We all know the benefits of downsizing, but picking the right time to make the big move can be tricky. Move too soon and you might be living in a space you're quite not ready for. Do it too late and it could become physically and emotionally draining.
Research conducted by law firm Morr & Co found that 85 per cent of homeowners nearing retirement 'plan to downsize'. The study, which concerned 2,020 homeowners with a yearly income of £40,000+, found that 50 per cent 'definitely intend to move to a smaller property to help fund their retirement'.
Clearly, downsizing is a popular idea, but that doesn't mean knowing when to do it is always easy. That's why we asked experts to reveal the key signs you're downsizing earlier than you should.
Here's what they had to say.
Signs you're downsizing prematurely
1) You've made a quick decision after a big life event
'The biggest one is moving because of a life event rather than a plan. After a bereavement, a divorce or the children leaving, a smaller home can feel like the obvious answer, but it is not always the right one, and it is hard to reverse,' says Elliot Anderson-Evans, RICS surveyor at Elliot & Hill.
2) You haven't factored in the cost of moving
Many people downsize in the hopes of making some money through selling. What they may not take into account, however, are the financial realities of moving into a new property. 'Other signs are that you have not worked out what the move will really cost, once you add agent and legal fees, transaction taxes and removals,' says Elliot.
3) You're sacrificing more than you're ready for
'Downsizing should never mean compromising on style or quality. For many people, moving to a smaller property is an opportunity to rethink how they live and create a home that feels more considered, comfortable and reflective of their lifestyle. The key is to combine practicality with personality, rather than simply trying to recreate a larger home on a smaller scale,' says Caroline Borgman, interior designer for Inspired Villages.
4) You haven't considered the costs of running a smaller home
'I would also be cautious if the move is only about saving money. A smaller flat can come with service charges and ground rent that eat into the saving, and a smaller home does not always mean lower running costs,' says Elliot.
5) You can't picture yourself there
Elliot also points out the importance of being able to imagine your new home. 'If you cannot picture a day-to-day life in the new place, or have not spent time in the area, you may be moving too soon,' he says.
How to tell when the time is right for you
1) Your current home is costing you too much
'The average Band D council tax bill in England is £2,392 this year, but a larger home in Band E costs around £2,900, compared with around £1,600 for a smaller home in Band A, so if you find you’re heating rooms nobody uses and paying council tax on a bigger property than you need, it makes sense to downsize,' says Tim Simmons, property expert and sales and marketing director at Regency Living.
2) The home maintenance is getting out of control
'When the to-do list (gutters, hedges, replacing the boiler, redecorating) grows faster than you can get through it, or you’re paying someone to do most of it, your house is running you, rather than the other way round. A smaller home with a more manageable garden and smaller, or less rooms, gives you that time back, along with the money you’d otherwise spend paying for the upkeep,' says Tim.
3) You can clearly articulate your reason for moving
Tim also stresses the importance of a really well thought out decision. 'The time is right when you can name all three: the reason for moving, the location, and the type of home. I advise visiting the area on a weekday out of season as well as on a sunny weekend, and check how far it is to the GP, the pharmacy, the supermarket and the nearest train or station, so you know it will suit you day to day,' says Tim.
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