The main drivers for downsizing from a large family home to a smaller, more manageable property, such as an apartment or bungalow, have traditionally been the prospect of minimal home maintenance, having fewer rooms to clean and a smaller garden to care for.
However, the perception of retirement has changed over recent years and more retirees are now focusing on enjoying life once they have finished work by travelling, going back to college or buying their dream car. It is estimated that one third of the property market is trading down at any one time, releasing on average £112,000 per transaction.
For retired couple Sally and Donald Lawson, the move from their four-bedroom Dorking home to a two-bedroom apartment at nearby Deepdene Place, opened a number of doors. While they made several investments, the capital also allowed them to buy a new car and enabled Sally to take up a course in computing.
Commenting on their downsizing experience, Sally said: “The extra money we freed up by downsizing from a family home has allowed us to really start enjoying life. I have always wanted to return to college and take computer classes, and now I have the funds to do it. I also don’t have to worry about maintaining a family house, with its time-consuming garden and endless chores. Instead we have a low-maintenance home and can spend time doing the things we enjoy.”
Philip Davies, chief executive of Linden Homes, commented: “People retiring now are of a property-rich generation, and many of them are using their equity wisely both to buy a more appropriate home and fund an increasingly active lifestyle.”
