Throughout 2020 we’ve seen an increase in vendors looking to improve their square footage so they can accommodate working from home or a desire for more outside space to relax.
However, some parts of the country have seen a definite move in the opposite direction with vendors looking to downsize and make the most of additional savings. So if you’re looking to move to a smaller property in 2021 what financial benefits can you expect and is it as simple as just putting up the ‘for sale’ board?
Reduction in stamp duty
Just because you are moving to a smaller property it doesn’t necessarily follow that you will be exempt from stamp duty, particularly in an area such as ours. The current reduced stamp duty thresholds, which are available until March 2021 however may well make this the perfect time to consider a move to a more manageable property.
Despite this saving, moving home can still be an expensive process as you consider moving costs and the possible purchase of new furniture to fit your new space. If this is your ‘retirement’ move it’s important to prepare and consider the long term implications. Property agents can determine your new monthly outgoings, whilst their legal teams can support with part exchange or retirement mortgage options to ensure you can successfully downsize.
Preparing for the ‘For Sale’ board!
Once you’ve decided to move it’s good housekeeping to assess your current property for any maintenance issues that need dealing with. Most will require minimal effort to rectify but it’s important to know what could potentially deter buyers from offering on your home and resolving any issues as far as you can.
Obviously great photography is essential when selling your home, so it's also a good idea to take an objective look around your property and how it appeals to buyers. Changes to a colour scheme or repositioning furniture to give the impression of more space can all improve your chances of more viewings.
Time for a clear out?
Even the best of us hoard possessions, so moving into a smaller home is the perfect opportunity to declutter. Start by separating your prized possessions from those you no longer need or that won’t fit into your new home. You might want to take the opportunity to note any heirlooms or items that you wish to pass on so you can share with the family. Local experts can appraise certain items you may feel of value, that you could sell prior to your move. Alternatively there are many charities that will pick up furniture and possessions that are surplus to your requirements, easing the burden on yourselves.
The Poole Townsend team are on hand to support and advise you through the marketing your property and in the search of your dream home. Get in touch with our team today and you can be reaping the benefits of your smaller property in no time.