The major question for many is how we deal with a family home that no longer houses a family but, for many reasons, we are still emotionally attached to.
There are no right or wrong reasons and each family must take their individual circumstances into account. In this situation, however, I would suggest that you should bare the following factors in mind.
Location is a serious factor
Whilst retirement to the sea may have been a dream, it might have significant drawbacks and many would wish they considered the availability of amenities, public transport and not to mention proximity to family.
Again, when you are considering a move, consider the impact on your current relationships; including your social network, family, your religious centre, doctor, dentist, even your hairdresser and chemist!
Style of property is a factor
You are looking to move; consider the level of ‘quantum leap’ you propose to undertake. Are you going to move from a multi-storey townhouse to a bungalow, a modern flat, or perhaps would you prefer a converted traditional stone property? Or are you thinking of the security and friendship that might be gained by moving into a retirement facility? There are other, and less severe, options than leaving a 9 bedroom property to go to a 1 bedroom ‘Granny flat’; smaller bungalows and modern-built properties may prove a more attractive option and should be kept in mind.
Room with a view
It is easy to get caught up with the stress and strain of maintaining a garden. However, if over the years this has been your pride and joy, the outlook from your new property will be crucial and even the position of a flat within a development in a block, i.e. does it overlook the car park, or does it overlook mutually maintained garden ground?
Is a move genuinely required?
The move from the old family home can be a significant change but for many it is a required move and it also provides a new lease of life as well as potential freedom. That said, a large proportion of the population do not move and are happy to retain the family home. So have you considered all your options?
Factors to consider are the availability of home help, assistance from the family and friends, professional cleaners and gardeners.
Have you considered adaptions? The majority of properties can be adapted to suit most levels of mobility and vision with the provision of ramps, stair lift, wet floor showers, hand rails, toilet adaptions, etc so there may not be the need to leave the family home behind.
There is a variety of factors to be taken into consideration when considering finance at this stage;
- Are the costs of maintenance and running of the property on a year-on-year basis proving prohibitive, particularly, with the inflationary costs of heating?
- Is the maintaining of the family home and associated retained equity causing a strain on the day-to-day living costs?
- Is there a mortgage and if so, is this causing additional stresses on the finance that could be alleviated?
- What are the additional costs of making life easier within the subject property, i.e. cleaner gardener, adaptions, etc?
- If the property is in need of updating to current standards, what would be the potential costs involved?
- It should be remembered that moving also brings associated costs in the Estate Agency / legal fees and associated outlays.
- What are the future care costs? If you are considering moving to a retirement development or care home what are the maintenance and factoring charges.