Downsizing in your later years offers a chance to simplify your life, save costs, and make practical living decisions. However, it also brings about pressing questions and decisions that can feel overwhelming. If you’re in your 70s, considering moving into your smaller investment property, you’re not alone. This blog will explore two key questions retirees often ask:
- Can we leave our furniture behind when selling our old home?
- Should we prioritise cash buyers over others for a faster, smoother sale?
We’ll also cover additional tips on hassle-free downsizing to make your transition as seamless as possible.
Deciding Whether to Leave Your Furniture Behind
Should You Sell Your House Furnished?
Selling a furnished home might sound convenient, especially if your new apartment is already furnished and you plan to carry little with you. However, professional advice often points to leaving furniture out of the sale. Why? Negotiations can quickly get tangled up in discussions about individual items (“Do the kitchen chairs stay?” or “Can we keep the bookshelves but not the couch?”). These distractions can shift focus away from the core value of your property, potentially complicating or delaying the sale.
Instead, it’s more practical to sell your furniture separately. If the buyer is interested in keeping some items, they can be negotiated independently after the sale agreement. Essential kitchen appliances, however, are typically included as a matter of course.
What to Do With Extra Furniture
Here are a few ways to handle the furniture you can’t take:
- Sell It: Online marketplaces like Adverts.ie and social media groups can help find buyers for individual items quickly.
- Donate It: Organisations like St Vincent de Paul and local charities often accept furniture donations, provided they are in good condition.
- Recycle or Dispose: For items that are worn beyond repair, contact your local civic amenity centre for responsible disposal options.
Weighing the Value of Cash Buyers
Are Cash Buyers the Ideal Option?
Cash buyers are often perceived as quicker and less risky because they don’t rely on mortgage approvals. However, it’s important to clarify what “cash buyer” actually means. A true cash buyer must have their funds readily available—not someone waiting on proceeds from selling their own property.
While cash buyers can expedite the process, it’s worth keeping your options open. Buyers relying on a mortgage can be just as reliable, as long as their financial approvals are in order and their solicitor is efficient at handling the conveyancing process. Experienced estate agents can vet all potential buyers and guide you in making an informed choice.
Additional Tips for a Stress-Free Downsizing Process
Prepare Legal Documents Early
Ensure there are no surprises by addressing legal matters upfront. Confirm that your home’s title deeds are in order, and if you’ve made any modifications to the property, obtain compliance certificates for planning and building regulations. Consulting a property solicitor early in the process can help iron out potential delays. For example, experts like HOMS Assist specialise in handling conveyancing with precision and care.
Declutter and Present Your Home Strategically
First impressions count. Before listing your home, consider decluttering and focusing on kerbside appeal. Basic actions like a fresh coat of paint, fixing minor repairs, or even cleaning the garden can go a long way in attracting buyers.
Tax and Financial Implications
The good news is that selling your primary residence in Ireland usually exempts you from Capital Gains Tax. Plus, if your investment apartment is already mortgage-free, transitioning your living arrangement becomes simpler. However, it’s always wise to consult a financial advisor or tax professional to confirm no additional implications arise.
Stay Flexible for Potential Bumps in the Road
Downsizing might feel like a logistical puzzle, but nearly every situation has a manageable solution—even with unforeseen challenges. Keep open communication with your solicitor and estate agent to remain proactive when issues arise.
Practicalities of Moving
When the time for the big move arrives:
- Opt for professional movers who can handle your belongings safely.
- Notify utilities, services, and other organisations of your change of address.
- Proactively sort through sentimental belongings and decide what to keep, donate, or gift to family members.
Why Downsizing Makes Sense Now
Downsizing unlocks several lifestyle benefits, especially for retirees:
- Reduced upkeep and maintenance.
- Lower utility costs in a smaller space.
- Opportunity to monetise your larger home’s equity to support your retirement lifestyle.
By shifting into a well-located, cosy apartment like your investment property, you can enjoy a more manageable and comfortable space while remaining financially savvy.
Partner With Experts to Ease Your Transition
From deciding what to do with furniture to navigating the sale process, professional support makes downsizing simpler. Solicitors like HOMS Assist guide you through the legal and financial maze of property transactions, ensuring every detail is handled with care.
When done right, downsizing becomes a rewarding step toward a fulfilling new chapter of your life.
