehension of moving and your downsize doesn’t have to be stressful, sad or scary. Stay positive and get excited about a simpler life in a new place with less clutter and let us assist you in achieving your objectives.
For further assistance, contact your nearest office of Killens.