Downsizing property advice
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Why do homeowners choose to downsize?
1. Looking for a different location
2. Want more amenities
3. Want a change of lifestyle
4. Increase family connection
5. Create a better social circle
6. Financial benefits
Downsizing can be a great decision if it makes your life easier, whether it be motivated by finance or location. It’s always worth doing some research before making a big decision like this, so we at We Buy Any House have put together this handy article to make it a bit easier.
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There are lots of reasons you might be looking to downsize. The most common are-
- Looking for a more suitable location
- Want more amenities
- Looking for a change in lifestyle
- Increase family connection
- Create a better social circle
It’s important to focus on the positives of moving, but you also want to make sure that you look into the negatives of your new area. It’s easy to see the benefits, but knowing any negatives will allow you to know that you’ll still be happy. Consider things such as the social network of the new place, check if there is a corner-shop close. Also, find out what sort of public transport is available; if you were to stop driving, would you still be able to get around?
You will also need to start decluttering, which can be a big task if you’ve been living in the same house for the last 20 years. Downsizing to a smaller property will mean clearing out a huge amount to make sure that you can fit everything into your new house, and whilst can be a nice trip down memory lane can also be incredibly hard if you’re unveiling old memories. Give yourself plenty of time to sift and sort, and make sure that you’re ready to let go of your old things.
One of the biggest factors in downsizing is the cost. Whilst often people downsize to try and save money, they don’t always consider the upfront costs. Let’s break it down;
Stamp duty has to be paid on almost all property transfers, downsizing included. As stamp tax is dependant on the value of the property, downsizing often results in less stamp tax, as the bands of the tax are currently-
If you’re not sure how much stamp tax you’d have to pay, you can calculate it on a stamp duty calculator.
OTHER COSTS TO CONSIDER
Along with stamp duty, there are other costs to downsizing that you should consider. The average fee for estate agents is 1.8%, the average conveyance is £2000, and along with the surveys, mortgage fees and packing and moving costs, it can add up quickly. You may have cost of living adjustments too, depending on council tax, energy efficiency, and insurance. It’s also important to know that on average, new homeowners spend £10,000 on renovations, repairs and redecorating in their first year in the property.
In the long run, these costs may be worth it, in which case downsizing can be the ideal decision. If you’re considering downsizing and want to see what your house is worth, get in touch with We Buy Any House for a free offer today.
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