Downsizing is a rite of passage for people who’ve retired and whose children have flown the nest. Estate agency Knight Frank has found that downsizing to a home with one less bedroom frees up £52,000 on average across England and Wales. This can be used to pay off a mortgage, fund retirement or help children get on to the housing ladder. The benefits of trading down aren’t only financial and could result in a home that’s easier to maintain – leaving you more time to enjoy your retirement.
1 Location
Choosing the right location is crucial. Unless you’re downsizing locally, or moving to somewhere you know well or to be close to family, taking your time to research the area could prevent you from making a very expensive mistake. Escaping to the country might be a lifelong dream, but consider whether you could cope with living miles from amenities. Equally, if you fancy swapping a home in a rural location or leafy suburb for the buzz of a town or city centre, think about how you’ll manage in a more frenetic environment. Check out coastal resorts out of season as some go into hibernation mode for half of the year, and don’t forget to look into transport links.