A guide to selling when downsizing

Cardigan Bridge, Ceredigion, West Wales


During the combined 27 years we’ve been serving the people of West Wales, we’ve helped hundreds of clients take their first steps onto the property ladder.

Our experience means we know just how exciting, terrifying, inspiring and overwhelming the whole process can be.

Some people are excited about moving out of rented, shared accommodation, or parents’ homes.

Others are anxious about the amount of responsibility, paperwork, and money this move involves.

We are here to guide and support you throughout the ups and downs of your home-buying journey.

Our aim is to ensure you have the right guidance and support to help you make the best decision for you and your future.

After reading this, you may find it beneficial to have a no-obligation, confidential chat with us about your situation.

Thank you for your time, and please get in touch with us if you have any questions whatsoever.

Tania Dutnell & Helen Worrall

MNAEA Residential and Commercial
Co-owners and Directors
Cardigan Bay Properties

Why people downsize

There are many reasons people want to move from their current property to one that is smaller in size.

These include:

Children Now Adults
Probably the number one reason why people seek a smaller home. The children are grown up and have moved out, and the home now feels a little too big.

Family Ties
A popular and exciting reason to downsize is to be nearer to family.

New Lease of Life
Downsizing is sometimes painted in a negative light. Still, we’ve experienced dozens of occasions where the sellers wanted to free up some cash to take once-in-a-lifetime holidays and enjoy hobbies in their golden years.

Living Luxuriously
Far from the misconception that downsizing is a step back on the property ladder, you can often get a lot more for your money if you need less space. Centrally located luxury apartments often cost significantly less than large family homes.

A Change of Scenery
The concept of a ‘forever home’ has changed considerably over the years. We’re seeing many sellers looking to downsize so they can buy a property out of town, by the coast or in their favourite location.

Sadly, the death of a partner or spouse can lead to needing to move on and reduce outgoings and create a desire for change.

A common reason for downsizing and a situation where experience, sensitivity, and expertise are needed from any estate agent involved in the sale.

We’re on Your Side
Ultimately the decision is yours, and we never pressure anyone into making it. You must do what’s right for you in your current situation and looking ahead to the future.

Five things to consider

Changing where and the way you live is a big decision. There’s a lot to consider. Below, we share five of the most common things that people looking to right-size their living and financial requirements need to mull over.

What’s Ahead?
We’ve spoken with many people looking to downsize who felt anxious and a degree of guilt. For some, it was a fear of change or perceived loss of status. For others, it was feeling guilty about selling the family home and leaving memories behind. The good news is that the memories come with you, but we always say to people you should only sell when you are at peace doing so.

Think Ahead
Do you see yourself living by the coast and enjoying leisurely walks along a seafront? Or are you desperate to see more of your grandchildren? Do you want the security of a nice sum in the bank if you ever needed it? Whatever your vision for your future is, any move you make now must help you to achieve those life goals.

Plan Ahead
Planning a move takes time, requires budgeting, and there is a lot to get sorted. Once you’ve decided to sell, you need to start chipping away at all the different jobs you need to get done. See the checklist at the end of this guide.

Get Ahead
If you are going to move, start making your life easier come moving day by decluttering as early as possible. Get your legal paperwork in order in
advance and think about the effect a move will have on your finances.

Full Steam Ahead
We’re not just saying it, but instructing the right estate agent can be the difference between success and failure when it comes to moving onto a new chapter in your life. Our advice is to call three agents in to give you a valuation (sometimes known as a market appraisal). Any valuation they give should be supported by comparable evidence. Go with the agent who you feel you can work with and who has backed up their valuation with a clear plan of how they will achieve it.

*Word of Caution Budget fee agents often provide a cheap but not so cheerful service.

Your FAQs answered

Is now the right time to move?
Only you will know this for sure. It’s worth discussing your plans with friends and family and getting their opinion. We can give you a data-driven overview of the local property market, so you get a clear understanding of what’s

What taxes do I need to pay when moving?
If the property you are selling is your primary home, no capital gains tax will apply. Depending on the property you are buying, you most probably would need to pay Land Transaction Tax (LTT). We would be happy to advise you on LTT thresholds, and we can introduce you to financial advisers if you wish.

Someone we know is looking for a bigger home, we’re looking for a smaller home. Is a swap a possibility?
Theoretically, yes, but in our years of experience, it never happens. This is due to circumstances, changing minds, and finances. The chances of the person buying your home having a property that ticks all your boxes are tiny.

How will you ensure our sale progresses from an offer to a completed deal?
It’s an excellent question. A large percentage of sales fall through due to several reasons, but one of the biggest is poor sales progression and a lack of ongoing communication by the selling agent. We borrow a phrase from the world of everyone’s favourite sci-fi character, Dr Who, to ensure you and your buyer are continually updated with any news.
We’ve adapted his arch-enemies’ mantra: ‘Exterminate, exterminate, exterminate!’ and put our own spin on it: ‘Communicate, communicate, communicate!’ When it comes to selling properties, our experience shows you can never overcommunicate to keep everyone in the picture.

We/ I would like a quick sale. Are these cash buying companies trustworthy?
While we wouldn’t criticise any of our colleagues in that sector of the home sale industry, we can say you’d get more for your property selling through an estate agent.

The price you would be offered by one of these companies reflects your need for speed and is usually significantly less than you’d get on the open market with professional marketing and area

We / I need to achieve a certain amount for our property to fund our future. How will you help us achieve that sum?
The figure you have in mind needs to be realistic and achievable. While no estate agent can guarantee your home will sell for a certain amount, there are four fundamental factors involved in the process that influence the amount
achieved. These are:

1) Location – Where the property is and the amenities, services, and environment around it.

2) Presentation – What condition is the property currently in and how could it be improved if necessary.

3) Agent – This is the critical choice you’ll make when selling your home. Instructing an experienced agent with a good track record can often leave you with thousands of pounds more in your pocket due to a successful sale.

4) Strategy – Any agent can promise a premium price. What is far more beneficial to you is knowing the strategy and process your agent will follow to ensure you’ll get the best possible price. We have a clear process and strategy in place to sell homes like yours.

Your Moving Checklist

Below is a useful 11-point checklist to help you prepare for a sale.

Once you are sure you want to move, call in three estate agents for valuations. Remember, seek evidence for any sale prices they provide

Don’t just choose the agent with the highest valuation or cheapest fee. This is often a false economy.

You’ll need to instruct a conveyancing solicitor to handle the legalities of your sale.

So, you’ve instructed the agents and solicitors you feel are most capable and who you are comfortable with. What next? Well, as you’ll be moving to a smaller space, start getting rid of the furniture and things you won’t have room for. Charity shops, home clearance, and auction houses can help when having a major clear out.

Get ahead with packing. Even though you may not have a move date yet, it’s always worthwhile boxing up those items you don’t use much. This will make your life a little more comfortable in the future.

When you’ve accepted an offer and agreed a completion date, get three quotes from different removal companies. Look for ones that come recommended and which are fully insured.

Start finishing the food in your freezer ahead of moving day.

Remember to let all your bank, utility companies, insurance providers know and arrange to have your mail redirected.

Start getting quotes for insurance on your new property starting from the date you are set to complete the move.

The day before the move, create an essentials box with any items you might need quickly when you move in. Kettles, cups, and tea and coffee always come in handy.

On the day of the move, take any very important items or documents with you, such as medicines, passports, wallet/purse, keys, and glasses.

If you have any questions about anything in this guide remember we
are here to help, so please feel free to contact us at
info@cardiganbayproperties.co.uk or call us on 01239 562 500