Jo Eccles is founder and managing director of Eccord, an award-winning property search company which represents individuals and families looking to buy or rent in prime central London.
Imagine for a second: it’s been over 20 years since you’ve moved house and the property market has changed completely.
Everything is online and you have no idea how to decipher a “good” estate agent or how long this is all going to take.
However, it’s clear your beloved family home is too big for you now and finding somewhere smaller could not only free up some cash but also make your day-to-day living more manageable.
Often, downsizing is talked about as though it’s simply a financial or practical decision but in reality, it can be one of the most emotionally complicated property transactions anyone will undertake in their lifetime.
It’s a situation faced by so many older people today – my mother included.
Despite having moved multiple times in the past and having two of her children advising her, both of whom work in the property industry, she feels out of practice and out of her depth. Faced with this – not to mention the complicated family dynamics that can be tied up in this kind of sale – many people decide it’s easier to just stay put.
Having helped lots of clients and my mother through this tricky transition, here are five key questions you need to ask to make the right downsizing decision – not just the one that feels easiest.
Should I downsize now or wait?
People can grapple with this question for years and many leave it later than they should.
Moving house can be stressful for anyone but it’s especially difficult in later life or if deteriorating health or mobility means you’re having to sell in a hurry. Therefore, it’s generally better to tackle the move earlier.
Compared to a decade ago, I’ve noticed buyers I’m working with in their late 50s and early 60s are much more mindful of what their later years will look like – keen to take control now, while they’re still relatively young and in good health.
If downsizing is even vaguely on your mind, it’s likely a sign to start thinking about it seriously.
