A guide to selling when downsizing
Since 1998 we’ve been serving the people of Leicester and have helped hundreds of clients rent and sell their homes due to a desire to downsize their property. We prefer to call this ‘right sizing’ because it’s all about finding the right size home for you at whichever stage of life you’re in.
Some people are excited about the idea of moving to a new, more manageable home and ideally freeing up some equity. Others are anxious – it’s a significant change, and many of the people we help sell and buy haven’t moved home in decades.
We understand that in many cases, you are not just selling bricks and mortar but letting go of treasured memories and deep emotional bonds.
So, we never forget the emotional side of moving. Which is why we can assure you you’ll always receive a patient, polite and professional service should you decide to sell your home with us. Our aim is to help and guide you to make the best decision for you and your future.
In This Guide
Why People Downsize
Children Now Adults
Probably the number one reason why people seek a smaller home: the children have grown up and 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.
Living Luxuriously
Far from the misconception that downsizing is a step back down the property ladder, you can typically get a lot more for your money if you need less space. Centrally located luxury apartments often 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.
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.
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
Frequently Asked Questions
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 are 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.
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. 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.
As with all the tips and pointers in this guide, the above doesn’t constitute legal advice. If you have any questions or things you’d like to discuss with us, please do not hesitate to get in touch.