When many reach their retirement age, some may look to downsize their current home for various reasons. Selling your current home and downsizing can put more money in the bank to allow you to enjoy your retirement the way you always envisaged your Golden Years.
Here, at Watermans Legal, we have put together a few thoughts to consider before you choose to downsize.
We have also included two of our favourite Retirement Properties currently available For Sale with Watermans Legal in Scotland:
- 41 Millburn Court, Windsor Terrace in Perth
– advertised for sale at Offers Over £79,995 | Home Report Value £85,000, this spacious One Bedroom Top/ 2nd Floor Flat has a peaceful outlook over the rear of the development onto a waterfall and there is private loft space available for additional storage accessed through the hatch in the hallway.
- 8/28 Lasswade Road, Kirkland Court in Edinburgh – advertised for sale at Offers Over £147,000 | Home Report Value £150,000, this recently renovated One Bedroom Top / 2nd Floor Flat has all of the modern fixtures and fittings you would want in your new home and there is the added benefit of private loft space for additional storage.
Both of these properties can be viewed virtually online, as well as with our 360* Virtual Video Tour feature:
Are you looking for a change in scenery?
Is the location of your current home still suitable? If the shops are too far away, you want to be nearer to a bus stop for easier access to public transport or you would like to be closer to your family? These are all questions to consider when making the decision to downsize. Longer journeys may become difficult, and so you want to be in a location central to your family and local amenities around, selling your current home to downsize would be a great option for you.
Downsizing could also allow you to be more sociable, as many of the Retirement Developments have access to a Communal Residents Lounge where owners can gather and visit with family and friends, in addition to hosting social events and evenings with the residents. If you are moving to be nearer to family and friends downsizing can also help you be more active. Don’t let your location restrict you through your retirement.
At both of the Retirement Properties available For Sale with Watermans Legal in Perth and Edinburgh, the bus stops are very nearby, within just a few minutes’ walk from the front door of the property and there is also easy access to the local shops, post office, banking facilities and doctors’ offices.
Can you afford your current home? Would downsizing improve your finances?
A bigger house will always be more costly. For most of us, we will have less of an income once we retire; therefore, it is important to work out an updated budget to see if you can still afford your current property. Selling your current home to downsize to a smaller / less expensive property is a great option for those who might also want a bit more cash in the bank. With expendable finances, you can travel, tick things off your bucket lists, take up new hobbies, and spend more time with family. Having the money to properly enjoy your retirement can be a huge weight off your shoulders.
Would you benefit from downsizing?
It is completely dependent on your individual situation, but smaller homes can be easier to manage. For example, if you are finding that a spring clean takes too long and all your energy or getting to the top of the stairs has become a challenge, it may be time to look at selling your current home and downsizing to a smaller, more manageable property that can offer you easier maintenance options, more support and assistance with passenger lift access to all floors.
Some homeowners also choose to downsize because of their gardens. For those who love to garden, a larger garden may become difficult (or expensive) to maintain, so choosing a property that may be part of a factored development would be a great option to still enjoy a beautiful garden, but not have the responsibility to do the gardening work yourself!
When deciding whether to downsize, consider your retirement wish list. If decorating and house projects are what you are interested in and you feel well enough to manage the stairs and/ or gardens, you may wish to stay in your current home. However, if your health requires an easier to manage property or outdoor space, it might be worth reviewing your current circumstances and considering selling your home to downsize.
Get in touch with the Watermans Legal team and we would be happy to discuss your various options with you.
We have a wonderful Private Client department who can review your current will – helping you to update it or making sure that all of your desires and wishes for your future have been met – as well as dealing with Power of Attorney, Guardianship and Executries and help you to prepare for your retirement years.
Our Estate Agency and Legal Conveyancing team are also on-hand and happy to assist in any way, such as arranging for a free, no-obligation pre-sale valuation to discuss the value of your current home if you are thinking of selling to downsize. They can also help you with your next move and submitting an offer on your new home.
Start your property search for your new home today:
Watermans Legal have made property viewing even easier. You can now view properties available for sale from the comfort of your own home with our online viewings using your mobile smartphone, tablet, or computer. Click here to see our current properties for sale.
Want to include your family and friends in your property search, but maybe they live further away or it’s not that easy to coordinate? Did you know that Watermans Legal also host live-streamed Virtual Viewings on their social media pages and then upload these video links to YouTube? This allows you to view the properties in real-time with a member of the Watermans Legal Sales Team on-hand to answer any questions or queries that you may have about the property and you can share these video links with your family and friends.
To speak to a member of the Watermans Legal team, call 0131 467 5566 or email [email protected]