This week Tom’s Take will look at Empty Nesters! With 70% of over 55's looking to relocate now their children have left home, Tom has some advice for both sellers and buyers in this particular market segment.
Being honest with you, downsizing is hard! You’ll look at loads of smaller houses and flats but you’ll find it hard to get used to the size, location, shape, facilities and features. That is because you feel as though you are sacrificing something. Well, it doesn’t have to be a sacrifice, you can get everything you want! My advice is listing all the things you love, and hate, about your home right now. Try to be objective and ruthless! Then, list all the things you want, and don’t want, from a new property and why. You’ll end up with a clear idea of your must haves, as well as things you are willing to compromise on. Now all you need is a location and you have a much easier property search to begin. Oh, and don’t book viewings at properties that are the same as yours, you are just wasting your time. Most decent agents will provide floor plans so check room sizes ahead of viewings to keep your search focused on real options. One last thing, don’t forget your motivation for moving, maybe you want to bump up your pension fund or maybe it is time to live in that idyllic location you have always dreamt of!
The hardest thing for sellers is that you’ll have loads of memories and sentiment in your home. So when you sell, try to remember that your buyers are going to start their own memories. They’ll probably redecorate and they might even rebuild parts of your home. That could be hard to accept if you’ve raised your family in that home but try to remember when you bought the house and started your story. Your buyers will do the same! They’ll raise their families and build their own stories in your home. They’re probably upsizing to grow their family. Remember that feedback from viewings can be really hard to take on board. Try to keep in mind that people might not like your décor or layout. That’s up to them and it’s nothing personal. Lastly, do your research on finding your next property. It will take a lot to get used to and you should follow the advice for buyers (see above) before you commit to selling your current home.