Let’s face it, if you’re lucky enough to own a home, it’s probably your biggest asset. For many older adults whose family have long since flown the nest, there can be a real temptation to downsize and make some money at the same time. However, it’s not a decision to take lightly.

Home maintenance and improvements, not to mention the cost of heating a home that is larger than we need, can become more of a burden as the years pass. Large gardens, while a great source of pleasure, are hard work. However, if you can afford to pay for help with jobs both indoors and outdoors or, even better, have a family member who will do it for free, retaining your family home may be just right for you.

Lifestyle plays an important role in the decision to downsize. If you’re considering travelling a lot or intend to spend time with family living abroad, it makes perfect sense to free up some of the equity in your home and keep a small home as a base. However, if you enjoy having family or grandchildren coming to visit, keeping the family home is a good option.

Neighbours and friends play a major role in our lives, particularly as we get older. While downsizing from a rambling old house to a smaller but newer and smarter home in a modern housing development might seem ideal, you may find it very disruptive in terms of your social networks. Over the years, you will have built up good relations with neighbours, making it easy to call on them in certain events. This may not happen so easily in a new neighbourhood, particularly if you are surrounded by younger, double-income families who are out all day.

Location matters when downsizing. “Buy in a mature development where you don’t have a lot of families with young children, and check out what percentage of owner-occupiers live there,” advises auctioneer John Doherty, negotiator with Sherry Fitzgerald Lewis Beirne in Castleknock.

“It’s also very important to be within a short walk of all local shops, post offices, church and medical centre,” he says.

Alternatively, he suggests considering downsizing within your own neighbourhood to minimise losing friends and neighbours.

Selling up might not be quite so easy in the current economic climate, so be prepared for your home to take several months or longer to sell. “Downsizers won’t get the high prices they were getting a couple of years ago but, in turn, they won’t be paying high prices for buying,” says Doherty.

Top tips

• Make sure you really want to move.
• Choose a home that is easy to maintain and cost-effective to run.
• Stay close to old friends and family.
• Ensure good access to local facilities, transport and hospitals.Factor in the cost of the move, solicitors’ fees and any refurbishment your new home may need.