Thu 08 Dec 2016
Downsizing is common amongst the older generation once the family have flown the nest and you are ready to release some equity for retirement. Here’s our quick and easy guide.
Swapping your large family home for a more manageable sized home once hitting retirement is something that a lot of people begin to consider. The other bonus of course, is releasing equity from a home that has risen in value over the many years spent there.
Not only can it be a welcome financial boost for you and your family but it could also save you considerably on monthly outgoings running a smaller home.
When should you begin to consider downsizing?
It may be wise to consider moving sooner, rather than later, as many people find this can be a stressful time, especially if you are leaving behind many happy family memories, you want to be fit and able.
Where should I move to?
Most people’s top criteria is to firstly, be close to family and friends, and secondly, have local amenities such as shops and doctors close by. Although moving out to the country may sound appealing, think of the practicalities in the long run and if there are nearby transport links should you need to get around.
Should I move to a specialist retirement development?
If you wish to have wardens on-site and 24 hour emergency contacts as well as the opportunity to socialise in communal lounges and gardens, then this could be a perfect option for you. Bear in mind service and maintenance charges that may apply which should be budgeted for and, also any re-sale caveats.
How do I begin to ‘thin out’ my belongings?
It is inevitable that moving to a smaller house means reducing the amount of furniture and possessions you have, here’s a few tips to help:
•Write a list of items that you love and simply cannot do without, that way it should be easier to throw out the items that aren’t on the list!
•Begin clearing out unnecessary items 3 months before moving; clear out cupboards, wardrobes etc
•Sort into 3 bins ‘To Keep’, ‘To Sell’ and ‘Charity’ – this way you can gradually fill, distribute and re-fill as you go along.
•Once you’ve purchased a new home, use a floor plan to arrange your furniture before you move so you know which items you can keep and which need to be sold.
Check out these properties which we think would make great downsizing homes…
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