{"id":16385,"date":"2016-06-22T14:43:22","date_gmt":"2016-06-22T13:43:22","guid":{"rendered":"https:\/\/lisney.com\/?p=16385"},"modified":"2022-08-09T15:43:28","modified_gmt":"2022-08-09T14:43:28","slug":"how-to-downsize-in-dublin-for-your-retirement","status":"publish","type":"post","link":"https:\/\/lisney.com\/how-to-downsize-in-dublin-for-your-retirement\/","title":{"rendered":"How to downsize in Dublin for your retirement"},"content":{"rendered":"
Freeing up equity, slashing your bills, and making your life simpler \u2013 is it any wonder that so many people choose to downsize for retirement?<\/p>\n
If you\u2019re a homeowner and you want to downsize, the good news is that there\u2019s never been a better time to do it.
\nAnyone watching the news over the past year will be aware of a few key trends in the property market:<\/p>\n
So it\u2019s not surprising that downsizing is still a hugely appealing prospect to many Dublin homeowners. Buying or selling a home is a big decision for anyone, of course: there is a lot to consider, especially if you\u2019re downsizing for retirement.<\/p>\n
The difference between apartment and house prices can be startling. Using one example, a desirable, two-bed apartment in Blackrock (like this one)<\/a> might cost a full \u20ac300,000 less than a three-bedroom house in the same area<\/a>.<\/p>\n Even taking into account the costs of selling and relocating, that\u2019s still a very healthy six-figure boon to your retirement.<\/p>\n If you\u2019re smart with selling and savings, you could be looking at a profit well into the six-figure range for Dublin properties<\/a>. What you do with that windfall depends on your circumstance, age of retirement, savings and personal preferences. Some options to generate more income for retirement include:<\/p>\n The cost of heating, lighting, taxing and insuring a home typically drops by the square foot. As any house owner knows, an unheated room can have an effect on the whole house when it\u2019s the dead of winter \u2013 especially if your house was built in the days before BER and is particularly difficult to heat. Brrr<\/i>!<\/p>\n An apartment will have the added cost of a service charge, but that covers a lot, often including bins, common areas, gardens and more.<\/p>\n Property purchases are usually a compromise between square footage and location: a bigger home is more affordable in a less desirable location, and vice versa. If you want to live in a smaller home, you have more choice of where you live, whether you\u2019d like somewhere more remote, more central, or closer to friends and relatives.<\/p>\n Moving away from a home you\u2019ve lived in for 30\/40 years is a big deal, and there\u2019s much you\u2019ll have taken for granted about living there. You\u2019ll need to talk it through with your partner and fully commit to the decision to move.<\/p>\n One of the earliest steps you should take is to draw up a list of things you want in your move, for example, favoured locations, the size of the house, and any key features like a garden for the grandkids to play in or the family pet to run about in.<\/p>\n Once you\u2019ve got a list of wants, you\u2019ll need to discuss auctioneers<\/a> and the process of whether to buy or sell first. It\u2019s also good to get your family involved. Lisney customer Jim and his wife Lilian recently relocated from Killiney to Dalkey with the help of our Dun Laoghaire staff. Jim advises first arranging a Sunday lunch for your family and telling them about your plans.<\/p>\n \u201cListen carefully to any advice or ideas they may have as they\u2019ll all have more up to date knowledge on moving,\u201d says Jim. He also suggests involving your family early as \u201cthey will be great supporters and advisors during the process.\u201d<\/p>\n The next step is to get the house ready for sale: this could include anything from doing up the garden to making small DIY improvements or, as Jim advises, \u201cpruning all the trees to give more light and better views.\u201d<\/p>\n Selecting an excellent auctioneer or estate agent is a vital step in a successful downsizing too. With Lisney, the Branch Managers will have excellent knowledge of the local area as well as the current market trends. \u201cNot only can Lisney help sell your home,\u201d says Jim, \u201cbut they can indicate where you may find the replacement house to match your needs.\u201d<\/p>\n The estate agent will estimate the value of the property in the current market and offer competitive rates for completing the sale. Jim advises talking to three estate agents or auctioneers as \u201cyou\u2019ll have a good indication of what price to target after hearing the estimates from competing companies.\u201d<\/p>\n Once you\u2019ve selected an auctioneer or estate agent, they\u2019ll start work on the business end of things like photography, brochures, and BER ratings. Jim advises \u201claunching your home on the market when you have selected a replacement home.\u201d This way, he says, you\u2019ll have the opportunity to coordinate the sale of your home close enough to the procurement of your new home.<\/p>\n Once you\u2019re into the process, you\u2019ll need to liaise with a solicitor who\u2019ll handle the deal. If you don\u2019t already have a family solicitor, look around for a reputable solicitor with experience in handling property deals. You\u2019ll need to get your documents in order too e.g. the deeds for your home, records or extensions, architect plans, and planning permission.<\/p>\n The search for your new home is a big step and comes with plenty of considerations. \u201cMake sure to check out the aspect of the property,\u201d says Jim. \u201cIf you\u2019re used to a back garden with a southerly aspect and enjoy the evening sun on your patio, then it\u2019s important to carry that over to your new home.\u201d<\/p>\n \u00b7\u00a0Check older houses for any defects or structural skeletons that may cause issues.<\/p>\n As for Jim, he says that downsizing was the right move for his family \u201cas it\u2019s a choice for life!\u201d, and he\u2019s excited for what\u2019s to come in the next stage of his life.<\/p>\n With over 80 years of experience in the property market and local savvy to boot, we can help you downsize your house.<\/p>\n If you have a question about selling a house, get in touch<\/a> or follow us on Facebook<\/a>, LinkedIn<\/a>, and Twitter<\/a> for gorgeous properties and selling advice.<\/p>\n\n
2. Smaller day-to-day expenses<\/h3>\n
3. A better location<\/h3>\n
How to downsize: the process explained in brief<\/h2>\n
\nJim and Lilian, Lisney clients who recently moved from Killiney to Dalkey. <\/i><\/p>\nYou\u2019ll also need to look out for certain things like:<\/h3>\n
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Do you want to downsize for your retirement?<\/h3>\n