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The problem with downsizing There are wider financial implications to EXPERT ADVICE

consider than just the cost of the property

and it’s sensible to take the time to plan it all
out. Sometimes the rightsize can be a financial
upsize, and you should always consider the
ongoing costs of the next property in addition
to the purchase price, buying and selling
and moving costs including taxes, factoring
Amy Howard from ESPC Chartered Firm, Neilsons, explains why we should
or management fees, utilities, repairs and
be embracing ‘rightsizing’ instead of ‘downsizing’. maintenance etc to make sure you’ve got the
whole picture. Speaking to a financial planner
about making it all work for you is a sensible
step, lots of things are possible!

Accessibility and long-term planning are
important too. How will the move work for
you in 5, 10 or even 20 years time? Consider to your sale, purchase or both and we have
whether single level living or lift access could our fingers firmly on the pulse of the market
become important to you. Do entranceways to guide you to the optimal timing specific to
and bathrooms allow ample room for access your circumstances. The advice in general is
with limited mobility, or is there scope for to sell first, but that can seem like a leap of
adaptation as time goes on? Consider ongoing faith when you don’t know where you’re going
maintenance of outside spaces, gardens etc to move to. Consider if you could go into
and the importance of such spaces for your temporary accommodation such as a rental
well-being. property or live with family or friends between
selling and buying. Or think about having your
It’s never too early to speak to your ESPC marketing materials prepared well in advance
Solicitor Estate Agent about moving. There so if you find somewhere to buy quickly, you
is seasonality to some sections of the have your own property ready to sell.
market to consider that might apply
he language that we use has a huge aligning your home with your goals, your
impact on how we feel. That’s why at lifestyle and your finances. Many are put off
T Neilsons we’re embracing RIGHTsizing moving house in our retirement years because
as the correct terminology to replace it is perceived as too stressful or tiring, but the
DOWNsizing. reality is that rightsizing your accommodation
can be an enjoyable and liberating process –
Downsizing can have connotations of loss, short term pain for long term gain!
bereavement or limitation, with many of us
viewing it as a depressing step in older age. Moving home is never a decision to take lightly.
However, moving to a home that better suits Your home is often your biggest financial asset
your needs can be an empowering, liberating and the sale and purchase of it should be a
and life-affirming opportunity to make your time of careful consideration. There are lots
home work for you. of things to take into account when rightsizing
and it can be a particularly huge consideration
You can rightsize your home at any life-stage, emotionally when you’ve lived in the same
many of us do exactly that moving up the place for many years. Rightsizing is a life For more information, get in touch on 0131 625 2222 or amyhoward@neilsons.co.uk, and ask about
property ladder as our families grow. It’s about transition, not just a property transaction. our Ultimate Home Move package.

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