There comes a time in life when we all have to think about where our future lies and whether it’s time to move into a new property. If you’ve spent your life raising a family and they’ve now all moved out, it could be time to downsize. Here’s what to think about before you do.
Is it Definitely the Right Time to Downsize?
Moving out of your old home where you raised your family is always a tough decision, so it’s important that you think about it very carefully before making a decision. It’s not the kind of decision that you can go back and change if you decide you got it wrong a few months later.
There are a few vital questions you should ask yourself before deciding what to do.
Firstly, why are you thinking about downsizing now? You should be downsizing for the right reasons. Don’t do it because you want to give some money to your kids. But if your kids have all moved out and the house is now too big for you and your partner, it might be time to move on. Secondly ask yourself if there’s any chance of you needing the space again in the near future. If there this, you should wait a bit longer.
How Much Room Are You Willing to Sacrifice
The reason you’re downsizing is probably because you have too much space, and you want to move into a more manageable sized home. But exactly how much room are you willing to sacrifice? This is something you and your family need to think about and discuss carefully. Make sure you all agree on the layout of your new property before you buy.
Think about how you’re going to use the space and how much you have to fill the house with. You should have a clear out of your possessions before you make the move. That way, you’ll have more space in the new house.
What Are You Going to Do With the Spare Cash
When you move from a bigger property to a smaller one, you will have some surplus cash to think about. So, what are you going to do with that extra cash? Firstly, get your house valued and then look at the price of your desired properties using an estate agency to guide you.
That spare cash could be saved away for a rainy day. Or you might want to trade off the space you’re sacrificing for a property in a better area. Instead of living in a big house in a decent area, you could live in a small house in a great area, for roughly the same price.
Make Sure You Have Adequate Storage
Storage is going to be a big factor when you’re looking to downsize. As I mentioned above, you should get rid of any possessions you don’t need or want, but you’ll still probably have a lot to store. If you have a spare bedroom in a new property, you might be able to convert that into a big storage space if need be.
Downsizing is a big step, so make sure you take these thoughts into consideration before making a decision.