If you are considering trading down to a smaller property this year, it’s likely that you’ve cleared your mortgage and wish to move to somewhere smaller locally, or perhaps nearer to family and friends.
You’ve probably owned your home for ten or more years, so negative equity isn’t a concern, nor is securing a new mortgage.
It is often the case that couples move to a property in the country, or seaside and buy a third floor flat with great views. Then one of them becomes ill, which results in the need for a quick sale, to make possible a move to a ground floor property nearer to hospitals and family.
So it’s important to make sure that you only move once, rather than several times, as having to make two moves in quick succession, could cost you significantly – both financially and from a stress perspective – so you must think through these critical factors when you’re choosing what property to buy:
- Easy access to local transport.
- Somewhere close to shops, doctors and hospitals, friends and family.
- The capability to live on the ground floor, if it becomes necessary.
- A safe and sociable place, particularly if you are on your own.
- Low and easy maintenance of both the property and garden.
It may be that you are considering a retirement property, such as those offered by McCarthy and Stone or Pegasus.
These companies can reduce the stress of trading down, as they offer part-exchange deals, which means you sell to a third-party company that guarantees to purchase your home. The retirement company may also ‘top up’ the offer, so that you don’t end up feeling you’ve lost money on the sale of your property.
About Designs On Property
Kate Faulkner, is a property commentator and analyst, author of the Which? property guides and a consultant to the industry. She provides guidance on her website, via step by step guides, independent advice and even answers to your property questions for FREE.
So if you have a property project, why not use her website to inform yourself on what to do and when and how to avoid the pitfalls, as well as solving property problems?
For a FREE Trading Down Checklist from Designs On Property, please visit the website.