Make Money bungalow

Published on July 7th, 2014 | by Pete

0

Is downsizing right for you?

When you reach retirement age all you want is to enjoy the free time you’ve worked hard for, but for some people, their dream lifestyle might be financially unattainable. Taking a holiday abroad, treating the grandchildren and making the most of your days all seemed grand until you realised the price.

But could the answer to your financial needs be right under your nose? Or perhaps even over your head to be exact?

The house you live in could be an asset just waiting for you to exploit. Whether it’s selling, renting or using an equity release scheme, you could fund the retirement you always dreamed of.

Selling

Selling your home can be an attractive choice. You no longer need the spare rooms as your children have long since flown the nest and all that empty space can often feel lonely, and will inevitably attract clutter.

A new house would mean a fresh start and perhaps even a getaway home for your family to visit in the holidays. By downsizing you could find a home more suited to your needs; a bungalow that is easier to get around, a home closer to friends and family, or even a place with a warmer climate.

However, selling your home also means selling years of memories. The emotional turmoil of selling the home you raised your children in is something you’ll need to prepare for. Sorting through boxes of old possessions that you’ll no longer have room to bring with you is not for the faint hearted. You’ll also have to face the ups and downs of finding a buyer, which would take time and patience.

Equity release

Equity release could be an effective way of receiving a lump sum of money to fund a retirement adventure. If you’re reluctant to sell your home, but still want to enjoy the benefits of the wealth you’ve accumulated in your property over the years, this could be a better option for you.

An equity release can come in the form of a lifetime mortgage (the most popular solution), which means that you borrow back a portion of your home’s value. Interest will be charged, but you only have to pay the amount back once you either sell your house or die.

Renting

Renting out your property would mean that you’d still have to move to live somewhere else, but it cuts out most of the hassle and heartache of giving your home away forever.

You’ll be able to receive a steady income from your tenants and have the freedom to move back in if needs must. Renting for a few years may also help you make the jump to sell your house completely.

Tags: , , , , ,


About the Author



Leave a Reply

Your email address will not be published. Required fields are marked *

Back to Top ↑