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a guide to selling when

Downsizing

Since 1998 we’ve been serving the people of Leicester, we’ve helped hundreds of clients rent and sell their homes due to a desire to downsize their property.

We prefer to call it ‘right sizing’ because it’s all about finding the right size home for you in whichever stage of life you’re in.

  • why people downsize

Children Now Adults

Probably the number one reason why people seek a smaller home. The children are grown up and have moved out, and the home now feels a little too big.

New Lease of Life

Downsizing is sometimes painted in a negative light. Still, we’ve experienced dozens of occasions where the sellers wanted to free up some cash to take once-in-a-lifetime holidays and enjoy hobbies in their golden years.

Death

Sadly, the death of a partner or spouse can lead to needing to move on and reduce outgoings and create a desire for change.

Living Luxuriously

Far from the misconception that downsizing is a step back on the property ladder, you can often get more for your money if you need less space. Centrally located luxury apartments usually cost significantly less than large-family homes.

A Change of Scenery

The concept of a ‘forever home’ has changed considerably over the years. We’re seeing many sellers looking to downsize so they can buy a property out of town, by the coast or in their favourite location.

Divorce

A common reason for downsizing and a situation where experience, sensitivity, and expertise are needed from any estate agent involved in the sale.

  • Five things to consider

1. What's Ahead?

We’ve spoken with many people looking to downsize who felt anxious and a degree of guilt. For some, it was a fear of change or perceived loss of status. For others, it was feeling guilty about selling the family home and leaving memories behind. The good news is that the memories come with you, but we always say to people you should only sell when you are at peace doing so.

2. Think Ahead

Do you see yourself living by the coast and enjoying leisurely walks along the seafront? Or are you desperate to see more of your grandchildren? Do you want the security of a nice sum in the bank if you ever need it? Whatever your vision for your future is, any move you make now must help you to achieve those life goals.

3. Plan Ahead

Planning a move takes time, requires budgeting, and there is a lot to get sorted. Once you’ve decided to sell, you need to start chipping away at all the jobs you need to complete. See the checklist at the end of this guide.

4. Get Ahead

If you are going to move, start making your life easier come moving day by decluttering as early as possible. Get your legal paperwork in order in advance and think about the effect a move will have on your finances.

5. Full Steam Ahead

We’re not just saying it, but instructing the right estate agent can be the difference between success and failure when it comes to moving onto a new chapter in your life. Our advice is to call three agents in to give you a valuation (sometimes known as a market appraisal). Any valuation they give should be supported by comparable evidence. Go with the agent who you feel you can work with and who has backed up their valuation with a clear plan of how they will achieve it.

you asked we answer

Only you will know this for sure. It’s worth discussing your plans with friends and family and getting their opinion. We can give you a data-driven overview of the local property market, so you get a clear understanding of what’s happening.

If the property you are selling is your primary home, no capital gains tax will apply. Depending on the property you are buying, you most probably would need to pay Stamp Duty. We would be happy to advise you on Stamp Duty thresholds, and we can introduce you to tax advisers if you wish.

Theoretically, yes, but in our years of experience, it never happens. This is due to circumstances, changing minds, and finances. The chances of the person buying your home having a property that ticks all your boxes are tiny.

While we wouldn’t criticise any of our colleagues in that sector of the home sale industry, we can say you’d get more for your property selling through an estate agent.

The price you would be offered by one of these companies reflects your need for speed and is usually significantly less than you’d get on the open market with professional marketing and area expertise.

The figure you have in mind needs to be realistic and achievable. While no estate agent can guarantee your home will sell for a certain amount, there are four fundamental factors involved in the process that influence the amount achieved. These are:

1) Location – Where the property is and the amenities, services, and environment around it.

2) Presentation – What condition is the property currently in and how could it be improved if necessary.

3) Agent – This is the critical choice you’ll make when selling your home. Instructing an experienced agent with a good track record can often leave you with thousands of pounds more in your pocket due to a successful sale.

4) Strategy – Any agent can promise a premium price. What is far more beneficial to you is knowing the strategy and process your agent will follow to ensure you’ll get the best possible price. We have a clear process and strategy in place to sell homes like yours.

It’s an excellent question. A large percentage of sales fall through due to several reasons, but one of the biggest is poor sales progression and a lack of ongoing communication by the selling agent. We take a leaf out of everyone’s favourite sci-fi character, Dr Who, to ensure you and your buyer are continually updated with any news. We’ve adapted his arch-enemies’ mantra: ‘Exterminate, exterminate, exterminate!’ and put our own spin on it: ‘Communicate, communicate, communicate!’ When it comes to selling properties, our experience shows you can never over-communicate to keep everyone in the picture.

Your Moving Checklist

Below is a useful 11-point checklist to help you prepare for a sale.

Click here to download this checklist

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