When you’ve spent years in the family home, the idea of downsizing can be confronting, liberating, or a strange mixture of both emotions.
Downsizing often signals the end of not just a chapter but an era in your life. It’s likely that the children have flown the nest and your home now feel too big and hollow without the constant hum of family activity.
Careful planning is required for a successful downsize. It’s dangerous to believe that the value of your property will be sufficient to pay for not only your next property but the lifestyle that you’re seeking to create with the move.
As an experienced local agent, I always recommend that couples seeking to downsize should not only work closely with their agent but constantly liaise with their financial adviser.
One of the fascinating features of many family homes are the elements that have been added over the years that owners instinctively believe add value to their property.
Unfortunately, not every feature is a winner in the eyes of prospective buyers and sometimes it’s a smart play to take a reality check about the true value of the home.
If you’re downsizing right now, give me a call to work out not only how to maximize the value of your home, but great potential properties you could move into and start the next exciting stage of your life.
Below, I’ve created a list of features in many family homes that are loved by owners but often polarise buyers coming through the home or are dismissed as holding no value.
- Garage is a gym – Most buyers want a garage, and some are happy to hit a gym for a monthly subscription. Before your home goes on to the market, clear out the garage and make space for the cars.
- Garden of dreams – Your dreams, perhaps. Others will see lost weekends on their knees pulling out weeds. A lovely garden is another facet of a home that appeals to a certain section of folks. If you’re going to enhance your garden before sale, make low-maintenance improvements your goal.
- Swimming pool – This is another feature that polarises buyers. Your most likely purchasers will be young families, as few others won’t want the pain of maintaining a pool. This can reduce your market of potential buyers.
- Hot tub – The maintenance costs and the fact they take up space are the most common issues. If it’s portable, consider selling it separately.
- Home theatre – To many buyers, this is super-cool and they’ll pay a premium for the built-in electronic wizardry. Others see technology that outdates quickly and the need to repurpose the space to something more practical.
- Built-in aquarium – This is usually the pride and joy of a homeowner, but it causes most buyers to draw a deep breath. Not only are they not attracted to tropical fish, the maintenance headache fills them with dread. This type of feature can drastically reduce your pool of potential buyers.