Choosing to relocate to a smaller property is not always an easy decision. Particularly if the property you’re leaving behind is a cherished family home, the head might say ‘yes’ but the heart can be harder to convince.

Reasons for deciding to downsize vary, but very often it's motivated by a desire for a more manageable, easily maintained property in a convenient location. Many buyers simply want somewhere that’s easier to look after because they don’t want to be tied to a larger house in later life. Others may be looking for somewhere smaller because their children have flown the nest and they no longer need the space, or they want to free up some capital to supplement their pension during retirement or help a family member to get a foot on the housing ladder.

We know what it means to move, and so to help you through the process we’ve compiled a few top tips to ensure it runs as smoothly as possible.

WHAT DO YOU NEED TO CONSIDER WHEN LOOKING TO DOWNSIZE?

First and foremost it’s important to understand exactly what it is that you want – both in terms of the property itself and the location. Take some time to view a variety of homes and visit the area you’re hoping to move to. Looking at somewhere as a buyer is very different to being on holiday or just passing through.

For many, downsizing is the last move that they will make in their property journey and so it’s important to think about the lifestyle and what you want from the next stage of your life as this will likely determine where you focus your search and the type of home you look for. 

In certain circumstances it may also be beneficial to ‘try before you buy’ and dip your toe into the rental market. This is especially true if you can’t quite find the property you want straightaway. It’s a good opportunity to see if you like an area before committing to a purchase, as well as a chance to experiment with how much space you actually need. 

WHEN SHOULD YOU START TO PREPARE FOR DOWNSIZING?

If you’ve made the decision to move then it’s useful to get the ball rolling as soon as you can. Despite the current market headwinds there remains strong demand for high-quality family homes in prime locations.

Have a plan in place so that when you are ready to push the button it’s as stress free as possible. Think about space. Although not always the case, there might be certain items that you won’t be able to take with you. Would any be suitable for selling at auction or will you need to make a few trips to the local charity shop?

Appointing a solicitor early in the process is also important. They will be able to identify any legal anomalies that might exist – such as covenants or rights of way – to help keep any unexpected hiccups to a minimum. 

HOW TO PUT YOURSELF IN THE BEST POSITION?

The very best homes for downsizers are in short supply and can often attract attention from those at the other end of their property journey and looking to upsize. Homes that tick a lot of boxes, in terms of the lifestyle they offer, the size and location naturally gather more interest and so it’s important to be in a strong position to move.

When downsizing, having your property on the market – or even better under offer – will highlight to a seller that you are keen and serious about your next move while also giving a better indication of a potential timeline. Starting your search and making offers before putting your house on the market could leave you in a vulnerable position, especially when the best in class homes are still commanding competition in some areas.

HOW SHOULD YOU PREPARE YOUR PROPERTY FOR SALE?

Just like every sale it’s important to make sure your property is well presented and tidy. Keep on top of regular maintenance such as the garden and have a good declutter.

If you’re not planning to sell straightaway it can pay dividends to have photography for property listings and marketing purposes taken in advance – ideally the spring or summer.

In the current market it’s also imperative to be realistic on price, particularly if the property you’re selling needs a little TLC. Making wholesale improvements such as updating bathrooms or kitchens is not always the right course of action, so speak to an experienced agent in order to gauge whether or not you are likely to add value by carrying out any changes.

WHAT SHOULD YOU LOOK FOR IN PROPERTIES TO BUY?

Focus on the reasons why you’re moving and try to tick as many of those boxes as possible.

In general, downsizers often want lower maintenance, so look for somewhere that’s in good condition which will be cheaper to run – a ‘lock up and leave’ type property so that if you’re planning to be away for an extended period of time you don’t have the worry of regular upkeep. 

You may also want to look for properties in towns or villages with good local amenities, where shops are within walking distance and which have good transport links. Interestingly, we are finding that more and more buyers now want somewhere with plenty of activities nearby so that when their families visit there is lots for children and grandchildren to enjoy.

Further information

Contact Peter Ogilvie

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