Thinking about downsizing your home? Here's some advice...

ARE you struggling to deal with the upkeep of your home or finding the related costs hard to handle? Are you eager for a change, want to simplify your life, or start a new phase in life?

If you can relate to these issues, downsizing your property may be the answer.

Downsizing is when you buy a smaller home than the one you currently have. It’s often a decision made by those who now have an empty nest, are finding it challenging to maintain their house, or want to release equity. However, it can also be due to a change in lifestyle, mobility issues, or the loss of a loved one.

So, how do you know when you’re ready to downsize? If you can relate to any of the following issues, it’s time to consider downsizing:

• Location - you want to live in a town or village with good transport links and plenty of amenities, making you less dependent on a car and increasing your security.
• Your house is too big - your family has left the nest, and you’re living in the house with your spouse or perhaps by yourself.
• Maintenance - you find it challenging and time-consuming to maintain your house, which can be costly to pay someone to handle or impossible to find someone to do it.
• Release equity - you want to free up money to help a family member get on the property ladder or travel in your retirement.
• Reduce costs of running a home - you’re living in a big old house with a low Building Energy Rating (BER), which must be hard and costly to heat.
• More independence - you want to be independent and manage your house yourself, or perhaps you live alone and don’t drive, and being located near transport links would make you feel more independent.
• Change of lifestyle - retirement is one of the most common reasons to downsize your home, cutting basic expenses and creating more retirement income.
• Health or mobility - for mobility reasons, it may be easier for you to live in a bungalow.

The benefits of downsizing are apparent. Moving to a smaller home includes cost savings in heating, electricity, insurance, etc.

Additionally, if you’re living in an older property, moving to a more modern one will mean less time and money on maintenance. You become a “cash” buyer for your new home, making you an attractive prospect in a tight market. You may also be living closer to family and friends, gain independence and less car dependence.

Starting a new phase of your life can be exciting. Understanding what your needs are is vital in finding your next home. 

Get a sheet of paper and write them down. Get a valuation of your current property to budget for your next home.

Speak to an estate agent who will work with you to not alone sell your property but also help to find your next home.

Downsizing your property can be a smart move, providing you with a simpler and more comfortable lifestyle. So why not take the first step and start the downsizing journey today?

ABOUT THE AUTHOR

Majella Galvin is a chartered estate agent and registered valuer at DNG Galvin Auctioneers Bandon. She has been working in the property sector for over a decade and has built up a wealth of knowledge and experience of the property market throughout the years. Majella holds a BSc in Real Estate & Valuations from the University College of Estate Management, Reading. She is Chairperson of the Society of Chartered Surveyors Ireland (Southern region), a member of the Royal Institution of Chartered Surveys and the Society of Chartered Surveyors Ireland.

Majella is passionate about helping people make informed decisions when buying or selling a property. She writes weekly blogs to help buyers and sellers which can be found on www.dnggalvin.ie