It’s the home where you watched your children grow up, celebrated those milestone birthdays – and the one you fine-tuned over two or three decades into the best property you’ve ever owned. Filled with family heirlooms and fond memories, your forever home can be hard to surrender.
Yet leave it too late and you’ll struggle to manage the stress, the logistics and the whole admin process involved – I know only too well after managing the process for parents in their late-80s.
So when is the ideal age to give up the forever home and downsize? Or, to remove the negative implication of the word: to ‘right-size’.
While everyone faces different life-stage triggers – or obstacles – the country’s financial landscape is persuading some to consider it sooner rather than later.
A recent report by the estate agent Savills suggests that the number of downsizers active in the housing market increased by 53 per cent last year……
Carol Peett, of West Wales Property Finders, http://www.westwalespropertyfinders.co.uk says: ‘I come across far too many people who are struggling to manage the house and garden, with the property becoming run down.
‘By that stage, they do not achieve the full price they would have done when at its prime, leaving them less money for their onward purchase and to live off.’
Lindsay Heydon, 62, moved last week when her seven-bedroom multi-generational family home on an acre of land became too ‘overwhelming’ to manage.
The family’s new five-bedroom home near Fishguard, in Pembrokeshire, Wales, needs a little work so she wouldn’t have left it any later. ‘It took months to find the home, deal with conveyancing issues and then physically move. I would not want to deal with that at 70.’
Charlie Wells, of buying agency Prime Purchase, likens the decision to downsize to selling shares. ‘Stop trying to work out when the top of the market is because you might miss it; far better to sell when it’s best for you.
‘Whatever you want to do, it is vital to avoid a forced sale because your health has deteriorated quickly. Not being in control of the timings is not a great place to be – make the move five years before you actually need to.’
In fact, today’s slower property market could be a good time to do it – despite higher mortgage rates and election uncertainty.
‘A couple of years ago when the property market was abnormal and frantic, it was more challenging for sensitive moves, such as an older couple downsizing,’ says Simon Roberts, at Strutt & Parker.
‘Today’s less competitive market is easier to navigate.’
The Mail on Sunday – 4th February 2024 – https://www.thisismoney.co.uk/money/mortgageshome/article-13041011/When-sell-forever-home-definitive-guide-right-time-downsize-retirement.html?login¶m_code=q99jig1nahfufz57jgqv¶m_state=eyJyZW1lbWJlck1lIjpmYWxzZSwicmFuZG9tU3RhdGUiOiI0ZDhiYWYxZC1lNmVlLTQ5Y2QtOGVlMS1lNWY1NDBiOTAwZWMifQ%3D%3D¶m__host=www.thisismoney.co.uk¶m_geolocation=gb&base_fe_url=https%3A%2F%2Fwww.thisismoney.co.uk%2F&validation_fe_uri=%2Fregistration%2Fp%2Fapi%2Ffield%2Fvalidation%2F&check_user_fe_uri=registration%2Fp%2Fapi%2Fuser%2Fuser_check%2F&isMobile=false
If you are looking to move in in or to Pembrokeshire, Carmarthenshire or Ceredigion, give West Wales Property Finders a call on 01834 862816. We can find your perfect property for you whilst saving you time, stress, and often money too.