Are you considering downsizing? The following questions and answers will help you decide if it's the right move.

What can I expect to gain through downsizing?

People choose to downsize for a variety of reasons. For some, the motivation is to release equity that they can use to buy a second property – perhaps abroad – or to help their children get on the property ladder. For others, it's a lifestyle choice. Their children may have grown up and left home and they would like to move from the tall family home to something lateral that has fewer stairs and is more manageable. In these cases, there's often an emphasis on entertaining space rather than the number of bedrooms.

Will I have to cut down on my possessions?

People who downsize initially worry that they will have to sacrifice furniture or much-loved belongings. While there may be an element of that, new build lateral apartments can often feel larger than a vertical house of a similar overall size, as less space is taken up with corridors and staircases.

What new features can I expect?

You should decide on the things that are important to you now, but also consider what will be important in the future. For example, many people prioritise having an amazing view because, longer term, they might be spending more time at home. Many new developments now offer a concierge service and that can also be a real comfort – it's reassuring to know that there is an extra layer of security and someone who will take care of packages and maintenance while you're away. 

Are there any financial implications I should be aware of?

On top of the purchase price, moving costs, stamp duty and fees, you might need to factor in ongoing costs during the long term. Service charges can vary widely depending on the size and age of a development and whether there are resident amenities. It's important to get the right advice about the sale of your property so that you have a realistic idea of the equity you can take from it into your new purchase and lifestyle.

What’s the best way to approach it?

Start early and be bold and open minded. In previous moves, you might have been restricted to living near certain schools, your workplace or commuter links. Now, you’re free to explore new possibilities. I’ve worked with some people who have bought a property that is some distance from where they first started looking because they had the freedom to move further afield.

Further information

Discover more from our latest video series, Voices of Experience, in which a selection of our property experts share their tips on moving in response to a new life chapter.