HOME | 50 PLUS MAGAZINE supplement a pension, pay off a mortgage or a loan and even enjoy a new car or holidays. It may simply be, though, that people are just unhappy with their current property and want the chance to have their dream home with everything that this involves. Whatever the reason, it’s not a decision to take lightly and involves real research - both to make that crucial move and to select just the right property for the next home.
MOVING TO A MORE SUITABLE HOME DOWNSIZING your home can prompt one or two emotions: relief at leaving an unsuitable property and joy that you can move to something much more life-enhancing. Since lockdown and the enforced time spent in our homes with the opportunity to scrutinise our way of living, many people have decided to move house. And downsizing is the logical choice for many. This may be because they want a property that’s easier to manage because their current one is no longer convenient due to poor health, mobility difficulties or isolation and loneliness following a bereavement. It may be that their current home is simply too big – or too small – and they need a property that better reflects how they are now living their lives. A large home may now also be a very expensive one in the light of huge energy hikes and they’re looking to cut regular bills like council ta which is generally lower in smaller properties. Retired home-owners may see themselves as asset-rich but cashpoor, owning a property but living off a small, regular income like a pension. Downsizing may mean being able to raise money to
However, as consumer champions Which? rightly point out, there are some possible drawbacks that are worth bearing in mind.
For a start, downsizers have to leave friends and neighbours behind which may mean leaving a strong support network. They also need to know if they can still enjoy their hobbies in a new area. A smaller home may mean less storage and entertaining space, which means a cull of furniture and other possessions. Lifestyle musts for the checklist for any new home and area include ensuring there’s good local transport nearby, whether family and friends can easily visit and if there are good shops, a library and cafes. Local amenities generally should be good and it’s worth checking for any major development plans or building work nearby which could impact your new lifestyle. Have the local council there got a good reputation for basic services like bin collections and are there reliable local GP surgeries and hospitals within a decent distance? Most downsizers choose to stay on the property ladder, although it may be that they are now considering buying a home in sheltered housing or in a retirement village. The latter provides a particularly popular solution for many people now, offering an independent lifestyle in a safe environment among 27
