publication date: May 31, 2011
author/source: Kate Faulkner, Property Expert and Author of Which? Property Books
Downsizing a Home
When is the best time to downsize your home?
Moving from a home that you've lived in for many years and possibly brought up your family in can be a traumatic time. Because downsizing your home can be quite difficult emotionally and complicated with regards to where you move to next, people often either put off downsizing until it becomes a necessity or make a snap decision and end up downsizing to a home that isn't suitable and soon you have to move again.
Ideally you want to downsize to a property that is suitable for as long as you can be independent in your life. So, if you want to time the move to a smaller property, it is ideal to do this when you are fit and healthy, rather than hanging on as long as possible, becoming ill and then ending up having to move under a lot of stresses and strains.
Many people worry about the market they will sell and buy in - and you shouldn't! If you own your property outright and have made a lot of money, don't forget it's tax free extra income you've earned, so you might as well as cash in when you want to so you can spend your time enjoying your life.
The next thing to do once you are sure you want to downsize is to make sure you have cleared out as much as possible from your home. This can take weeks or months to do and may involve visits from family to ask them what they might like from the home, and what you have kept of theirs and if they still want to keep it or you all agree it can go to the tip.
So, the best time to downsize your home is when you know you aren't going to be able to stay in the property you currently own and live in throughout the rest of your life. As soon as you are sure you need to move to a smaller home, or one nearer to family, then it's worth starting to prepare your home for sale and ensure you know what type of home and where is the best place to downsize to.
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