Downsize or Not to Downsize When Retiring?
Downsize or not to downsize?
That is the question for most retirees.
Downsizing would leave you with more cash in your pocket for things including retirement, holidays and other hobbies that you never had the time for before retirement. A smaller property would mean more manageable upkeep. And it would make more family homes available for younger families with more dependents.
That all makes sense. But it’s not always as simple as that, is it? Our homes are our castles. It’s where our memories are made, our children grew up. Where the CD collection lives even though it’s all digital now. The grandkids can come for the weekend. And frankly, the idea of selling and moving is too dreadful to contemplate. Dealing with estate agents, viewings, finding a place to go…and don’t mention the packing.
It’s a familiar story. Some 45 per cent of so-called empty nesters say they won’t be moving to a smaller property now their children have left home because they are enjoying all the extra space in their house and don’t want the hassle of moving, according to a recent survey by Lloyds Bank. But the bigger picture is worth bearing in mind. As the population has aged, family homes are owned for longer. This creates a shortage of suitable family homes, and prices are driven up.
How can we help?
While Lumière Property can’t help with the your emotional connection with your old home, we can certainly help with the upheaval of moving. We have an innovative approach which we have designed to benefit the customer. If your home has development potential, we will make an above market price offer, and forward you 1% of the purchase price. We’ll advance you up to £1000 per month of the value of your home during the planning and design stages. Handy for spoiling the grandchildren! All of that is yours to keep, no matter what happens with planning submissions. We’re not a quick sell company. The process can take up to 18 months, giving you plenty of time to find your dream retirement home.
So if you do decide that downsizing is for you, consider Lumiere Property as your partner in the process.
To read more about what we do at Lumiere Property an how we work please click here
To read the full article on ‘Refusal to downsize is hurting the housing market’ click here