Why downsize your south London home?
Our population is ageing. People are living longer and figures show that within the next decade we will have over one million people aged over 65. With ongoing upkeep and maintenance on a property that once may have held a large family, people are bound to consider downsizing. Roughly ten to fifteen percent of all over 65’s would love to live in a smaller property.
There are many considerations to factor into the decision. Location and area is a big one. There is no point in moving to the perfect sized property if it is not on any public transport routes or doesn’t have the amenities that you need to live the lifestyle that you want. The last thing you want to do is to isolate yourself.
Preparation is Key
One of the secondary reasons for downsizing is preparing for when mobility might be an issue. If you are buying a property in order to give you less space, you still need to ensure that you have enough space to live there comfortably. Are there wide doorways in the property? Is there a downstairs bathroom and is there a ground floor room that could be used as a bedroom if needed?
When buying older property renovation costs may have to be factored into your plans. When buying new properties there may be more of a chance you will get what you need without modifying it afterwards.
Talking to a financial adviser or a tax expert is also a great idea. You may wish to sell your house on to one of your children. Or you might want to gift some money to your family from equity released from the sale. Getting the right advice before you make any decisions is imperative.
Are you considering selling your London property to buy a smaller home?
Would like any further information on selling your current property or would like to ask our team of agents a question regarding downsizing? Get in touch with one of Henry Wiltshire’s estate agents across London. We offer free no-obligation valuations for property and we would love to chat to you regarding your options.