Moving home in mid-life what to consider

Many people would like to live out their days in their own home, considering this when you buy a new property may make this more likely to be a reality. Even if this seems a long time away, many of the below suggestions will also help you finances and keep you connected, regardless of how you age when you are older.

‍

The Government have recognised that homes need to be built with an ageing generation in mind, and a number of recommendations have been made by lobbying groups, however currently the emphasis is on the individual. So there are numbers of things we suggest you think about:

Down-sizing‍

You could save money from releasing equity or lowering your mortgage payments to increase your pension pot. Also a smaller home means lower running costs and more manageable maintenance.  

Nearly a third (30 per cent) of over 55s with private pension savings are planning to release equity from their main home

Reference: Pension age - Canada Life survey

‍

Energy efficient home

Choose a home with a good EPC, which is required on all properties when they are sold, to ensure you lower your monthly energy costs. More than ever this will impact your living costs and impact your pension requirements. 

‍

Easy to maintain home

Are you a DIY’er and feel you can easily maintain your home, do you have the funds to pay for expensive refurbishments and maintenance projects like replacing a roof. Think how the house and garden or land will work in 20 years and how you could adapt your home as you age.

‍

Convenience  

If you are moving away from family and friends, especially abroad then think about how easy it will be for people to get there. It might cost more to be near a train station but it will make it far more convenient than if you are far away from one. This is also true of shops, leisure facilities, cinemas, restaurants and takeaways.

‍

Future-proofed  ‍

Make sure your home will work for you as you get older and your lifestyle changes. That could mean moving to an already more accessible home like a bungalow, flat with a lift or just the ability to add a stairlift or have a bedroom downstairs. This may never be needed for yourself, but may allow you to have parents or older relatives live with you.

There are currently 11.6 million disabled people in England, of all ages.

Reference: Ageing better

‍

• Steps and Stairs
  Consider where steps are, how easy it would be to change them. Multi-level living can be overcome, with stairlifts and lifts, but many step changes throughout the house will be harder to adapt. 
• Bathrooms
  Having a downstairs toilet can be crucial, especially if upstairs is not accessible. When creating one ensure the doorway is wide enough for easy access. If you are putting in a shower consider a wet room with no steps to be an accessible option. 
• ‍Gardens
  The cost to make your indoor/outdoor living on one level with little to no profile can be more expensive, but aesthetically pleasing and great for young and old. ‍
• Configuration of rooms
  If you are extending, think how you can change configuration of your rooms if necessary - e.g. what used to be a play room might be a hobby room, or a downstairs bedroom.