Baby boomers are now being coined as the generation stuck, if you are among this group of people who are living in homes much bigger than you actually need, you are not alone. Many people who find themselves in this situation are trying to move into smaller homes but can’t due to a lack of supply of smaller properties. According to research it would take nearly 20 years for supply to meet demand of just half the people aged 60 or over who would like to downsize.
Here are some of the main reasons why people consider downsizing; lower maintenance, reduced bills, house is too big, health reasons, to release equity, partner or family death and to move closer to family.
If you are thinking of downsizing, and do manage to find a suitable home then there are some important facts to take into consideration, the first one is how much money do you think you can release by downsizing? Some homeowners find that they are not left over with as much money as they had previously anticipated. At Intercounty we are here to help you work this out and we will be able to give you advice of how much you could be left with if you move into a smaller property.
One of the pitfalls of downsizing is moving to a property which is not is big enough to meet your needs - don’t underestimate the fact that you will still need enough space for family and friends to stay over.
It’s important to remember that as you get older it becomes harder to move, people aged between 55-65 tend to be less attached properties compared to those people in their late 70’s and 80’s. So if you are seriously thinking about downsizing you need to make sure that you are not too old to move.
Another pitfall can be moving to a remote area or another area, this can be quite a common mistake especially when people move to cheaper areas to get more property for their money. It’s best to stay in an area that you know, so that you can stay close to friends and family.
If you are considering downsizing then Intercounty has this recently refurbished and newly decorated two double bedroom, semi-detached bungalow within easy walking distance of the village centre. The accommodation includes re fitted kitchen/breakfast room, lounge, two double bedrooms and re fitted shower room. In addition the property benefits from a private southwest facing garden, single garage with parking and a quiet location. EPC Band D.