Property Downsizing by Heather Hilder on July 1, 2020 “Are you ‘Climbing down the Property Ladder’?” Property Downsizing Whether you’re thinking of property downsizing now, or in the not too distant future, consider the steps one-by-one as you prepare to move ‘down the ladder’. Several friends and family members are living in properties which seem much too big for one or two people. Their reason is that, if they have guests to stay, they need the space (never mind that occasional visitors could stay in a local B&B). Let’s be honest – houses cost money, time and effort. You really need to keep up with water, electricity and gas supplies, Council Tax, maintenance, redecoration etc. When I reach the stage of realising our house is too big for just the two of us, I’ll be reluctant to leave. A home has so many memories – and you can’t put a value on that – yes you can – it’s £PRICELESS. Nevertheless, at some stage of your life you’ll probably think about moving to a smaller, more manageable property. You’ve probably looked at adverts of flatted, ‘get-up-and-go schemes’, a sheltered housing development, or to one of your offspring’s ‘granny’ annexe. Perhaps you’d prefer a place in the sun, or even a mobile home to travel along highways and byways to long dreamed of places! And so begins a new chapter in your life once you’ve sold what is probably your most valuable asset. What have you planned to buy with the proceeds? Perhaps somewhere smaller, cheaper, with lower regular outgoings, to leave yourself with a small windfall for those little deserved extras. Five Top Tips on Property Downsizing So let me share my TOP TIPS on ‘climbing down the ladder’. This stage of moving is more commonly known as ‘downsizing’. You need to make sure your emotional and financial decisions coincide. 1. Income & Costs This is your Sale price MINUS sale costs (estate agent/solicitor/moving fees/final bills etc). When you know all these costs, you’ll be able to calculate more or less how much is left in your pocket. You may wish to make improvements to your new property, go on a much-needed holiday, or even do both! 2. Talk to your Estate Agent Your Estate Agent needs to know whether you: want to achieve best price possible or need to move quickly Be confident in letting your Estate Agent know your priorities. 3. Price Pitch Perfectly Make sure you pitch your asking price at a level to achieve a) or b) above. Do your research by accessing online portals such as nethouseprices.com, rightmove.co.uk, or zoopla.co.uk and then agree your price with your Estate Agent. Our research shows that current asking price:sale ratios are at around 97%-95%. This ratio fluctuates according to market conditions. Check with your Estate Agent. 4. Property Presentation When was the last time you took a long, hard look at your home? Don’t be offended if you receive some negative feedback – your Estate Agent can help you with this? Updated colours and wallpapers, bathrooms and kitchens will help those not too good at DIY to appreciate your property, to move in and then to redecorate at leisure. So ‘up-decor’ where you can or get in touch with professional home-stagers to offer sensible advice to maximise your property’s value. 5. Selling Price The price is that which a buyer is willing to pay – no harking back to the ‘good old days’ when you could have/would have got ££££s – you’re selling in TODAY’s market. Be realistic and encourage offers close to your asking price. Work together with your Agent to get a positive result. Before too long, you’ll embark on your exciting new life chapter with ‘pennies’ in your pocket to enjoy. Ask the Property Experts Callaways have helped many Vendors in Brighton & Hove since 1935. Let us help you achieve best price, and in a time-scale to suit you – call on 01273 735237 or firstname.lastname@example.org. You can also try our FREE ONLINE, NO OBLIGATION, VALUATION to start off the ‘sales price conversation’ with our Sales Team.