Guide to trading down your home
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.
Latest posts by Sally - Silversurfer's Editor (see all)
- Should seagulls be culled? - July 23, 2019
- Beach Boys lyric or Qantas route? - July 22, 2019
- Would you be happy sharing your local woodland with top predators? - July 18, 2019
- 6 common suncare mistakes not to make this summer - July 15, 2019
- Thai Fragrant Coconut King Prawn Curry - July 15, 2019
Leave a Comment!
Community Terms & Conditions
These content standards apply to any and all material which you contribute to our site (contributions), and to any interactive services associated with it.
You must comply with the spirit of the following standards as well as the letter. The standards apply to each part of any contribution as well as to its whole.
be accurate (where they state facts); be genuinely held (where they state opinions); and comply with applicable law in the UK and in any country from which they are posted.
Contributions must not:
contain any material which is defamatory of any person; or contain any material which is obscene, offensive, hateful or inflammatory; or promote sexually explicit material; or promote violence; promote discrimination based on race, sex, religion, nationality, disability, sexual orientation or age; or infringe any copyright, database right or trade mark of any other person; or be likely to deceive any person; or be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence; or promote any illegal activity; or be threatening, abuse or invade another’s privacy, or cause annoyance, inconvenience or needless anxiety; or be likely to harass, upset, embarrass, alarm or annoy any other person; or be used to impersonate any person, or to misrepresent your identity or affiliation with any person; or give the impression that they emanate from us, if this is not the case; or advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse.
Nurturing a safe environment
Our Silversurfers community is designed to foster friendships, based on trust, honesty, integrity and loyalty and is underpinned by these values.
We don't tolerate swearing, and reserve the right to remove any posts which we feel may offend others... let's keep it friendly!