Downsizing? Don’t Throw Your Money Away – Find a Cheaper Location With Our Tips!

Thinking about downsizing? It’s a big decision, but it doesn’t have to break the bank! Property expert Phil Spencer shares his advice on finding the perfect (and affordable) place to enjoy your retirement.

Don’t Overpay for What You Don’t Need

When you’re downsizing, it’s crucial to be smart with your money. Phil warns against falling into the trap of paying a premium for features you won’t use, like being near schools or having a quick commute to London. Think carefully about what’s truly important to you in this stage of life.

Think Outside the Box and Save Big

Instead of popular retirement hotspots like Cheltenham (average house price £414,605), why not consider Tewkesbury? Just a short drive away, it offers similar charm at a more affordable £273,210.

Similarly, if you’re drawn to Chichester’s coastal charm (average house price £423,000), explore nearby Fareham. It boasts a modern high street and a weekly market, all for a more manageable £351,025.

Consider All Your Options

Downsizing doesn’t always mean buying a smaller property. Renting in a retirement community can provide a stress-free lifestyle with built-in community and support. This option lets you free up your cash for travel, hobbies, or helping loved ones.

Don’t Rule Out Family

Could moving closer to family be a solution? Phil shares the story of Brian, who now lives in a purpose-built annex in his family’s garden. This arrangement provides him with independence and support, while also making the most of the family’s resources. Extending an existing property can be a cost-effective way to create the perfect space for your later years.

Plan Early and Enjoy the Benefits

Downsizing can be stressful, but with careful planning, it can be an exciting new chapter. By thinking strategically and considering all your options, you can find a place that suits your needs and leaves you with extra cash to enjoy life to the fullest. Remember, it’s never too early to start planning for a comfortable and fulfilling retirement.