Downsizing is common amongst people who as they get older find that their large homes are simply too big and too expensive to manage. In addition, as economic circumstances change, we look for ways to save money or find ways to realize some money from our assets. Downsizing is one of those options, but there are some things to consider if you are thinking of downsizing. Storage Sutton In Ashfield
Downsizing is a big step to take, but it may help reduce some financial stress by freeing up some money, but it can also reduce the expense of having a large property to look after.
Just to complicate matters further, consideration must be given to the contents of the house you are planning to sell as downsizing means that you will be moving to something smaller. What do you do with those possessions of monetary and sentimental value that you may no longer have any space for in your smaller house?
So, downsizing essentially is about evaluating the financial implications of finding a suitable smaller place to live in. Your next problem is what to do with your excess belongings.
To Downsize or Not?
Taking the big step of downsizing is daunting. Imagine the history that goes with a house that has been your home for ages, which you now are contemplating leaving forever! Major considerations in your contemplation of downsizing are likely to be:
- Money. There’s value you can liquidate if you sell and buy something smaller.
- You are rolling around: the children have left, and you have far too much space.
- Maintaining such a big place is becoming a burden and you are dreaming about some place smaller, simpler, and easier to look after.
- All this history in the place you know: will it haunt you later when you sell it?
Beware of hidden extra costs
Its natural that one was to think of profit as the difference between the selling price of your current property and the price you pay for your downsized property. But we’d be neglecting our responsibility to you if we didn’t point out some hidden costs that eat into your profit figure.
- When transacting the transfer, budget for a conveyancer fee of £2500
- If you have sold through an online estate agent, even though their fees are low, budget for an additional £700, or by traditional person to person means calculate an additional 1.5% to 2% extra from your profit payable to the estate agent.
- The starting point for paying stamp duty is £125 000, at 2% up to £250 000. Thereafter you will pay 5% on amounts over that figure.
- What about the moving costs? Well, they will depend on the size of the load and the distance involved. A reasonable average cost of a local move is £1200.
What are The Downsizing Options?
The best advice that you can get is to do your homework thoroughly before you start thinking about downsizing. The popularity of smaller units and competition from first-time buyers has pushed up prices. As a downsizer its likely that you’d want to stay near to your existing circle of friends rather than move far away from them, so you can start your search in nearby communities.
Some sacrifices will have to be in order: if you are used to a big garden, then a smaller one will have to suffice. Consider access by public transport to nearby shopping facilities as well.
Retirement homes have their benefits and are in big demand, meaning that there is sure to be a waiting list. While getting your name onto a list doesn’t commit you financially, in relation to other properties, retirement homes can be expensive. They do offer a cozy community to live in, and the chance to have a good social life. Consider all the extra levy charges and other fees you will have to pay in a retirement home as this could be an unpleasant surprise and leave you short on your budget every month.
The problem arises with all the possessions you have accumulated over the years, and if you find yourself having to move at short notice or don’t have space for excess household goods, then self-storage is an excellent option to store them. In this way you have breathing space to move and act later.
Stop & Store self storage Sutton in Ashfield is a great option if you are downsizing and you need a secure place to store your possessions.
When packing up a full house and having to relocate there is a lot of hard work involved. Starting at the beginning, its best to clear out the house of all the junk that you don’t need. Once the junk is disposed of, packing is a little easier.
Your new home will determine how much you can take with you, and how much space there is for your furniture and appliances. Once done, decisions will have to be made on what to do with the leftovers. While you may be tempted to sell everything through a garage sale or give away to charity, often there are items of both monetary and sentimental value that you would want to have time to deal with properly.
By keeping your excess items in self-storage, you can have time to deal with the sale of your possessions or the allocation to other members of the family.
This helps you clear the house for sale and makes you life a whole lot easier.
Final Thoughts Storage Sutton In Ashfield
Downsizing is a huge step to take and depending on where you are in your stage of life, it can be very fulfilling, being in a new fresh environment, making new friends. Don’t let excess possessions spoil your experience, simply consider self-storage for them.
We offer storage units of various sizes all designed to suit your needs. Being safe, secure, dry, and pest controlled they are perfect for short- or long-term storage.
We are situated in Sutton In Ashfield, NG17 1BP, and we can be contacted at Phone Number 01623 372051.
Look on our website https://www.stopandstore.co.uk/sutton-in-ashfield/ for more information.