Date Published 20 July 2018
Downsizing is a debate many of us will face as we near retirement. Working to climb both career and property ladders during our working years, and raising our families, the scale of our property has no doubt reflected our growing needs and maybe our status.
However, our priorities take a distinct turn once the family is all grown, the nest is empty, and we enter the retirement phase of our lives. With the over 65's in the UK having huge amounts of wealth tied up in property, and being largely mortgage free, how many of us are living in homes that are not only bigger than we need but present numerous practical problems too?
Luckily the British Property Award winning team here at Saunders & Lingard estate agents in Paignton, has nearly six decades of experience in guiding their clients through the process.
Sara Fiddes, director at Saunders & Lingard says, 'People talk to us with relief about releasing the burden of living in and maintaining properties they are no longer suited to. Despite the obvious challenges of leaving behind memories of good times associated with their home, of reducing space and perhaps needing to part with some belongings, there is a real sense of excitement moving forwards.
There comes a realisation that it is the right time and the right decision to make the downsize move, because bigger is not always better'.
The team has come up with five reasons why you should be taking advice about how and when your property downsize really matters.
5 THINGS TO CONSIDER IF YOU'RE THINKING ABOUT DOWNSIZING
1. Many of our clients are simply overwhelmed at the thought of moving to a smaller home, and it can be daunting to even consider how to go about the process particularly if you've not moved for many years. That is why getting some advice from property professionals such as Saunders & Lingard can alleviate much of the stress and worries, offering clear and honest guidance to ease the process so that when the time feels right you can make the move with confidence.
2. Sometimes the bad outweighs the good, because whilst your home may be gorgeous and spacious too, if you are honest with yourself do you really feel that your property is still a joy to live in? Or has the garden become a massive chore and the cleaning of too many rooms a hassle? If it's the latter, then it could be time to take some advice and explore new options.
3. With any substantial property comes the often unwelcome burden of high maintenance responsibility and costs. Sue Saunders says, 'Smaller can definitely be better when a downsize means reducing financial liabilities on a property that is often way beyond the living requirements of our clients, particularly if they are now on a fixed pension income. When we value client's homes it can also be a pleasant surprise to them at how much cash they could release by making the downsize move, freeing funds for enjoying some of the nicer things in life too!'
4. Downsizing can also be a huge relief because your physical requirements may be altering, and your priorities have changed, so that on a very practical level moving to perhaps smaller, and potentially single storey living can be a great solution. Combine this with purchasing a less expensive home, in turn releasing funds with which to fully enjoy the freedom of your retirement, and with the potential to reduce the Inheritance Tax liability of your estate in the process.
5. And finally, it's all about location! For many clients who have made the leap of faith and decided to downsize, what comes next is their check list of future requirements. Towards the top of the list is seeking a location that offers easy access to local buses, a few shops and restaurants, and some sense of being in a community. Another important factor is security, because of the desire to travel and leave an empty property locked up safely, or simply to know that the location offers a sense of community and security. Maybe it is the desire to have an interesting view, and for those of us living in Torbay that could be coastal or rural.
If you live in Paignton, Brixham or Torquay and you have been considering selling your home then the British Property Award winning team of Sue Saunders and Sara Fiddes would be delighted to hear from you and provide you with free independent property valuations and advice.
Call today on 01803 611420 or speak with Rob in Newton Abbot on 01626 240229