Guide to trading down your home

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There comes a time in many people’s lives when they realise that the family home they’ve loved for years is simply now too big. Once children have left home and you’ve started to think about giving up work, you may find yourself looking for a smaller and cheaper option. 

Trading down your home can be a good way to release money that’s tied up in your property. It can be a profitable option for anyone who’s looking to free up some extra cash to help them make the most of their retirement.

Thinking about your home as an asset

Making the choice to move to a smaller property can be beneficial whether you own your own home or you’re still paying off your mortgage. A smaller, cheaper property will demand less from you in the form of monthly payments – taking the pressure off your retirement fund – while selling a home you own outright can provide you with access to a valuable nest egg. For more useful information about the pros and cons of trading down, have a look at this interesting article from Mortgage Introducer. The Low Incomes Tax Reforms Group also has some great advice if you’re hoping to raise money from your home.

There are other advantages to moving into a smaller property, including a reduction in maintenance and cleaning costs. You will also have the opportunity to move into an area that’s more geared to the kind of amenities and social activities you enjoy – whether that’s in a retirement complex or simply the other side of town. Before taking the plunge, you might want to ask yourself a few questions about downsizing to help you make sure it’s the right move for you.

Finding a new home

Trading down can be a relatively simple process if you’ve already paid off your mortgage and are moving into a cheaper property. However, if you will need a mortgage to help you afford your new home, you will want to spend some time shopping around for a decent deal. Have a look at This Is Money’s comparison guide to mortgages for the over 50s and find out which banks offer the best deals for older borrowers. There’s also some very useful information on offer from the team at Moneywise, who’ve put together some great advice for pensioners who are looking at their mortgage options.

You’ll also want to make sure you find the perfect new home, especially if you’re hoping to avoid having to move again in the future. Yahoo Finance has some handy tips for over-50s buyers that could help you get your hands on the right kind of property. Retiremove also has some interesting tips and tricks for buying a retirement home. This is not a move to rush into, so be sure to give yourself plenty of time to consider all of your options and find the home that will give you all of the benefits you’re hoping for.

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