The downsizing of homes is becoming more and more popular as the years go on. This is driven usually by financial reasons, be that due to relocation costs being too high or the need to rid yourself of a mortgage. Regardless of the reasons there are many things in which you need to think about before going ahead with the sale of your home. In this latest article Norwich Home buyers have constructed the downsizing your home checklist.
Why May You Need To Downsize?
There are a numbers of reasons why someone may need to downsize their home. Most commonly from a finances perspective it is better for them. Or it is also closely linked to relocating to another area where their budget may not achieve the same size home as before. Whatever the reason, there are a number of consideration points you need to take into account. Those points we will look at in the next part of the article.
Things To Consider When Downsizing
Before looking to downsize your home there are a number of points you need to think about. As with all house moves there are things you need to sort and also do research into to make sure that your next home is going to be suitable. Some of the consideration points in the downsizing your home checklist include the following:-
Value Of Your Home
If you find yourself in a position of wanting to or even needing to downsize your home you need to consider the value of your home. With a standard mortgage deposit being a lot higher in today’s world, sometimes the equity in your property for your next deposit will not make much of a difference to your repayments. However, on the other hand it also may do.
Before looking to sell in this case you need to run the financials. Get your home valued, see what you can achieve in the local market and then also look at what you owe on your home. This will give you a better idea of if the downsize is going to benefit you financially. If all works out then proceed on.
How Are You Going To Sell
Once the financials have been considered and agreed now you need to look at how you are going to sell your home. In these circumstances to achieve the sale value in which most will need, selling through an estate agent is likely to be your best option. Using their network of buyers and also marketing they can help to generate interest in your home. It also gives you a point of contact to speak with if you require information or have any questions.
Most people do own a lot of stuff when they live in their home for a long time, probably more than you think. Downsizing inevitably will mean less storage space due to less rooms or even just a smaller layout. Before downsizing you need to have full clear out in your home. You definitely do not want too much stuff packed for the space which you are now moving into.
Travelling In Your New Area
Once you begin the process of looking for a smaller home, you need to consider the areas in which you are going to live in. Especially if you do not have access to a car. Before agreeing to live somewhere understand what the transport links are into the local shops, schools or even workplace. This will help to make the decision a lot easier if you are presented with multiple locations.
If you find yourself with children that are still in education you need to consider where they will be going to school. Most that are looking to downsize may need to consider other areas in which to live. This could mean that getting your children to their current school logistically may be an issue. Therefore a change of schools is going to be needed.
If your downsize is going to require that you move to another area, you need to look at what work is available in that location. If you find yourself within an easy commute of a major city then chances are you will find work easier. However, if you are looking to live in a remote location then you may hamper their chances. Looking for suitable employment is a must in order to afford the lifestyle in which you want.
As we started this article with, downsizing your home is becoming more and more popular. This is down to changes in many people’s financial situations. What can be said is the amount of points you need to look at as mentioned in the downsizing your home checklist. Moving home is no easy process, so ensure everything is inplace and agreed before you make that move. If you are looking to sell your home in the Norwich area and would like some expert advice then please feel free to contact Norwich Home Buyers.