As you come up to retirement, it can and should take some time to decide where you would like to live, and the kind of home that would suit you. It’s an important decision, particularly if you expect to be moving for the last time and want to stay in the property for many years.
You may be thinking about the kind of amenities you’ll need in the future, being close to your children, whether to split your time between the UK and abroad – even whether to move at all! When you’re trying to plan the rest of your life, there’s a lot to take into account!
Here are 9 things to consider that might help you narrow down your options, so you end up in a home you love:
1. I love my home, but can I afford to stay?
You may love your current home and ideally want to stay there but be worried about the cost of ongoing maintenance and/or adapting it to your needs in the future.
In that case, there are ways you could generate some extra funds. One of the most straightforward if you own your home outright, is to take out an equity release product that delivers you a lump sum of capital. Make sure you take expert, regulated advice and talk to family before you make your decision.
Alternatively, you could earn money through letting. You can rent out a room and earn up to £7,500 a year tax free or, if you live in an area where there are regular events, why not rent out parking space on your driveway? You could even let the whole property as a holiday home while you’re visiting family.
2. I want to move to an area I will struggle to afford
We often hear about affordable initiatives such as Shared Ownership for first time buyers, but there also affordable homes for those that are retired. This is appropriately called “Older Persons Shared Ownership” (OPSO) and you can typically purchase 10-75% of the property, renting the rest.
You will have to meet the eligibility guidelines which can vary between schemes but are typically:-
3. I’ve always lived in the city and think I want to move out
If you’re dreaming of retiring to the country or seaside, but you’ve never lived outside the city, it’s well worth taking an extended break to ‘test drive’ a location you think you might like. And do this in both the winter and the summer so you can experience tourist season and the quieter months, when lots of amenities may be shut. You may find it’s not quite as idyllic as you thought!
4. I want to be near family
Many people want to move closer to their children as they get older, but it can be tricky if you have several. The last thing you want is family upset, so it’s important to discuss your plans with your children and find a solution everyone’s happy with. For instance, if one has plenty of room for you to make extended visits, or they have a lovely B&B nearby, then it may suit to have your permanent home nearer another child.
One thing to be mindful of is that there’s no guarantee your children won’t move themselves in the future, so wherever you buy, make sure there are plenty of other factors that make it the right home for you.
5. I’d love to live abroad
Most of us have only spent a week or two on holiday abroad. And while a place can seem like the ideal home for a short time, it may be worth holding back from a permanent move until you can really judge properly whether living overseas is definitely for you.
That’s why many retirees buy a small ‘lock up and leave’ property in the UK that’s close to an airport, and then either rent or buy something abroad, so they can split their time. However, it’s important to find out about things like property ownership and costs, residency rules, tax implications and inheritance laws in the country you’re planning on moving to, as they can be very different to what you’re used to in the UK.
6. I want to have everything I need within 10 minutes
For many people, convenience is key as they get older. If that’s you, your perfect property is likely to be in a large village, town or city, where there’s a lot within walking distance and anything else is just a short bus, taxi or train ride away.
One thing to bear in mind if you currently live in a more rural location, is that as you get closer to good-quality amenities and public transport, property prices tend to rise. So you may have to fall in love with a smaller property, in return for its convenient location!
7. I want to spend more time exploring the country
You might have decided that when you finish your working life and are no longer tied to a particular location five days a week, you want to spend your time travelling around the country or enjoying lots of different locations.
In that case, why not buy a small permanent base and then invest in a ‘home from home’, like a motorhome, RV or even a boat?
8. I want to be in a safe community
For many people entering retirement, feeling safe and secure in their home is a priority, and retirement villages can offer the perfect home and lifestyle. You can find community living in fully maintained grounds, where there is on-site security, medical assistance at hand and all kinds of amenities, such as a gym, leisure centre, restaurants, even a cinema.
You have the benefit of completely independent living in your own home, with the peace of mind that everything is taken care of around you. Just make sure you are fully aware of the maintenance costs and service charges, any leasehold issues and what happens if you want or need to sell.
9. I don’t think my dream home exists…
Then build it! If you can find a plot, with planning permission, in a spot you love, it can be hugely fulfilling to design and build your own home for retirement that fits your needs and lifestyle perfectly.
Of course, it takes time to go through the process and you need to be prepared for some inevitable hiccups along the way. You may be able to finance the build while staying in your current home, but you might prefer to have the security of knowing the money from your sale is in the bank, and then rent until your dream home is ready.
If you are ready to make a retirement move, do get in touch with us - the team in your local branch is always here to help.
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