With recent research suggesting more people are downsizing to save money for their retirement or reduce bills, one real estate agency has come up with some handy hints for those scaling down.
According to new research, an average of more than THB3 million can be potentially raised – or saved – by downsizing to a smaller home.
In the U.K. downsizing to a bungalow is the most common option for freeing up cash, with those moving from a detached house enjoying a more than THB5 million windfall. The research also shows that over half of people (52 percent) looking to move in the next three years are considering downsizing.
With this in mind, U.K. estate agents Harrison Murray have some practical advice for people planning a move to a smaller property.
Su Snaith, Head of real estate agency for Harrison Murray, said: “We know that people tend to accumulate everything from pieces of furniture, kitchen items gardening equipment and so much more over the years.
“However, when it comes to downsizing, a move to somewhere smaller ultimately means less space and storage opportunities. Sorting out belongings before the move will ensure that you only take what you need or have room for.”
1. Plan your packing well in advance, as packing up a large home can be daunting. Think about where you will be unpacking items and which room your belongings will be placed in – using colour codes or labels to help with the unpacking at your new home.
2. Don’t take what you don’t need. Downsizing is your chance to have a thorough spring clean and focus on exactly what you want in your new home, and what you do not. You may have furniture which is unsuitable or that will not fit, so think ahead and make sure you have taken proper measurements of your new property so that you don’t struggle on moving day with items that you probably shouldn’t have brought with you.
3. Set up your utilities as soon as possible. Check with your real estate agent and obtain details of the previous utility providers so you can call them to set up new accounts. Also, make sure that your phone and broadband services are ordered prior to moving in as these often take a number of weeks to become active.
4. Maximise space. Your new home might have less room so think carefully about the layout, and look at ways you can get the most out of the space available. You will be able to tailor the rooms to suit your needs.
If you have successfully downsized and want to add more suggestions, feel free to email us or leave a message alongside this story.
Andrew Batt, International Group Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email andrew@propertyguru.com.sg
