Tips for moving into a smaller home and releasing equity

You have reached that time in your life when having a larger home doesn’t make sense. Your kids have all grown up and moved out. You are now an “empty nester” with a house that is too large for you. It is always a difficult decision to make when it comes to your family home for so long. But sometimes moving into a smaller house is the best decision you could make for yourself and your bank balance.

To make the process of moving into a smaller house easier we have come up with our top tips.

Make sure moving to a smaller house is what you want

Before you start the whole process of selling your home and looking for somewhere else, sit down and make sure this is what you want to do.

Make a list of the pros and cons of moving into a smaller house. You want to make sure that this is your decision and not someone else’s, so you don’t regret the choice later in life.

Change your mindset for smaller living

Once you have made that leap and decided to move into a smaller house it can still be daunting. The trick is, to look at the positives of this.

It can often be a relief knowing you don’t need to host anymore large parties. Also, a smaller house means less cleaning, lower bills (especially council tax) and maybe you are moving to a nicer area which means you don’t have to use your car as much. Think about what you can do with the extra money you have at the end of each month. Go on that holiday you always wanted? Buy that new sofa/bed you had your eye on. Keep focussing on the positives throughout.

Take your time when choosing your next house

Just because you are downsizing doesn’t mean you can’t have your ideal house. Consider what your three priorities are in your new home. Do you want a large kitchen? Is a decent size garden an important asset for you? Or perhaps, location is an important factor?

Make sure your new home meets all these priorities and don’t settle for 2nd best. When moving to a smaller house take your time and make sure you see yourself being happy there.

Downsize your belongings in advance

Moving into a smaller house means less space to store belongings and furniture. So make sure you start sorting through your items early.

Look at your furniture, books, everything and decide what will be going with you and what is to sell/donate/throw away.  This will not only mean you have less to move which will mean cheaper moving costs, but it also means less to pack up when the time comes, meaning your life is a little bit easier.

Measure your furniture and your new home’s space

When you live in a bigger home you may not need to be concerned about items fitting in a certain room. However, when moving to a smaller house you need to be more aware of the space you have.

Make sure you measure your furniture and the space you have in your new home. This way you can find out what will fit and what may need to be gotten rid of due to space restrictions. If you do this in advance it gives you enough time to see if one of your family or friends wants that piece of furniture/belonging.

Pack like a pro – or hire a professional

Packing up the house can be a time-consuming and stressful time. If you are doing this yourself, try to pack as smartly as possible. Keep each room’s boxes separately and clearly label each box with its contents so you know where they need to be placed when they're at their new destination. 

If in doubt, hire professionals to help you pack up and move your belongings. Alternatively, your family may be able to assist you with this.

Think of smart storage solutions in advance

With a smaller house, you will need to think of smarter storage solutions. This could be under the bed boxes, shelves, or closet shelving. Whatever it is, consider getting these measured up and installed before you move in. This will make unpacking and finding locations for each item that much easier.

Smaller house = smaller mortgage = equity release

When you move into a smaller home it is very much likely to be worth less than your larger family house. This means that once the sale has gone through you will receive some of that equity back, which has been tied up in the house.  Now is the time you should be enjoying life and spending a bit more money on you. Moving into a smaller house is the perfect excuse to have that extra bit of disposable money to treat yourself.

However, we understand that moving to a smaller house can be stressful as well as an emotional time. As an independent estate agent, we will support you every step of the way to ensure the process is as smooth as possible. We can arrange and attend the viewings of your house if you don’t want to wait at home. We can help you find your new perfect home and we can do all of this at your pace.

As a local estate agent based in Newbury, Didcot, Hungerford / Lambourn, Marlborough and Devizes and many other places locally we know the areas intimately and can help you find your perfect new home in an area that suits you.

Contact us today to find out how we can assist you in locating your next home.