Perhaps the home feels too big now the children have left or is too expensive to maintain? Maybe you always planned to live somewhere else when you no longer needed to work? If the children have moved away from the area, you might want to move closer to grandchildren?
These are just some of the many reasons to consider downsizing. Not only will you release money from the sale of the home but you could also save more money as a smaller home will usually mean lower energy bills, and cost less to maintain.
There are significant costs if you move home. For example, the cost of moving home, based on the average UK house value of £226,071 (UK House Price Index, Jan 2019), is almost £9,000.
Think carefully before you make such a major decision. Maybe you need the extra bedrooms to encourage your grandchildren to visit. There may be many happy memories and an emotional attachment to your home. You might have strong relationships with neighbours you can rely on and trust. It’s also very comforting knowing where everything is and feeling part of a community.
If you’d prefer to stay in your home, a lifetime mortgage may be the solution. A lifetime mortgage is a loan secured on your home.