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Downsizing

22nd October 2018

Downsizing can be a good move!

Downsizing can be a scary business - one that many people associate with packing up the old family home and moving off to a small, practical and, quite possibly, less inspiring new property.


There are plenty of reasons why moving into a smaller home makes sense, fewer rooms to clean, less garden to maintain, an end to the never ending small jobs that constantly needed doing and significantly smaller annual household bills.


We are witnessing an increasing number of larger family homes in BT9 and BT10 coming to market as people no longer need so much space with children growing up and moving on, the reality is that once they get to University age the family home is often just too big and with the tuition fees adding to the financial strain of university expenses it can help families free up some capital. Downsizing is a practical decision and can give you a sense of control. Emotionally its easier to make the choice now rather than having to have it made for you down the line.


Moving to a smaller property can be difficult for a lot of people, finding somewhere that is still big enough to keep a lifetime of possessions and close to friends and family is challenging with enthusiasm for downsizing often leading to the lack of supply. Stock levels this year in particular have been limited in South Belfast. What I would recommend is that research is key, you need to work out exactly how much money you want to walk away with from the transaction, and factor in the various costs, tax and legal fees in order to get an idea of the price range of the properties you could be interested in. Once you have an understanding of your requirements visit property websites www.propertynews.com and www.propertypal.com but more importantly call into our office and register your details so we can help in your search. With an active mailing list we can help keep you updated with properties that fit your requirements. With an in-depth knowledge solely focused on the South Belfast property market we are at hand to provide sound advice.


When it comes to selling the family home it’s important to be realistic about the asking price with any valuation based on fact and comparable properties sold in the immediate vicinity. If it is overpriced it will simply stick on the market and prolong any potential move. A tailored marketing package with professional photography and maximum exposure online is key. The good news if you are thinking of selling is that demand for bigger homes in BT9 and BT10 remains strong with families looking to stay in the area as they grow needing more space.


Make sure your new home is right for you by asking yourself these questions
• Is there enough space for me to be comfortable?
• Is there room for friends and family to come and visit?
• Is there enough/too much garden?
• Is the layout future proof? (not too many stairs for example)
• Is the location still suitable if I’m unable to drive?
• Are there shops nearby?
• Are there transport links?
• Am I close enough to my family and friends?
• Can I see myself living here for the next 20 years?
• Does the house need work and am I willing to do it?

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