Dear Heather,

Our children are all grown up and have their own lives. We are still living in our family home, but find the upkeep on the house and the garden very tiring and expensive, and we have rooms we don’t even use.

We are starting to think we would like to downsize, is this a good time?

Ready to Downsize

Dear Ready to Downsize,

There are many reasons why moving into a smaller home makes sense. Not only will there be fewer rooms to clean, and possibly smaller annual household bills, but any profit generated can be used as a welcome cash injection to sustain your quality of life.

While downsizing was once the preserve of “empty nesters” approaching retirement who no longer needed so much space because their children had left home, it is now considered a sensible option for a wide cross-section of people.

The days of expedient hikes in property values may be a distant memory, but the concept of trading down is very much alive and well in these more austere times, with homeowners of all ages looking to make the best possible use of their assets.

Even those without fixed incomes are feeling the pinch. Whether they want to reduce their day-to-day living costs or ensure they have enough set aside in a rainy-day fund, an increasing number of people are considering downsizing.

Those who downsize often end up feeling liberated from the tyranny of household chores, upkeep, big heating bills and large gardens, according to a study published in the United States. On the downside, the report found that those yet to make such a move were worried where they would keep their possessions in a smaller property. But be realistic — do you really need all that stuff?

Something else to bear in mind is that moving house does have its costs, even legal costs and stamp duty have to be taken into consideration.

Potential sellers need to spend time working out their costs before committing themselves to a move, and ask some key questions, such as are we going to miss the extra space? Will we suffer financially over the longer term?

This is a great time to downsize as, fortunately for Bermudian sellers, we are seeing renewed interest in larger family homes, so it is likely that a fair price can be obtained.

We also have a great selection of very reasonably priced properties, so you will have a wide variety of choice. If you think you might be interested in selling or downsizing, invite your agent over to give you an opinion of value; what the property is likely worth in today’s market.

It is also helpful for an agent to see the characteristics of your home, as you will probably be looking for some similar ones in your next purchase.

Work out exactly how much money you want to walk away with from the transaction and factor in the various costs — tax and legal fees — in order to get an idea of the price range of the properties you could be interested in.

Working with an experienced agent can certainly help make the process less daunting.

Do your research. Visit property websites, keep an eye on the newspaper to see what is happening, and be honest with your estate agent.

Bargain hard, but be realistic, the more you can get for your property, the more you will have to spend or invest.

• Heather Chilvers is among Coldwell Banker Bermuda Realty’s leading sales representatives. She has been working in real estate for 25 years. If you have a question for Heather, please contact her at hchilvers@brcl.bm or 332-1793. All questions will be treated in confidence. Read this article on Facebook: Ask Heather Real Estate