Downsizing – Advice For Empty Nesters

Downsizing Advice For Empty Nesters.

Are you an empty nester thinking about downsizing your home? Recently, I received an inquiry from a couple facing this exact dilemma. With their children having moved out, they’re looking for a smaller, more manageable property. Here’s a detailed guide addressing their concerns and the expert advice I provided to help them make an informed decision.

Concerns About Downsizing

Limited Availability of Smaller Properties: The couple was worried about finding a suitable smaller home in their preferred area. Given the current low property availability, this is a common concern for those considering downsizing.

Risk of Renting Temporarily: They were also concerned about the possibility of needing to rent a temporary property if their current home sold before they found a new one.

House Swap Feasibility: The idea of a house swap was appealing but raised questions about how it works, including value adjustments and associated costs.

Expert Advice for Empty Nesters on Downsizing

Exploring a House Swap

Although not widely practiced in Ireland, a house swap can be an effective downsizing strategy:

• Valuation and Balance: Ensure both homes are professionally valued to determine any value differences. Negotiate the balance to reflect these differences fairly.
• Costs and Fees: Be prepared for costs similar to traditional transactions, including stamp duty, legal fees, and potential renovation expenses.

Preparing for a Traditional Sale and Purchase

If a house swap doesn’t seem viable, consider the traditional route:

• Market Readiness: Get your home professionally valued and address any necessary documentation. Present your home well with cleaning and staging.
• Contingency Offers: Making an offer on a new property contingent on the sale of your current home can be risky. Sellers may prefer offers from buyers who are not dependent on selling their existing property.

Working with Estate Agents

Estate agents can be invaluable in the downsizing process:

• Local Networking: Let local estate agents know you’re looking to downsize. They often have access to properties before they are listed on the market.
• Choosing the Right Agent: Opt for an experienced, licensed agent with positive reviews and a strong marketing approach. Meeting a few agents will help you find one you trust.

Understanding Downsizing Costs

Both house swaps and traditional sales involve various costs:

• Estate Agent Fees: Typically a percentage of the sale price.
• Solicitor Fees: For handling legal aspects of the sale and purchase.
• Building Energy Rating (BER) Certificate: Required for selling a property in Ireland.
• Local Property Tax (LPT): Ensure all outstanding taxes are settled.
• Marketing Costs: Professional photography and property listings can enhance appeal.
• Removal Fees: For relocating your belongings.
• Stamp Duty

Downsizing offers a chance to simplify and enhance your lifestyle, but it requires careful planning and the right support. Whether you opt for a house swap or a traditional sale and purchase, being well-prepared and working with trusted professionals will help ensure a smooth transition.

Keep your focus on finding a home that suits your current needs while staying within your desired community. With thoughtful preparation and strategic planning, you can make this next chapter of your life both enjoyable and successful.

Ready to start your downsizing journey?

Contact DNG Galvin today to get expert advice and personalised assistance. Let us help you sell your home and find the perfect next property to ensure a seamless transition to your next chapter.