Downsizing before the new year: What to consider

Your finances

The chances are, downsizing will save you money. But it’s worth putting pen to paper so you can take a clear-eyed look at the financial side of moving. 

For example, note down:

• How much equity you can free up. By downsizing in terms of property value, you can release funds. Whether you plan to help out your children financially or jet off for white sands, this is a big tick in the pros column.
• Your energy bills. Assuming you’re not moving from an ultra-efficient new-build to a dilapidated 16th-century cottage, your new heating expenses are likely to be relatively modest. (At a time when household energy bills are hitting a three-year high, any savings are welcome.) Instead of making assumptions, however, consider the official EPC (energy performance certificate) rating of the property and whether there are any ways to improve the insulation, draught-proofing or other parts of the building. You might also ask the current owners for info on their energy bills for an indication of what you could pay. 
• Your maintenance costs and other bills. Likewise, notwithstanding a move to a stunning but ancient castle, your ongoing expenses are going to be easier on your wallet. Just think: less cleaning every week, fewer repairs and DIY projects, possibly a smaller garden to mow and mulch, plus lower council tax bills. 
• Any ground rent and service charges. If you’re moving into a retirement home, scrutinise the various costs as these can be significant. Some also come with fees if you sell or sublet. Don’t be afraid to ask the estate agent lots of questions! 
• Your moving costs. It can be helpful to list all your costs, from Stamp Duty Land Tax to survey fees and buildings insurance. Here’s more on the hidden costs of moving home.

Your furniture and belongings

Are you dreaming of a simpler, less cluttered way of living? Or does the idea of journeying to your attic fill you with anxiety? Whatever group you fall into, the task of sorting through belongings can take a lot of energy. When considering the prospect – and timing – of downsizing, walk around your home and judge how realistic an end-of-year move feels. 

For example, ask yourself: 

• If you’ve found a property to buy, have you sized up what items you can bring with you?
• Are there items you want to pass on to family members or friends? If so, how quickly can you organise this?
• Can you categorise items into either ‘keep’ or ‘discard’ without breaking a sweat? Or are you looking at a longer process of careful sifting?
• If you have sorted items into the ‘discard’ category, can you imagine leaving them at the tip or charity shop? Sit with this feeling for a minute. 

The time of year

Traditionally, autumn is a busy season for the housing market. This year, in particular, there is a high number of properties up for sale, meaning you get plenty of choice but must price your own one carefully. It’s important, then, to research what’s a realistic asking price for your local area and property type. 

You might also prepare for the gusty autumn weather and shorter daylight hours. Check out these practical tips on moving during the rainy season.

Working with experienced professionals

Downsizing your home is a potentially exciting prospect but one that relies on careful planning. We’d love to talk to you about your plans and see how we can help. Find your nearest Winkworth branch and call us today.