With a rise in those that are looking to downsize homes, the property markets are being flooded with buyers that are looking for that next family abode. Downsizing your home is no easy feat and needs careful consideration. At Norwich Home Buyers we advise clients on a number of occasions to best ways in which to go about this. In our latest article we take a look at what does downsizing your home entail.
What Is Downsizing And What Does It Entails?
Downsizing is the process of moving from your home into a smaller property. This process is usually spurred on by a variety of reasons all of which differ from person to person. What can be said however is how popular downsizing has become in more recent times. For those that are looking to downsize you need to come to terms with the fact that you are going to be living in a smaller space. However the benefits of what it can bring do outweigh that extra bedroom.
Is Downsizing Worth It?
To decide if downsizing is worth it, will be down to the individual themselves. The various reasons why people downsize as discussed above are always going to be contributing factors. Most of which will revolve around finances. Ensure that you have taken an indepth look into all avenues as once that home is gone then there is no turning back. However, what can happen with downsizing is it gives you a new lease of life and allows you to do things maybe you hadn’t of before.
What Are The First Steps?
If you find yourself in a position where you need to sell your home there are a few things in which you need to do. Depending on the reason why you are needing to downsize your home will dictate what the next few steps are for you. For example if you have to downsize your home due to debt then you may need to consider what amount you have left on your mortgage after a sale. Some of the other areas that you need to look at when exploring what does downsizing your home entail include the following:-
Financial Situation
Before any downsize can begin you need to assess your financial situation.This is more prevalent if you are downsizing due to debt. You need to ask yourself does your home hold enough equity to pay off your debt and then let you remain on the property ladder. If this is possible then moving is definitely a positive. If not, then you need to assess if you are then going to move into rented accommodation to then save for a home deposit elsewhere.
How Are You Going To Sell?
Once you decide that selling your home is the way to go, you then need to decide how to sell it. This will come down to two options be that through an estate agent or with an auction. Through an estate agency is the most common due to being able to deliver a higher buying price and also marketing to their network of interested buyers. An auction is great for those looking for a quick sale, and that is not fussed about achieving that top end number.
Where Is Your Next Location?
Once all has been agreed in terms of sales and finances you need to look at where you are going to go next. This will also tie in with schools, work and also other various logistical factors. Ensuring that your budget is going to also stretch to that area is important as you need to be able to afford to make that move. Locations closer to cities will naturally ask for a higher buying price.
Can You Find A Home?
Finding a home is always going to be the toughest part of any downsize especially in a really competitive area. Understand that it may take you a while to find that dream home, but never lose sight of why you are downsizing. It is important if you are buying in a new location to get advice from an estate agent to make sure you are making the right decision.
To Conclude
Moving home is a process that needs the least amount of issues. Our guide to what does downsizing your home entail gives you a clear understanding of some of the key points to consider as well as motivational factors. Whatever the reasons may be for downsizing your home, they need to be thought out and be beneficial for all involved. If you are looking for more information on downsizing your home as well as the Norwich property market as a whole then please do Contact Us.