According to Legal & General, the over 55s who are ready to downsize own nearly £950 billion of UK housing stock. Around 39% of so-called last-time buyers want to move to a more manageable, smaller home. In 2015 this figure was just 32%.

There are many reasons that people consider selling up and downsizing, but one thing that they all have in common is that downsizing is a life changing event and needs to be considered carefully.

The reasons people want to move to a smaller, more affordable and more manageable property could include:

• Health – a lack of mobility can mean it’s more difficult to climb stairs and look after a garden or large house.
• Financial – it could be beneficial to free up equity to pass on to the children or repay debts, or moving could reduce the running costs of a home.
• Emotional – if the children have left home or a partner has left or passed away it can leave a void and be difficult to remain the same property.

If downsizing is the best option, it’s better to move on and start thinking seriously about what you want to get out of your new home. It can be stressful so it will help to be prepared and make the decisions early on before you start the process. Here’s what you may need to consider:

Where will you live?

It’s worth considering the area in which you want to live. If you are moving to a nicer area, closer to amenities or one that is more popular, you need to be prepared to pay possibly the same amount of money for a smaller home, leaving you with less equity to release. It’s worth being open minded about where you want to move. It’s important to move somewhere close to friends and family or you could feel isolated.

Look ahead

Make sure you move somewhere that is close to amenities, friends and family. As you get older you may need more support and you might not be able to drive yourself around. Also consider a bungalow or retirement flat as these will enable you to move once and know you won’t need to move again any time soon.

Get financial advice

Make sure you talk to an independent financial advisor to discuss what equity, if any, you need to release, and the costs involved in moving. Is it worth it financially? Also talk to estate agents to find out more about the local market where you are looking for a new home.

Take your time

The best position to be in is to have time on your hands and not rush a move. Time to look for the right property, to find the right buyer and to consider all the options. It could be your last big move, so don’t rush into anything. Retirement flats can be in short supply and you may even have to go on a waiting list so the earlier you decide to move, the better.

Sort out your possessions

By having a clear out, you’ll not only be ready to move to smaller property, you’ll also be market ready, helping to maximize the space and remove any clutter. Don’t part with anything you love for the sake of it, and don’t be too hasty, as you don’t know what you will and won’t need in your new home.

Consider a retirement property

Think about a retirement property – you’ll not only meet likeminded people, you will have help at hand should you become unwell or less mobile. They can be pricey but it could save you money having to move again in the future.

As one of West of Scotland’s longest established estate agents, we’ve helped families across the country buy, rent, let and sell properties quickly, and with the minimum of hassle. Get in touch with our team on 0333 241 3333 today or send us a message to find out more.