At Bayleys Marlborough we’ve noticed an increase in clients choosing to sell homes they have lived in for decades rather than years. With various reasons for such moves, our vendors are often prompted by the need for more manageable space, a requirement to move from country to town, or to release equity for retirement, to help their grown children or to fund their own long awaited OE.
As many of you reading will know, moving house is considered one of life’s most stressful events at the best of times, so when you are leaving a much-loved family home it’s even more important to ensure the process runs smoothly.
Here are some tips to consider if you are downsizing.
- Plan ahead – Moving from your family home can be an emotional wrench so plan ahead by including your whole family in the discussions. Adult children will likely be able to help with storage or finding a property close to them if that’s your goal. If you’re moving to release equity think carefully about how much you’ll need for your new home, meet with your financial advisors to help you make key decisions.
- How small is too small? – Be certain of your requirements in your quest for a new home and don’t overdo the downsizing. It’s a common trap to fall into. Remember you may still need room for guests and grandchildren, so keep all this in mind when viewing new properties.
- Declutter – It’s amazing how much stuff can be collected in a couple of years, let alone a couple of decades. You won’t be able to take it all with you if you’re downsizing so start decluttering early. It could be a good opportunity to hand down those family heirlooms to the next generation. You may find this article on clearing the clutter useful.
- Leave the renovation for your successors – If you have been in the same family home for decades, there’s a chance that some areas will need modernising. Whilst it can be tempting to update the house, this isn’t always the right way to go. Some prospective purchasers may be tempted by the blank canvas your house represents to them. If it’s an older homestead they’ll see it has good bones and will recognise the potential. So save your money for your OE!
If you’re thinking of downsizing contact us today to discuss your selling and buying options.