The Property Collective director of sales and projects Will Honey shares his tips for downsizing. Photo: Jodi Shepherd.
There comes a time in most of our lives when we need to consider downsizing our homes – but it can be a daunting process. Will Honey from The Property Collective talks through how to approach downsizing.
1. Identify why you want to downsize.
Thinking critically about why you’re downsizing will help you work out the type of property you want to move to. Is it that you want less living space, or less bedrooms? Do you want a smaller outdoor area to maintain? Are you looking for something that will be accessible while you age?
Take the time to work this out, so you can keep the process simple during what can be an emotional time.
2. Get your finances in order.
“Too often I see people looking to downsize go out and start viewing properties before they have their finances worked out,” Will said. “This can lead to disappointment when they then aren’t able to actually make an offer and miss out on a property.”
Being ready to move when you find the right house is important, and you have different financial options when downsizing as well, such as applying for a relocation loan.
“Work out whether you want to sell first, buy after, or the other way around – and remember that if you do sell first, you might then find yourself under a bit of pressure to secure your next home.” You can find out more about the pros and cons of buying first versus selling first on The Property Collective website.
3. If you’re downsizing your home, you’ll need to downsize your belongings.
It stands to reason that if you’re moving to a smaller place, your existing belongings may not fit. Now’s the time to do a clear out. Have a plan, and consider what you can sell, rehome, recycle, or what you need to throw away.
Contact charity shops for older furniture, clothes, and reusable items, and consider how much storage you’re likely to have in a new home.
This is also your chance to make your home more appealing to buyers, by offering a clutter-free, clean property to be viewed.
4. Start the search.
“The majority of downsizers are looking for single-level, freestanding homes with double garages these days, and there aren’t a lot of those around,” Will said.
For that reason, it’s good to manage your expectations, and consider working with an agent who can connect you to properties you may not find otherwise.
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