Over the past few years, I have observed a growing trend across London of people downsizing after their children finish university or when they get near retirement age.
Why are they downsizing?
There are several reasons. Those who feel their homes are now too large without their children at home or those who want a smaller more centrally located apartment for a change in lifestyle or to be closer to their family. Others sell to downsize and purchase a second home.
Benefits of downsizing from a family home to a new apartment:
- Ability to free up capital
- A secure property that can be quickly left when travelling
- Less property maintenance
- Ability to have lateral living, great when planning for the fragility of later life no stairs easy access etc.
- New build quality
- More efficient heating and cooling
- Building facilities, gyms, spa's etc.
- Building services, like a concierge
- Community within the building
- Everything is new
- Underfloor heating (yes this does not come with all apartments, but it is a personal favourite)
Consider all your options starting with the why. Discuss it with family if it was your children’s childhood home give them some input. Think far ahead this may be your last move so be sure it is the right move and has everything you want now as well as what your needs might be in the future. Think about what you want to do with your retirement and ensure your new property will allow you to do that.
Downsizing can be an excellent option for those looking for a change or tired of a substantial period home. It offers many benefits and is a desirable option for many.
Maybe this will even be a way for more family housing to enter the market?
Have you considered downsizing? I would love to know what you think, let me know.