Effectively Downsizing

As new research shows that more people over the age of 55 are looking to downsize, it’s important to consider the practicalities before you take this step. Downsizing can offer many advantages, enabling you to afford a property with luxury features such as glass staircases. However, you also need to take stock of all your belongings to ensure the property meets your needs.

Growing Demand for Downsizing

Data released by the Prudential shows that 75% of property owners over 55 who are planning to sell their current property are doing so to downsize. In total, almost 41% of homeowners in this age group want to move, and this has increased in the past six months from only 38%.

One of the major reasons for this move was to free up money. In total, around 50% of those who want to move will use the additional money for holidays and other luxury goods. Another 40% are looking to put extra money into their pensions.

Space is another issue for people downsizing, with 60% wanting to do so because they currently have too much room. 58% see a smaller property as more convenient, and 22% want to reduce their running costs.

Make the Most of Downsizing

It is often a dream for people to downsize, but the actual reality of trying to fit everything into the new home is not always so easy. If you’re considering this option, it’s important to plan the process carefully.

Take Stock of What You Have

Before you even start moving, you need to see which items you really can’t do without and which are surplus to requirements. Work out what you could actually live without if there isn’t the space available, and consider downsizing some items, such as the sofa or TV.

Make Some Money by Selling

Moving can be an expensive business, so you could make some extra money by selling the items you won’t be taking with you. You can put this money into a savings account or use it to buy items that will fit with your new lifestyle and property.

Be Clever with Your Storage

There is more space available in smaller properties than you think if you’re clever with the storage options you choose. Look at all the different places throughout the home that you could convert into handy storage spaces, such as under the bed, on the walls or under glass staircases. Then consider exactly what you need before you buy lots of units that you won’t require or that don’t fit.

Keep Yourself Organised

In order to keep your property organised, it’s vital that you don’t let clutter build up. Think about everything you buy, and consider whether it’s absolutely necessary and then whether or not you have space for it.

Downsizing is an important part of the property chain, as it frees up family homes for the next generation of home owners. As long as you think about everything carefully, you can make the best use of the space you have available.