How to successfully downsize

February 28th 2017
By: Melanie Hollidge
How to successfully downsize

Many people living in large houses over the age of 55 are considering downsizing. However successfully moving into a smaller property does need some careful consideration and research. 

Before putting anything into motion make sure you know your figures – ask a local agent such as Finch & Co to provide an accurate valuation of your property. Then add to this moving fees, including conveyancing, estate agency fees, stamp duty and removal costs.

Check out house prices and availability in the area you want to move to, if you are planning on moving to a more expensive area a move might not deliver what you are hoping to achieve – do your research. One of the pitfalls of people downsizing is the fact that they are left with less money than they had anticipated. Finch & Co can help you calculate all of the costs.

Once you have set your downsizing budget, stick to it – it’s really easy to get carried away when looking to downsize, especially if you are used to living in a really large home. Most successful downsizing moves seem to be those people who move within a 5 miles radius of their current property, enabling them to stay close to friends and family.

Some of main reasons for downsizing include; cashing in equity on a current property, the prospect of a better lifestyle, reduced bills, moving closer to family, so you need to make sure that you create a list of all of the things you would like to achieve from downsizing.

Here is a selection of properties which could make the perfect home if you are considering downsizing:

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2 Bedroom flat for sale, Wimbledon, Price: £535,000 (above)

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1 bedroom Flat for sale, Wimbledon, Price: OIEO £400,000 (above)

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2 bedroom Flat for sale, Merton Park, Price: £290,000 (above)

If you are thinking of downsizing why not pop into Finch & Co for a coffee and a chat or call our team on 020 8542 1193.