There are many reasons why you or your parents might be thinking about downsizing. Or perhaps you haven’t thought about it yet but now, reading this, realise it might actually solve some of the issues you face.
Finances are the most common reason for downsizing or ‘rightsizing’ as some like to call it these days. If you already live in a flat with a short lease, but don’t have the money to extend, this can allow the cost to be absorbed in the sale which means you don’t have to pay for it. A solicitor and / or surveyor can explain this. Or it might be that you still have a mortgage and want that to be paid off - another good reason to downsize. It also means you don’t have to think of equity release if that was something you were considering.
Energy bills and excess rooms
Most people in large houses do tend to turn off the radiators in rooms they don’t use, but there is undoubtedly still a waste of energy in common parts and larger than necessary rooms. And if there are rooms that are only storing adult children’s belongings or things that haven’t been touched for 5, 10 or more years, then this is also a very good reason to think about downsizing.
If the thought of calling a tradesperson in to mend things that are old and falling apart, or thinking about rewiring, or replacing a boiler, fills you with dread, then this is a sign to think about moving to a more modern property. New builds afford the luxury of new items, and the NHBC guarantee means you can relax about maintenance. If you move into a retirement village then you will also have a maintenance team on site to help if you need it. But you could also move to an older block of flats that is up to date and with good managing agents who are looking after the block. Just having someone else to get quotes for drainage or roof issues is a good thing and you just need to provide the money as part of your service charge; they will organise everything. (Of course you have to sort out internal repairs and decorations.) It could simply be that your once-loved and cared-for garden is now becoming a chore. This is also a sign to move.
You might still be in fine fettle and very fit. But your current property may not be suitable for a stair lift or hospital bed if you need it in the future. If you are downsizing consider looking for a property with at least a toilet (and possibly also a shower room) downstairs for use if needed. If you go into a flat, look for flats with lifts. Leaving it until you need these things often makes the move harder than need be.
Whatever the reason, if you need help with the practicalities of downsizing, remember to call us early on in the process so we can help with our years of experience from dealing with estate agents and solicitors, to de-cluttering, organising removals and all of the administration that goes with the move. We can even provide remote help.