The adventure of downsizing
Retirement brings major changes to your life and the day-to-day routine. The family home mortgage has finally been paid off, the kids have left home and now you are gazing into the future trying to plan your retirement.
A new study shows, that almost half of all pensioners decide to move to a smaller home, and these numbers are expected to grow.
Moving to a smaller property often comes with many social advantages, including trying new activities with like-minded pensioners and opportunities to get involved with local communities.
Scotland is full of attractive towns, charming villages and peaceful rural areas making relocating so popular amongst people after 60.
Here are some downsizing tips:
Get out and about to view as many different types of properties as possible; A city centre flat, a bungalow, a new build or even Rural.
Prepare your house for sale. Decluttering means that you can donate plenty of items to the charity shops who will be delighted to sell them on. You should also address all the maintenance chores and perhaps discard some of the many documents you’ve been gathering over the years. Your estate agent and solicitor will be happy to give presale advice about procedures and costs.
Downsizing can often happen due to a forced sale. In these difficult circumstances, your solicitor can guide you to an orderly sale and assist you with the purchase of another property.
Worried about LBTT and other costs? Your solicitor can give you good advice about the impact and provide quotations of costs. LBTT has indeed had an impact on the market because it increased the taxes but this has now been worked into the market pricing.
A smaller property should mean lower running costs and you may be able to get rid of a car and perhaps take up cycling.
This could be a chance to help out the next generation get on the housing ladder. Not just helping your own children that are a young family with moving into your own house.
Donald Wright, The Founder of Watermans Legal
Posted by Agata Myszkowska