Posted on: Tuesday, March 13, 2018
Finding your dream home can be a challenge. If your children have left home or if you have too much space, you might be looking to downsize. What are advantages to downsizing in 2018?The main reasons to downsize is to release equity, go mortgage free, or to live in an appropriately-sized home. It will also mean lower running costs, which can be very welcome as the cost of living rises.
Recent property price increases mean that homeowners have increased equity, which can make it a great time to downsize and cash-in on your investment. Downsizing can be difficult because it will mean compromise. If you only want a specific location, you may have to buy a smaller house, or the benefit of off-road parking may mean you can’t get an extra bedroom. What factors are most important to you? Transport links, community atmosphere or more space? Ultimately, the best time to downsize depends on personal circumstances. Be aware of market conditions, your budget, and be honest about your needs and requirements, otherwise, you could stand to lose out financially and emotionally. The Guild is a network of the best 800 independent estate agents around the country.
Are you thinking of downsizing? Contact your local Guild Member for advice at guildproperty.co.uk/find-a-guild-member.
We are required by law to conduct anti-money laundering checks on all those selling or buying a property. Whilst we retain responsibility for ensuring checks and any ongoing monitoring are carried out correctly, the initial checks are carried out on our behalf by Lifetime Legal who will contact you once you have agreed to instruct us in your sale or had an offer accepted on a property you wish to buy. The cost of these checks is £60 (incl. VAT), which covers the cost of obtaining relevant data and any manual checks and monitoring which might be required. This fee will need to be paid by you in advance of us publishing your property (in the case of a vendor) or issuing a memorandum of sale (in the case of a buyer), directly to Lifetime Legal, and is non-refundable. We will receive some of the fee taken by Lifetime Legal to compensate for its role in the provision of these checks.