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Bigger isn’t always better
We must support – not shame – older homeowners into downsizing, says Nick Freeth
Retirement downsizing has moved up the property market agenda in the past few weeks, following the recent, controversial comments from Lynda Blackwell, head of mortgages at the Financial Conduct Authority. Lynda believes that the Government should do more to encourage older homeowners “sitting happily in big houses” to downsize and free up family homes, alleviating the current UK housing crisis.
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Nick Freeth, Managing Director of Retirement Homesearch, the UK’s largest specialist retirement property agents, gives his thoughts and tips on how best to downsize. As the UK faces a housing crisis, this could be helped if more retirees downsized into a home suited to their needs.
The first step to downsizing your family home however, is to get the emotions right. Look upon “downsizing” as an exciting opportunity, a beginning to a new phase of your life, not negative one. Moving to a smaller, easier to maintain property will not only free up your time, but also has many positive financial impacts.