Taking advice will ensure that you are supported every step of the way. Here are our top 7 tips for downsizers :
1. Don’t just consider your needs as they are at the moment, make sure it will suit you – or can be adapted – when you become less active and possibly less mobile. Psychologically, think of this as a new step forward, not the last property step – a feeling that can often deter downsizers.
2. Before you start planning the ‘what’, establish the ‘where’. This is by far the most important aspect of your move. Moving near family is frequently a sensible move, but don’t discount the fact that moving away from an established social life will be a wrench. Consider the demographic of the new area.
3. Make sure you have the facilities you will need close by. Remote tends to be a bad idea in later life. You need to have easy access to necessary facilities and leisure facilities that will enhance your life. More and more retirees are choosing to live in towns and busy villages : a central location, within walking distance of everything you need day to day, can be a great choice.
4. Don’t overlook practicalities that might become necessary later in life such as security, porterage, off street parking that’s easily accessible from the house and minimal steps, inside and out.
5. Try not to recreate exactly what you had on a smaller scale. Think of it as a new start and an opportunity to live in a different way.
6. Remember that you are probably looking at the kind of property that is in demand from a wide range of purchasers. Not only are small families, divorcees and investors in the same market, but there is generally less desire for large ‘status’ homes with many families preferring a more practically-sized main home.
7. Finally, don’t rule out the possibility of moving on-site with family. Some of the most successful arrangements are where grandparents have an annexe or separate accommodation. Support works both ways, both practical and social. The best arrangements are where each family unit has its own access, is self-contained in terms of kitchen and bathrooms, and where living together etiquette is established early on!
Still feeling daunted? See here how Stacks helps people like you get moving.
It’s easy to assume that the decision to downsize is straightforward; after all, you’ll presumably have cash to spare once you’ve sold ‘the big house’, but of course, the reality is far from simple. In our experience, it is rarely finances that are the obstacle to downsizing. More significant are a...
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When making probably the most important financial decision of your life, it pays to have the right advisors at your side.
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