Sandfords estate agents

Guide to Downsizing in Marylebone

Reasons for downsizing

Upgrading location: Many home movers aspire to live in NW1 but as with all central London locations, properties to buy in Marylebone, as well as to rent, are at the higher end of the price spectrum. Many movers are willing to compromise on the size of the property they inhabit in order to move to a better area.Empty nest syndrome - many homeowners find they have surplus space once any children have grown up and moved out. With advancing years and more free time, a move to a smaller property is often the gateway to a different lifestyle.Freeing equity - properties for sale in Marylebone are being sold with exciting appreciation prospects. Property portal Rightmove says overall sold prices in Marylebone over the last year were up 17% on the previous year, and 43% up on values in 2011. Equity can be freed by selling one property and buyer a cheaper property for sale in Marylebone, or by renting instead of buying.Change in circumstances - this could be a separation, illness, a loss of earnings or a move for work. In many cases, it may be advisable for the home mover to opt for a property to rent in Marylebone as this gives a degree of flexibility and can be used as a short-term accommodation solution.

Marylebone estate agents agree downsizing can be a life-enhancing move life and it shouldn't always be associated with negative circumstances or the older generation. Here Sandfords explores the reasons and benefits of moving to a smaller property.

Downsizing: changing lifestyle

Marylebone estate agents say one of the biggest reasons clients want to downsize is a change in lifestyle, and it's not always about taking things easy, as Andrews Ellinas at Sandfords estate agents explains: "Of course we handle the sale of many large properties for sale in Marylebone where the owners are looking to shift down a gear but downsizing can actually open the door to a busier, more social life. Many properties for sale in Marylebone are snapped up by empty nesters living in the countryside. They often sell a large family home and by a sole residency in Marylebone, or buy two smaller properties - one in the capital and one abroad. With less responsibility, many empty nesters want to make the most of the cultural riches, restaurants and theatres in Central London, and having a base in Marylebone makes perfect sense."

Property to rent in Marylebone: the tax efficient downsize move?

Dispensing with the notion of homeownership altogether is a strategy muted among those looking to be tax efficient in their later years, especially if a Capital Gains Tax bill is of concern. If a property asset is disposed off while a home mover is able to formulate other investment strategies, swapping home ownership for a property to rent in Marylebone can make sense.

Even if downsizing is an event in the future, planning how to be tax efficient can start today. Those thinking of purchasing a property for sale in Marylebone with the intention of renting it out can enjoy a third benefit on top of short-term yield gains and long-term value appreciation. Moving into any property a person owns for buy-to-let purposes and making it a Principal Private Residence - and that can be part of a downsizing plan - brings with it some tax relief. "Any property investment in Marylebone should be made with one eye on the future," adds Ellinas. "However, we strongly advise anyone buying with tax efficiency in mind to speak with an independent financial advisor, a tax expert and our property team."

Downsizing: the gateway to freedom

Downsizing can free up time and absolve people of responsibilities. Here's how some of life's challenges can be resolved by downsizing to a property for sale or to rent in Marylebone.

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Outdoor space: Weeding, pruning and lawn mowing takes up precious time. There are some stunning properties for sale in Marylebone that have pretty courtyard gardens that offer low-maintenance outdoor spaces. Or movers can go one step further and downsize to a flat, enjoying a balcony with almost zero maintenance.

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DIY and maintenance: Big, period properties often come with baggage - usually in the guise of frequent maintenance, running repairs and difficult-to-keep façades. New build and more modern properties for sale in Marylebone offer a low-maintenance lifestyle, usually presented in a 'turn-key' fashion - just open the front door and move straight in with little or no upkeep. Many flats for sale in Marylebone have the added advantage of maintenance companies who take care of the grounds, gardens and communal areas as a result of paying a service charge. For those who want to free themselves even further, choosing a property to rent in Marylebone means a degree of property maintenance will be provided by the landlord.

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Money: Downsizing can free cash - as long as your buy a property that costs less than the one being sold. As well as a potential lump sum, moving to a smaller property will usually entail smaller running costs and household bills.

Properties for Sale in Marylebone

Some of our top featured properties for Sale in Marylebone:

For an updated and complete list of properties for sale in Marylebone, please visit www.sandfords.com

5 bedroom house for sale in Seymour Place, Marylebone, London, W1

1 bedroom flat for sale in Cornwall House, Allsop Place, Marylebone, London NW1

Properties to Rent in Marylebone

Some of our top featured properties to Rent in Marylebone:

For an updated and complete list of properties to rent in Marylebone, please visit www.sandfords.com

3 bedroom flat to rent in Baker Street, Marylebone, London, NW1

2 bedroom flat to rent in New Cavendish Street, Marylebone, W1

Contact Us

For more information on properties available for sale or to rent in Marylebone, don’t hesitate to contact or visit our Marylebone Estate Agents office.

Sandfords Marylebone

6 Paddington StreetLondon W1U 5QG

+44 (0)20 7224 4994mvsales@sandfords.com

mvlettings@sandfords.com

www.sandfords.com