DOWNSIZE TRENDS

THE last few years have seen a trend of homeowners downsizing property in the Costa Blanca North region, which can be attributed to several factors:

Lifestyle Changes

As people go through different stages of life, their housing needs may change. For example, empty nesters whose children have moved out may find their current home too large for their requirements. Downsizing to a smaller property can provide a more manageable living space and reduce maintenance responsibilities.

Michelle Hughes, owner of VillaMia estate agency in Javea, has put together some of the reasons why people are choosing to downsize their property

Financial Considerations

Downsizing can be a smart financial move. By selling a larger property and purchasing a smaller one, homeowners can potentially free up equity and reduce housing-related expenses. This can include lower mortgage payments, reduced IBI taxes and smaller utility bills. Addition-

Although the rules aren’t retrospectively applied to old properties (at present), more demanding building regulations have already been introduced for new builds in Spain. The country has already implemented the EPBD through its Technical Building Code (CTE), which defines efficiency requirements.

Under the CTE rules, all new buildings must meet minimum requirements, and an EPC must be presented to the buyer or tenant when a building is sold or leased.

The CTE also rules that significant renovations or changes to a building must comply with the new laws. Any renovation must include improvements, such as installing insulation, energy-efficient heating or cooling systems, or solar panels. If you want to change the use of your property, you could be facing a large bill.

However, it’s not all bad news. Spain also offers financial incentives for improvements, such as grants and tax credits. So pop down to your town hall and see if you can get any help.

The EPBD is soon to be passed making sure all EU member states incorporate it into their national laws.

Each member state has some flexibility, but the basic principles remain the same.

And as the EPBD is part of the EU's broader efforts to reduce carbon emissions, it may become even more stringent, rather than being watered down, over time.

So, if you are thinking of selling, it’s time to start considering how you could improve the energy rating of your property.

Now, not later.

The simple measures to improve your energy efficiency include:

● Installing a pellet stove instead of your woodburner

● Install solar panels for energy and water

● Insulate the roof, walls, and floor – in that order of priority

● Improve the glass of your windows (to double glazing) and change old doors ally, downsizing can unlock funds for other purposes, such as retirement savings or travel.

Simplified Living

A smaller property often means less upkeep and maintenance. This can particularly appeal to those seeking a more relaxed and low-maintenance lifestyle. Downsizing allows homeowners to focus on enjoying their time and pursuing other interests rather than spending excessive time and effort on property maintenance.

Location Preferences

Many villa owners have downsized to move to Javea’s Port area, where amenities and a rocky beach are within walking distance. There is no need for a car and more social activities on the doorstep.

Travel and Flexibility

Smaller properties often require less time and effort to maintain, making it easier for homeowners to travel or spend time away from their primary residence. Downsizing can provide the freedom to explore new destinations or live a more flexible lifestyle without worrying about extensive property upkeep. In many apartments, you can lock up and go, unlike a villa where a water leak can remain undetected for a long time or humidity issues arise from a lack of ventilation. It obviously depends on individual circumstances but generally I think downsizing offers more freedom as there is less to worry about and fewer costs.

Villas normally need constant maintenance, which can be hard work as people get older and it can be expensive to pay other people to do the work.

I know most of my weekends are taken up doing things around the house.

We are finding more and more clients coming to us to downsize and most of the time they want a property where they can walk to the beach and amenities, to make the most of what is on offer in this area.