Downsizing is the act of moving to a smaller property than you currently live in. You may hear downsizing in the same sentence as ‘empty nester’ – which is the term for parents who are left with a large family home after their grown-up children have moved out. Downsizing is also a good idea when a large property becomes too much to maintain, to ease cash flow, when bills become unaffordable or when you need free money to fund your retirement.
While empty nesters and retirees do make up the majority of downsizers, you can step down to a smaller property at any time in your life. Many homeowners downsize to a smaller property if they find themselves in financial difficulty, especially if an alternative property costs less to buy, run and insure.
In April 2021, UK house prices grew at their fastest rate for more than 15 years, with values up 2.1% in the last month alone. For many, this signals the start of the ‘cashing in’ process, with the property industry as a whole reporting a rise in older homeowners feeling confident about selling a larger family home and downsizing. With the property market at its peak, you can sell property fast and free equity.
If you want to sell a house quickly while prices are high, start your sale with Open Online today. We’re a quick sale agency and our express property service offers you a guaranteed sale via one of two methods – going on the open market using our online estate agency or listing your property as a lot in one of our online auctions. Open Online pledges to find you a buyer within 28 days of listing, and we can even recommend a solicitor who will work to your timescales.
Need to downsize within a week? You can also sell to our sister company – Open Property Group – for a quick cash sale. With this option, you can complete in as little as seven working days, with cash in your bank account and a move-out date that’s set by you.
If you need to sell property fast but also want to secure a smaller onwards purchase, there needs to be speed on both sides of the transaction. Purchasing via the open market could take months and has the potential to wipe out all of the hard work of selling your property quickly.
Why not consider purchasing at auction? They’re not just for investors and builders, as our blog on auctions explains. Our online property auctions offer same-day exchange so you’ll make rapid progress in your transaction as soon as the hammer falls.
Alternatively and in our capacity as an online estate agent, Open Online always has a portfolio of properties for sale – many of which are ideal for downsizers. Browse our properties for sale now.