My wife and I are coming close to retirement and thinking of making a move. Right now, we have a larger family home outside Cork. The house is lovely, but we are empty nesters and don’t need as much space, and we are hoping to do a lot of travelling in our retirement. We’d like to downsize so we can spend less time on maintenance when we are home from our travels.
However, we bought our house nearly 35 years ago and are a bit unsure about where to start with the process these days. What advice would you give to us as we look for a new house and get ready to sell our current one?
Motivation
The first step towards downsizing is to identify your motivation. In your case, you say you want to reduce maintenance, so it’s important to think about the specific features you’re looking for in your next home. For example, do you want a bungalow or a smaller detached home? What size suits your needs? Are you looking for a garden, or would you prefer something lower maintenance such as a patio? And finally, think about location. Would you like to stay close to your current area, or are you open to moving somewhere different?
Finances
Next, it’s essential to review your finances. Since you’re likely funding your new purchase from the sale of your current home, getting a valuation from a local estate agent is key. This will help you establish your budget for your next home. Don’t forget to factor in additional costs such as legal fees, moving costs and possible upgrades that may be required in your new home. Once you know where you stand financially, you can plan more confidently.
We haven’t bought a house in 35 years. How should we go about downsizing?
We don’t qualify for retrofitting grants to convert a garage for a relative. What can we do on a budget?
Is it better for my tax bill if my parents transfer their house to me now rather than in their will?
Could we insulate the attic ourselves to save money this winter?
Selling
The process of preparing your home for the market can take some time, so it’s wise to start early. Begin by decluttering, carrying out minor repairs, and getting your property ready for photos. Sorting out legal paperwork ahead of time will also streamline the process when you’re ready to sell.
When you’re prepared to move forward, start your search for a new home. Register your details with local estate agents as they often have knowledge of off-market listings. Also, make sure to register on property portals such as Myhome.ie.
Sellers often ask if they should list their home before finding a new one. This can feel like a “chicken-and-egg situation”. Although it may seem risky to list your home before securing your next one, there is a flip side: if you find the perfect property and your current home isn’t on the market, your offer might not be taken seriously as you’re not considered a “ready-to-go buyer”. It’s a good idea to have your home market-ready, ie have the photos taken, agent instructed, solicitor instructed and everything in place – so the listing can be launched as soon as you find the right property.
Temporary accommodation
You may also want to consider the possibility of temporary accommodation as part of your downsizing process. If you sell your home and haven’t yet found your ideal next property, renting or staying with family in the short term can give you the flexibility and time you need. This allows you to sell from a position of strength, without the pressure of needing to rush into a purchase. It can also help you avoid a situation where you miss out on your dream property because your current home is not yet sold.
In addition, using temporary accommodation can give you more time to explore the market thoroughly and wait for the perfect home to become available. Downsizing is not something you want to rush; it’s about finding a property that will suit your lifestyle as you move into a new phase of life. Renting temporarily also helps reduce the stress of trying to co-ordinate two major transactions at the same time, as you’ll have already freed up your equity and can act quickly when the right property comes on to the market.
Ultimately, downsizing is about careful planning and timing. By preparing your current home for sale, securing your finances and considering temporary accommodation options, you’ll be well positioned to find the new home that meets your needs for the next chapter of your life.
Majella Galvin is an estate agent and a member of the Society of Chartered Surveyors Ireland
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