Need to sell your home so you can buy a retirement property?
If you’re approaching retirement you may be thinking of selling your house in order to downsize to a smaller property, buy an apartment in a retirement village or sell up and move into rented accommodation.
With older people living longer than ever before, it’s important to be happy with your move into retirement. There are so many different retirement property options accessible for retirees, you may be surprised by the different options available.
Planning for retirement
It pays to be as prepared as soon as possible when planning for retirement. Ideally, around 2 years before you stop working would be a good time to start thinking about your options and establish which retirement route is right for you.
Aside from the usual planning around ‘how much money will I/we to enjoy ourselves?’ and ‘how much time can I/we spend with the family?’, the most common theme running through people’s plans is centred around retirement housing.
If you think a house move is inevitable on retirement, the two questions you need to think about are; Where in the country do I/we want to live and what type of retirement property would I/we be happy living in?
If you are already a homeowner, you may feel that selling your house in order to move onto your new retirement property is the best option for you.
With so many options to choose from, it’s advisable you do your homework to ascertain which retirement property type is the right for you and your final move into retirement.
Quick Move Now looks at the top five retirement property ideas:
Types of retirement properties available
Downsize to a smaller retirement property:
Selling your existing property in order to buy a smaller home (also known as downsizing) can free up some capital to help you enjoy your retirement to the maximum. Once you’ve stop working, you are suddenly free to choose exactly where you’d like to live, making theworld your oyster!
Selling a house to downsize can be a very practical solution to retirement living. Having less rooms/space to maintain, will not only help you out physically, but a smaller house will also amount to smaller annual household bills.
Pros of downsizing upon retirement:
- Less time to spend on maintenance and cleaning
- Reduce your monthly outgoing on household bills
- Release capital from your old house, giving you extra cash to enjoy in retirement
Cons of downsizing upon retirement:
- Less room for your personal belongings, so a declutter is essential
- Loneliness and social isolation can be an issue for older people, especially if living alone. This should be considered if planning to downsize to a private, independent property.
Types of property ideal to downsize to… There are many type of property that would make ideal retirement home if you are looking to downsize. Any property that’s smaller than your current home would be classed as a downsize, and there are lots of property types that are built specifically with retirement in mind:
- Move to a smaller traditional house
- Move to a Bungalow style property
Once you have decided on your dream downsized property, the best thing you can do is put yourself in as proceedable position as possible. Chain-free buyers for example, will probably be given preference over another buyer stuck in a chain of sellers. Making sure you are one step ahead of the competition will give you a huge amount of power to negotiate and seal the deal for your onward move.
Move into an age specific property:
More and more retirees are choosing to move into an age specific property in search of a vibrant social life and a high level of leisure facilities.
Sheltered accommodation or warden controlled accommodation also falls under ‘age specific’ property, but these are very different to the modern retirement villages and are more centred around older people who need assistance but still want to maintain a level of independence.
Retirement villages and apartments:
The rise of the luxury retirement villages and apartments has revolutionised the top end of the retirement property market with an aspirational offering to the over 55’s who feel they need security, support or company. There are many benefits to living in a retirement village, the biggest being a ready-made community to fit into straight away and all of the security and peace of mind that brings!
Pros to living in a retirement village:
- Ready-made communities with like-minded people.
- Social activates – Retirement villages often have activity calendars that run throughout the year, so you’ll never get bored. Some facilities even boast swimming pools, gyms and games rooms.
- Secure and safe – Most modern retirement villages or apartment complexes are relatively safe and secure. Most offer a gated, private facility.
- Variant levels of care and assistance can be provided upon request
Cons to living in a retirement village:
- New retirement developments can be quite costly compared to equivalent properties on the open market. To get the best indication on price, it’s always best to check prices directly with the developer. McCarthy & Stone, are one of UK’s biggest retirement developers are always a good place to start.
- Depending on the package you choose, you could just end up with your bedroom and bathroom as ‘private space’ with the rest being communal.
Move into a park home on a residential park:
If you like the idea of maintaining your independence in retirement and are keen to own a property, but your budget won’t stretch as far as a luxury retirement village, residential parks are an increasingly popular option.
As with a retirement village, you would own your own home and you get similar benefits in terms of a ready-made community. A lot of residential parks have had an impressive make over in recent and have become a highly desirable option for the retirement community. But it’s important to shop around and find the right residential park for your lifestyle as they will all have their own rules around what you are and aren’t allowed to do onsite.
Pros to living in a park home:
- Safe and secure. Security levels depending on the site, but some are gated, fully secured sites
- Like-minded, friendly communities
- Over 55’s only
Cons to living in a park home:
- Ground rent to pay on top of council tax
- Unlike buying a bricks and mortar property, the value of a park home will depreciate. (read more about park home ownership and whether it’s a good investment)
Move into sheltered accommodation:
Depending on your overall health, a move to sheltered accommodation or warden controlled accommodation could be the right option for your retirement move. Sheltered accommodation is specifically designed for older people to allow them to live independently but with the assistance of onsite support. Most sheltered accommodation schemes do not cover medical care and will not except residents who require regular nursing care. In these circumstances, you will require support from a care home.
Pros to living in sheltered accommodation:
- Maintain a level of independence
- Arrange daily checks and alarm system in case of emergency for your peace of mind
- Option to remain with your spouse, which isn’t always available in other care situations
- Social – opportunity to socialise with other residents within the accommodation scheme
Cons to living in sheltered accommodation:
- Service charges apply – These trend to be more than a traditional lease hold property, as you are paying for the overheads of warden staff, alarm systems etc.
- No medical care residents allowed
- Bills – residents are responsible for their own utility bills which can make it harder to budget
Staying put in your existing home:
For some approaching retirement, a move might not even be necessary. After all, most of us have built an emotional attachment to our houses; these aren’t just bricks and mortar shells but homes where families have been raised and memories made!
If you feel it would be better for you to stay in your existing home upon retirement, you could simply stay put and if needed make some adaptations for any care needs you have, like installing a stair lift or fitting panic alarms.
Sell your house to Quick Move Now to help with retirement planning
For many homeowners, selling their home is an essential part of retirement planning. However, a delay or a struggle to sell on the open market or at property auction can delay, complicate and even alter your plans for retirement altogether.
By selling your house directly to Quick Move Now, you can benefit from the peace of mind that comes with a guaranteed, fast house sale.
Quick Move Now, the UK’s leading home buyer, directly buy houses for cash in a timescale desired by the seller. As the only cash home buyer in the UK to offer a 24-hour cash guarantee, we can ensure the money will be in your bank on the day of completion. By selling your home directly to Quick Move Now, you eradicate the normal stresses and uncertainties associated with the traditional open property market, meaning you are free to start enjoying your retirement plans sooner rather than later.
Benefits of selling your house to Quick Move Now over selling on the open market
- Because we buy houses directly – the sale and cash is guaranteed
- You are in complete control of the completion date – tie the time of your sale with the move to your new retirement property for ultimate ease
- Easy process with full support throughout
- No estate agents
- We cover the cost of your legal fees
- No fees and no obligation at any point
- No hassle or stress
- The process is easy – complete our online estimate request form to see how much we would offer.
Don’t just take our word for it! Quick Move Now has bought over 5,500 houses since 1998. Read our real reviews from real people >>
We buy any house in any condition across England and Wales. As long as the property is mortgageable, Quick Move Now will buy it. So, don’t dip into that retirement fund to pay for the cost of things like redecoration or staging. If you are planning to retire soon and want to sell your home, simply call Quick Move Now today on 0800 068 3366 to how we can help!