01789201914 enquiries@capc.uk.com

How to downsize – Top tips for empty nesters

Have you been rattling around your big, old house for quite some time now? If so, downsizing might be the right thing to do.

A driving force for many to downsize is an empty nest. If the kids have grown up and moved on, having to look after a big, empty house can become a burden. Why would you waste time cleaning empty rooms and paying to heat them up every winter? If this sounds familiar to you, then moving to something smaller might be the right option.

Moving home can be emotionally tough, especially if you’ve lived there a long time and have many happy memories in that house. However, there can be many perks to downsizing, such as releasing your equity, allowing you to live more comfortably within your means whilst giving you a financial boost.

Potentially, you could sell your house and use the equity to buy your new home. If you have any money left over, you can decide how to use this. Whether it goes into a savings account or perhaps you keep it to one side for your children’s inheritance.

 

Consider your finances

Even though it’s obvious, it’s important you understand the financial situation you’ll be in by selling your property and moving on.

It’s an obvious point to make, but once it’s sold, it’s sold. So if your property goes up in value, you won’t be able to reap the rewards of this any longer.

The question to ask yourself is, are you happy to sell your house for what it is worth as it stands today? If you need or would like more money, then you’ll have to decide whether it’s worth staying put for longer incase the property’s value goes up. However, this is always a gamble as no one can predict which way the property market will turn.

Have a good sort out

Many people panic at the thought of downsizing. “How am I going to fit everything in my 4-bed house into a 2-bed?”. If you’re having thoughts along these lines, then don’t panic. You will make everything fit, because at the end of the day, it has to. However, you will have to put the hard work in before you move and have a good clear out.

Things you may have held onto for years, just incase you might need it, will have to go. It’s time to be tougher on yourself. Obviously some things will hold deep sentimental value for you (we’re not suggesting you just throw these out on a whim) but there will be certain things that you know, deep down, you could live without.

Approach it as though you’re having a spring clean, a house detox. You’ll feel cleansed and more optimistic about the move afterwards.

All in all, the timing needs to be right for you but sometimes it can be difficult keeping a clear head when your emotions are involved, so it’s always worth speaking to a mortgage adviser. They can help you look at the situation from a logical point of view, so you can weigh up whether now is the right time for you to make the move and downsize. If you decide it is, then your our mortgage advisers can search over 11,000 mortgage products, recommending the ones that are most suitable for you.

For further information call: 01789 201 914

Or email: enquiries@capc.uk.com

Contact our expert advisers now

Call free from landline or mobile

01789201914

Not the right time for a call? Email us and we can arrange a good time to discuss your needs

enquiries@capc.uk.com

Mortgage Blogs

7 Ways To Fall Back In Love With Your Home

Every now and then, everyone needs a little pick me up, including your home. Over the years, scuffs and scrapes can make a house look untidy and you can soon fall out of love with your home, which becomes a place just to rest your head, rather than a space to relax...

What’s the mortgage process for buying a new build home?

As we’ve seen from our previous article, there are many reasons why you might want to buy a new build home. Many people like the fact that the property comes with the safety net of guarantees, plus you can choose your own fixtures and fittings that suit your style,...

Why buy a new build house?

Just like everyone has their own style when it comes to fashion, it’s the same when it comes to houses. Some people prefer period houses that have character and unique features, whereas others might prefer a new build property with a clean, modern look and feel that...

What happens to your mortgage when you move home?

While moving home can be one of the busiest and most stressful times in your life, sorting out your mortgage doesn’t have to be. In fact, mortgages can be pretty straightforward when moving home, whether you take your current mortgage with you to your new property or...

The Art Of Decluttering

We all know that feeling when your house becomes so full that you feel like you can’t see the wood for the trees. If this sounds familiar to you, then it’s time to sit up and finally de-clutter your house, once and for all! Over the years, your belongings build up....

Remortgaging To Raise Capital

There may come a time when you want to use the money that is tied up in your home for something else, such as for home improvements. Going through this process is known as releasing equity.

How To Guides

How to create your dream self-build home

Is it your ultimate dream to one day design and live in a home that you’ve created yourself? But perhaps the thought of going into the unknown is putting you off making it happen? In this article, we’re taking a closer look at the journey of a self-build project…

How to renovate a rental property to reduce further maintenance costs

Buying, renovating and potentially furnishing a property is an expensive process and it’s natural to want to keep costs as low as possible, particularly if you are trying to make a limited amount of capital stretch far. However, as legions of landlords before you have learned…

How does remortgaging work?

You may well have heard of remortgaging but never fully understood what it means. In layman’s terms, remortgaging is when you look to move from one mortgage deal to another, either sticking with the same lender or moving to a new one. A mortgage is likely to be your largest financial commitment…

How to decide where to live

Choosing where to settle down and call home is one of the biggest decisions to make. You might already know what area you want to live in and it’s just a matter of finding the right house. However, if you’re wanting to relocate to a new area then you have a few more decisions to make.

How to save money to buy a house

The upside to saving is not only will you have a sizeable deposit when you come to buy your house, but you will also be able to demonstrate to lenders that you are able to budget and save and are therefore more likely to meet your monthly mortgage repayments.

Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured upon it.

A fee of up to 1.5% of the mortgage amount may be charged depending on individual circumstances. A typical fee is 0.67%.

We use cookies on this website to give you the best experience we can. To find out how to turn off cookies, have a look at our privacy & cookies policy