NEED TO SELL YOUR HOUSE SO YOU CAN BUY A RETIREMENT PROPERTY?

By accessibleproperty

January 21, 2021

You have found your ideal retirement property – safe, secure, convenient and neighbourly. All you need now is to sell your old home – easy! Isn't it?

It should be - but the process is rarely trouble free and never quick. Average property sale times in the UK are between 5-6 months.

The problem revolves around the fact that, with some 80% of people owning their own home, most need to secure a sale on their present house before they can purchase a new one. As a result, even when you find your dream retirement home and a buyer for your present property there is invariably a chain of transactions which all need to be pulled together simultaneously.

However, for many situations, time is of the essence and deadlines must be met. This can be for a variety of reasons, e.g., you may have found your perfect retirement home but need to secure it quickly, or a builder may be offering an incentive for a quick completion.

According to a report compiled by leading independent retirement specialists, Key Retirement Solutions, when it comes to retirement;

  • One in five over 55 years old homeowners want to downsize on retirement.
  • 60 per cent of those over 55 biggest worry is the hassle of moving.
  • 49 per cent of those over 55 biggest worry is the expense of moving.
  • 34 per cent of those over 55 biggest worry is the delays involved when selling your house on the open market.

There is no longer an official retirement age, and the age at which you can now claim your state pension ranges from 61 to 68, depending on whether you are male or female and what year you were born.

As the population is living for longer, Quick Move Now have put together our 'Top Five Retirement Ideas' to help you when planning for retirement

Top five retirement property ideas

Aside from the usual ‘enjoy yourself’ and ‘spend time with your family’ ideas, the most common theme running through people's lists of how they spend their retirement was houses. Quick Move Now looks at the top five property ideas to keep you busy when you retire.

  • Downsize
  • Buying a smaller home once you retire can free up some capital to help you enjoy your retirement to the maximum. Once you leave work, you are suddenly free to choose exactly where in the country – or indeed the world – you would like to live. Just remember not to downsize too much if you move to the seaside as you will need plenty of room for visitors!
  • Renovate
  • When you are working around the clock, there seems little time for anything else, especially rest. So, when those precious days off do arrive, many people shy away from the idea of DIY. Getting your teeth into a renovation project could prove to be the perfect thing to while away the days though as you ease yourself slowly into retirement.
  • Buy a holiday home
  • Whether it is a caravan on the south coast or a villa on the Algarve, with more time to spend on holiday once you retire, a holiday home is our favourite way to spend your hours and your money.
  • Move to within easy reach of a city or town centre
  • This is one of the more serious issues to consider with regards to your home once retirement arrives. With moving costs so high, people do not want to be upping sticks too often, so considering where you want to be in the long run, particularly when you no longer drive, is always a good idea.
  • Buy a motorhome

Retirement provides the perfect opportunity to pack your bags and head off on a road trip. Buying a holiday is all very well and good, but sometimes you may want to experience the open road and not be tied to the same place. Buying a motorhome gives you the freedom to explore whenever and wherever you want.