Weighing up the pros and cons of downsizing.
The decision whether to downsize in retirement can be a big one. Consider the pros and cons from the list below – if still unsure, give our team a call and we’d be happy to advise further.
Downsizing could mean you could end up paying less for your bills, such as electricity, water or heating bills. This may go a considerable way to increasing your disposable income in retirement.
Increased retirement income
This report advises that the average person will have to save £260,000 to have a basic income in retirement. If your property has grown in value this may be the right time to sell, downsize, release equity and increase the size of your retirement pot.
Superior standard of living
Choosing a property which allows you to reduce costs and release equity should allow for a better standard of living so you can do more of what you love.
Does where you live still tick all the boxes? There may be somewhere more convenient for you now to accommodate your current situation.
Better transport links
Changing location could mean living in a more central position, giving you more options when it comes to transport.
Shows like A Place in the Sun have glamorised and brought to light the idea of moving to a warmer climate, where you can enjoy stunning views and a more affordable way of life.
You may have lived in a property for, say, over twenty years. Every nook and cranny means something to you and it may be hard to see yourself living anywhere else.
Community spirit in your area could be strong. For example, you may have friends in the neighbourhood with whom you enjoy meeting up with for the occasional street party or seasonal drinks.
Making a change could mean moving to a different location, which could well be further away from where your family are situated.
Downsizing will most likely involve a certain amount of decluttering in order to fit your possessions in the smaller property. Selling your items or giving them away may not be something you’re willing to entertain.
If you’re wondering what your property may be worth why not give our instant valuation tool a go? We’d recommend getting a market appraisal to fully understand how much your home could sell for and what the current market is like for properties similar to yours in your area. Call your local Leaders property experts on 01903 890 033.