Get A Home With Less Hassle

Downsize With Platinum Skies

What You Need To Know About Downsizing In Retirement

Downsizing is certainly a goal for many older adults who are looking to downsize their belongings and home to enjoy a more active and maintenance-free lifestyle. And, when it comes to the size of your home, sometimes less is more.

Of course, you’ll find both advantages and disadvantages of downsizing home. Carefully consider all points relevant to you before making an informed decision.

Here are the top pros and cons to consider to help you decide if downsizing is right for you.

You’ll realise financial benefits.

You can unlock the money from your current home if you downsize to a smaller and less expensive property, however for many the actual money unlocked is modest as compromises on space and style are difficult to swallow.  On average downsizers release around £80,000. Reducing or eliminating your mortgage and cutting your utility and council tax bills all help fund a better retirement.

You can enjoy the newfound freedom

When you downsize your expenditure on your home is likely to decrease as well.  This gives you the freedom to live a little more.  It could mean you take up a new hobby, enjoy more travel or indulge in more cultural and entertainment adventures.

You can be debt-free

For many the opportunity to wipe the slate clean and get rid of old debts has a strong appeal, giving peace of mind and financial certainty.  Downsizing helps to release money from your old home that can be used to give you a fresh start, a certain budget and the ability to relax and enjoy life

You’ll reduce your time and money spent on your home’s upkeep.

Maintaining and keeping up your home and garden requires a sizable amount of time and money and this gets harder every year.   Downsizing to a new property, particularly an apartment reduces the time, money and effort in upkeep and maintenance.  Give yourself to enjoy life and not spend it on maintenance chores.

You’ll enjoy the right size space

A home that has the right size rooms to accommodate those living there and guest when they pop around to say hello will feel, cosy, warm and homely.  You can create and intimate environment and a warm and inviting atmosphere.

You can be part of a community

Many retirees who downsize choose a retirement living apartment because of the sense of community and belonging that this can bring.  Retirement Living provides communal spaces to socialising, chat with a neighbour and join in with activities as and when you choose to.  Retirement living helps combat loneliness and isolation and for many couples and singles is ideal.

You’ll have fewer spaces for entertaining.

Of course a smaller home means you may no longer be able to host large family gatherings — at least not in the way you might be used to — because of your smaller entertaining space. If you have traditionally had children, grandchildren and extended relatives stay in your home for the it could represent a significant loss for you, as your plans must adjust

You’ll find your smaller home may feel cramped.

While smaller spaces can feel cosy, they can also feel cramped. This is particularly the case if you’re accustomed to a much larger home.  One thing you can do to help ease the adjustment is to look for a home offering higher ceilings. Additionally, invest in a smaller home equipped with abundant windows that allow natural light to flow into the home, making smaller spaces appear bigger.

You’ll need to adjust your lifestyle.

Looking after and living in a large home is a lifestyle in itself. Moving to a smaller home forces you to adjust how you live. You will need to consider the way you shop, maybe shopping more frequently;  your hobbies and the space you need for them; how you entertain and how you accommodate visitors.

You’ll have less storage space.

You may have been looking forward to having less space to clean and care for however the reality, though, can be very different. If you downsize you need to reduce furniture and other possessions to account for the loss of some of your space.  However, there are a multitude of clever storage solutions, not least the ability to store thousand of treasured photographs, movies and even more extensive music collections and books digitally freeing up a lot of valuable space.

You’ll have to keep an eye on the costs

Moving home can be expensive.  You need to carefully consider the costs and how they will erode any equity that you release through downsizing.  You should consider legal costs for the sale of your old home and the purchase of your new home; Estate Agents fees for selling your home; Removal costs and handy man costs for getting your new home set up; Stamp Duty costs and the cost of new furniture as you may need new items to fit in your new home.

This Could Be The Smartest Retirement Decision You Ever Make

With Platinum Skies, instead of buying your new home outright, you pay just half of its full market value. This leaves you with a lot more cash unlocked to invest or use to enjoy life to the full. When you compare this with traditional ways of releasing money from your old property, it’s easy to see why so many retirees are choosing to make their move with us.

Downsizing equity release infographic

Find Out How Much Wealth You Could Unlock By Downsizing With Platinum Skies

We believe everyone should have an affordable retirement, so we developed the Better Retirement Calculator.

Discover the solution to your retirement here with our simple to use calculator that researches your next property so that you don’t have to. It will also show you how much money you could unlock from your old home.

Retirement Property Calculator

Your current address

Your current address

No. of bedroms

We'd like to keep you updated with useful market and product information or offers about planning retirement.
Please let us know if you do not wish to be contacted by
or

Your Results

Your current address

Property Value

Please wait...

Property Value for your current home is for guidance purposes only. Property Prices shown are based on 50% shared ownership. Equity available assumes no other mortgages, loans or charges are secured against your current home.

Downsizing Made Easy… And Affordable!

We are here to help you now and in the future. Affordable retirement living should be available to all.

Our Government backed shared ownership scheme makes this possible. It allows you to pay just half the price of a new property and unlock money from your old home.

You could then release equity to spend on the things you love, enabling you to enjoy your retirement. Our modern homes are in locations that are suited to your lifestyle and future needs.

Each development has been appointed its own resident Lifestyle Manager, on call to help with residents’ needs and oversee the communal areas such as lounges, bistros and treatment rooms. Everything is set up to be comfortable to use, whether you’re 55 or 95.

V2-Tick

Affordable

That’s why we believe in shared ownership, so you pay just half the property price

V2-Tick

Government approved

Have peace of mind as all of our charges and fees are set by Homes England

V2-Tick

Unlock money

Release the equity from your old home to spend on the things you love.

V2-Tick

Location

Thoughtful locations with ease of access to healthcare and lifestyle amenities

V2-Tick

Lifestyle Managers

On-site Lifestyle Managers to offer support and vibrant communal events

V2-Tick

Downsizing

Our Platinum Mover and Exchange service make moving stress-free

V2-Tick

Helping hand

Trusted care service providers are available, as and when you require it

V2-Tick

Efficient

Low running costs and energy-efficient homes to suit your budget

V2-Tick

Partnership

You’ll get a long term relationship, as we grow together into the future

See how Platinum Skies
can help you today

Live a happy, healthy and wealthy retirement!

  • Choose your stunning Platinum Skies home, pay half, rent half
  • Paying only half makes luxury living truly affordable
  • Unlock more money to live the retirement you’ve dreamed of
  • You’ll always own your new share of your new home
  • Unlock a new home that meets your present and future needs
  • Be part of a vibrant community of like-minded people
  • Save thousands on moving and stamp duty costs
  • All the reassurance of a government backed scheme

The right location for you

We can make your budget go further and find a location to suit your future needs. All our retirement living sites are in desirable areas that give you the best recreational, healthcare and lifestyle services on your doorstep.

WHY NOT SEE OUR CURRENT PROPERTIES

Esprit Poole Retirement Property