Downsizing is, at its most simple, moving to a smaller property. People often associate downsizing with retirement, although it can appeal equally to active empty-nesters attracted looking to release some of their equity.
Philip Taylor, Director & Head of Residential Property with Pearsons & Ward in Malton (part of Ware & Kay Solicitors) agrees. ‘Whatever your age, there are advantages and disadvantages to downsizing. It is a big decision, with lots to consider. So, it is important to plan well ahead and get the right professional advice from the start.’
The pros and cons of downsizing
If you are uncertain whether downsizing is for you, it can help to make a list of advantages and disadvantages, which you could then discuss with friends and family. For example:
Downsizing could help you stay independent longer, and…