It seems obvious but deciding when to downsize is the first step. It may be something you’ve been considering for a while, or you might be inspired by some of your friends’ living situations. Either way, it’s important to talk to your friends and family and share your thoughts and feelings with them. They will be able to talk through the pros and cons with you and help you decide if the time is right.

Everyone’s reasons for downsizing are different. For some it’s financial, for others it might be because they need less space after their children have flown the nest or it could be to improve property accessibility. Whatever your reasons, there are a number of benefits to downsizing that are worth factoring into your decision.

When you downsize your home you not only release equity from a larger home, you also downsize the cost of running it. Generally speaking, your utility bills and council tax will go down. This is especially true if you’re downsizing from a house to a flat, although it’s worth noting that flats can sometimes come with additional service charges or maintenance costs.

Downsizing can be a great motivator for getting rid of clutter, and can help give you a new lease of life. Depending on if and where you relocate, it can also be a great way of meeting new people and finding new hobbies. Many people opt to move to areas with plenty of amenities, which can be a positive benefit to your quality of life.

If you’ve made the decision to downsize, your next thoughts will likely be what’s on the wish list for your new home. If you’re going to buy a smaller house, think carefully about what you don’t need anymore. If you’re downsizing from a family home, you’ll be used to having a bigger property with plenty of personal space, storage and places for people to stay overnight. Ask yourself which of those things you don’t need and that will help guide your property search.

Your priority will be finding the right living space for your circumstances right now, but it’s also worth thinking about the future. Is your new home where you plan to retire and grow old? If so, look for features that will improve your quality of life while also giving you independence.

This old adage is as true with downsizing as any other home search. When you find a home that feels right, find out if it’s within easy reach of shops and other local amenities. If you’re downsizing for retirement reasons, and you’re looking for a place to settle in old age, then think about what would make your life most convenient and comfortable.

Having a community around you can be as valuable as being near amenities, especially for downsizers who may benefit from having someone trustworthy nearby to provide support when it’s needed.

When homeowners are downsizing, it’s very likely they’ll have experienced a property chain somewhere along their homeownership journey. Being in a chain can be stressful, and can put your new home at risk if a buyer pulls out. If you want to avoid the uncertainty of being in a property chain, it may be worth exploring short-term lending. With this option, you can bridge the gap between homes, using the loan to temporarily cover the purchase of your new home until your previous house is sold.

Downsizing to a smaller property obviously means reducing your living space, and that inevitably means less storage space too. If you have lived in a larger property for a long time, the chances are you’ll have accumulated a lot of belongings, and it’s usually when people come to leave that they realise how much extra stuff they have they just don’t need.

It will help in the long run to try and get rid of unwanted belongings little by little rather than trying to do it all in one go when you move. There are plenty of pre-loved sites, recycling options and of course charities that take donations so you can avoid anything going to waste.

Downsizing your house doesn’t necessarily mean downsizing the expenses of moving. There are still additional fees to consider such as surveys and legal costs, and of course, the moving costs too. If you’re downsizing, you’ll have done all of this before but it helps to read up on the additional costs you might incur.  You can find more detail on the costs of moving in our helpful guide on the true cost of buying a house.