If your family has grown and flown, it may be time for you to consider downsizing your property. Do you find yourself with unused rooms? Perhaps the garden is getting a bit too much. It may be that you just don’t need as much space as you used to.
It could well be time to consider selling your house and moving into somewhere smaller. Somewhere to suit your needs. The capital you release could go into your retirement fund and be used to top up your pension. How do you know what is the right time to move, and how will you go about it?
Time to take stock
You might have known for a while that your current property is too much for your needs. It’s not just a matter of rooms and space. A house is not just bricks and mortar after all. It is an emotional connection with you and your family. It maybe the place where you raised your children. For all sorts of reasons, it can be hard to come to the decision to leave. You need to take a realistic look at your situation and indeed, your finances.
Make the most of your assets.
It makes sense to make the most of your assets at this time of life. More than likely you will need to add to your state pension and any other schemes that you have. Your house is likely to be your best asset. If you release your capital now you will be able to invest in a smaller property.
A property that suits your needs and still gives you all the independence you want. The surplus can go towards your pension. That pension can be converted into an annuity, giving you an income for your retirement.
The best possible thing you can do is to talk to a reputable and professional company such as Retirement Line. They are specialists in this area and will be best placed to give you sound advice.
Getting ready to move
Once you’ve made the decision to move on, it actually gets a little easier. Most people find that once they have decided, they become almost impatient to get the process started. It’s also quite a simple process, and not unlike buying your house in the first place.
You’ll get the advice of a real estate agent and a few valuations and decide which one to go with. At the same time, you’ll be able to gauge the market for smaller apartments or houses. It may be that you are just discovering the options available to you in a lifestyle or retirement complex.
You might find that you have furniture to get rid off. Again this can be a surprisingly cathartic time, and you'll feel liberated by your choice, not to mention a little lighter! Once the sale has gone through, you will be able to invest your funds.
You'll know that you have gone a long way to ensuring your retirement is as comfortable as possible and in more ways than one. Hopefully, you’ll be putting your feet up in a property that is far more suited to your needs.