It’s natural that once we get older, the house that we spent most of our years raising a family, eventually becomes too big to manage. You will find that there are numerous room being unused and the time it takes to manage a property of its size gets ever the more difficult.
Nevertheless, these homes are where we have spent many of our years and the tie to the family home can be strong. Sentimentality can lead to the families remaining in the home where their children grew up and eventually flocked the nest.
But with pensions not going as far, a nationwide study by Prudential has found that 47 per cent of over-55s plan to sell and move to a cheaper home later in life. On average downsizing releases £112,000 in equity from the move.
There are two options when selling a larger family home: move into the many retirement homes in the area or use the money from the sale to purchase a smaller property and use the rest to supplement your pension.
What are the reasons for downsizing?
The survey found that the most popular reason for downsizing is the convenience of running a smaller home in retirement (74 per cent). 28 per cent said they were downsizing to release cash for retirement. Surprisingly, one in three said that having a smaller garden was a major motivation.
60 per cent of those who expect to raise money from downsizing will use it to boost their retirement funds and improve their standard of living.
Downsizing in Market Harborough
Are you considering exchanging your home for a smaller model? Market Harborough is rife with different sized properties. There are large detached homes, quaint terraced houses and plenty in between.
If you have lived in your property for a number of years, you may be unaware of its true value. With expertise in the Market Harborough and surrounding areas, our valuation team is here to advise you on the right price.
We can also provide helpful tips that may improve the speed of the sale and help you to find your next home. For more information, get in touch with our Market Harborough office today on 01858 450 020.