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4 Things You Need to Know to Downsize Your Home

4 Things You Need to Know to Downsize Your Home

You hear a lot of talk about buying a new home and getting into bigger spaces. But there are also people who want to downsize. There is a range of reasons that someone may decide to downsize such as wanting to reduce maintenance costs, not needing as much space anymore, or simply wanting something easier to manage after retirement.

If you happen to be one of those people who wants to know more about how to downsize, then I invite you to continue reading.

4 Tips for Downsizing Your Home

Downsize Couple Taking Inventory on Laptop

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Take Inventory

Before downsizing, it’s advisable that you take inventory. This is necessary as you’re going to be moving to a smaller space where you won’t have as much storage room. Once you’ve written down the items, decide which you’re going to keep and which ones have to go. This will help you significantly reduce your load and get rid of things you don’t need. There are things you may want to throw away such as old books, unworn clothes, and unused electronics.

Calculate the Cost

Before moving, it’s crucial that you calculate the costs. If you know how much you’re going to spend, it’s easier to determine if it’s worth downsizing or not. In the list below you will read about a few costs that are associated with downsizing.

• Stamp Duty

Among other things, stamp duty often deters people from downsizing. This tax, which is calculated in accordance with the purchase price means that you pay 2% on properties between £125,000 and £250,000. However, if your property is above £250,000, then you pay 5%.

Moving

Moving isn’t inexpensive, so factor in the cost of moving when you want to downsize too. It is possible that you’re going to have to invest in storage containers, pay for movers, or take time off of work. These are all important costs to consider.

Conveyancing

In addition, if you want to downsize, you’re going to need to pay conveyancing fees again as you likely did the first time unless you handled the legal side of things alone. To help make the process easier, you should look for a solicitor in Lincoln for selling your house.

Estate Agent

Another fee to look out for when downsizing is estate agent fees. This can cost up to 1.8 % plus VAT, which can be relatively expensive. Be sure to confirm the cost, so you know what to expect.

Downsize Happy Senior Woman Painting Outside in the Sun

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Choose the Right Location

One difficult thing about downsizing is when you lose that familiar feeling of your neighborhood connection. This is especially true if you live in a community for a while where you had close friends. For these reasons, choose a community that is close to your former place of residence or somewhere that your instincts tell you it just feels right. If you choose carefully, in no time at all, you will make new friends and memories.

Ensure it’s a Safe Area

When choosing a new home, it’s critical that you select an environment that feels safe. To help you resettle into your new home quicker, you want to know that you have warm and friendly neighbors and a low crime rate. Do your research before downsizing and go into this armed with knowledge to make the best decision possible for you and your household.

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