How to ensure that you maximise the value of your home when downsizing

When considering selling your home, the first port of call is to get a valuation to determine how much your home is worth. Then, you can start browsing the property market to see what is available and if any property in particular piques your interest. You are in the planning stage here. No commitment yet; just gathering research.

Of course, most homeowners want their property to be worth as much as possible. The higher the value of your home, the more money you have available to spend on your next property. But this becomes even more important when you are planning to downsize. 

The majority of homeowners that are looking to downsize are retired or are approaching retirement. In fact, if you are still working, a downsize could enable you to pay off the last of your mortgage and be the very thing you need to do to allow you to retire early. Buying a new property without a mortgage and reducing those monthly outgoings could be the key to you being able to start your retirement right now!

With your children grown up and flown the nest, you likely don't need as much space as before. And a smaller property will most likely be cheaper, meaning that you can pocket the difference to supplement your retirement - perhaps it will pay for the around-the-world cruise you have always dreamed of? Or simply a way to retire without the monthly outgoings from a mortgage.

When we value property for sale, we consider who the buyer will most likely be? Who are you trying to target? Who is most likely to buy this property. The answer is most likely a family in the same position as you were when you purchased the property. Probably a young family working in an executive job role, needing a large home for the children where they can grow up - just like your children did. 

And so, with this imagined family in mind, we need to know what key features will appeal to them and how they will feel about your property. The agents' task is to find these buyers within their database and showcase your home to them.

With a downsize sale, the key features are the potential the home can bring to a growing family. The size of the house, the location, the schools and transport links are all key considerations for a family trying to purchase a larger home for themselves. 

Of course, you are keen to sell this property for the absolute maximum that you can, as, particularly if you have already retired, you are not likely to be taking out mortgages again, and your earning capacity is reduced and limited by your pensions and any investments that you may have. The equity in your property is a crucial element of your income and sets the budget for your move.

The critical element for valuing a property for sale, and maximising the available equity, is the technology and innovation of the agent that you choose to sell the property for you. 

An agent who knows that there is a buyer for a property will know that they can sell the property for a high price. With By Design, we have a connected database across our entire network. And the exclusive technology that we have available allows us to pinpoint the buyer for your property, regardless of where they currently live. 

This is so much more effective than a high street office window, where the buyer would need to be in the location of your property to see it. Or even a property website, where the buyer would need to know that they want to search in your area to be able to find your property.

With our software, we can show a buyer the property that meets their requirements, which could be in a location they have never heard of before. If the property works for them and is within budget, there is no reason that a family would not consider relocating for the right home. After all, in recent years working from home has become commonplace and commuting to an office is less of a priority for many workers, particularly those in senior positions.

If you would like to learn more about how we highlight the potential buyers for a home, maximising the value of that home and getting you moved quickly and efficiently, get in touch with our team of property experts today.