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Planning to Downsize in 2020? Read These Tips

At some point in many people’s lives, the discussion of whether or not to downsize comes up. If your children have moved out and you’re left with an oversized house for the two of you, then as an empty-nester downsizing may be an option for you.


This article does not constitute advice. Professional advice should be taken prior to acting on any part of it. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.


Saving money in the long run

Downsizing can save you a reasonable sum each month. From lower mortgage payments and council tax, to reducing your gas and electricity costs – it may seem like a simple choice to make. There are a few practicalities to consider when downsizing:

  • Where do you want to live next? – Do you stay in the area or try somewhere new? Make sure you scope out house prices in the area you’re looking at moving to so you have a rough idea of just how much equity you’ll be freeing up once you’ve bought your new property.
  • How much smaller a property do you want? If you’re used to a larger property it can be a shock moving into something significantly smaller.
  • Do you have the time to wait to sell your home for the right price? – Or will you accept a lower offer to make a quick sale? Know where you stand before you put your house on the market.
  • Reduce your furniture and belongings – Moving to a smaller home can be hard if you have sentimental items that hold memories of years gone by. Start by de-cluttering and slowly progress to more emotionally cherished items.
  • Review your finances – Including calculating any debts you have outstanding, and especially any insurances you hold. When downsizing you may need to tweak the insurance cover you currently have in place. A financial adviser can help you with making important decisions around financial planning.


Many retirees are now considering down-sizing to free up equity in their homes

Whether downsizing is due to having your home feel empty and bare, to help pay off crippling debt, or to just free up some money to have some fun, there are a range of reasons you may be thinking about equity release. You might:

  • Want a more luxurious retirement
  • Have wanted to travel for a while but never had the time nor funds
  • Wish to buy an investment property or secure your released equity into other investments
  • Need to pay off outstanding debt so your monthly costs decrease
  • Decide to help your children get onto the property ladder, or help them upgrade their property to a family home.

Read more: Equity Release is Becoming Highly Popular Retirement Choice


It’s always worth speaking to a mortgage adviser when making life-impacting decisions

Releasing equity from your property can be complicated and sometimes daunting to the inexperienced. It is not the right option for everyone.

Speak to one of our experienced independent financial advisers who will give you advice best suited to your financial needs and help you look at your downsizing options from a logical point of view.


Unsure if equity release is right for you?
Investments | Financial Planning | Retirement | Save Tax | Protection |

Dental & Medical Financial Services have been helping doctors and dentists to build and protect their wealth, whilst saving tax for over 25 years.
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