When the chicks fly the nest, parents might not want to rattle around a big empty family home and leading legal, financial and property specialist Pagan Osborne says that there are many benefits for those looking to downsize.
Matthew Gray, property services director at Pagan Osborne, said:
"Downsizing doesn't have to mean down-styling. With a young family, people may sacrifice some of their personal style for practicality. Once families have grown up, people have the chance to reclaim a more selfish style and live somewhere they can decorate to their own tastes or move to a more fun location such as a flat in a bustling city centre."
Freeing up capital on a larger family home can also have positive financial and tax implications. Fiona McDonald, tax partner at Pagan Osborne, said:
"No two situations are the same but there are a number of possible benefits for downsizers. There is no capital gains tax if they are selling their main home and if they gift any money made from the sale or put it into a trust, they can reduce their inheritance tax liability. The money could also be invested.
"Personal benefits could also be it's a great opportunity for a clear out and smaller properties are more manageable into later years.
"If people are planning to downsize, taking tax advice before the move helps to complete the jigsaw so all the possibilities and benefits are understood."