“Traditionally we think of retired couples or singletons, empty nesters, downsizing, selling the family home and moving into an easily accessible property with nearby shops and facilities, and considering that this is probably a ‘final’ move.
“But the demographic has changed dramatically. ‘Retirement’ is for many an aspiration rather than a reality; many people go on working later in life, possibly on a more flexible part-time basis. And 60 or 70 year olds rarely see themselves as ‘old’; they are more likely to be considering how to get the most out of their lives now children are independent, and work is perhaps no longer a 9-5 necessity.
Bungalows and sheltered housing are unlikely to be on the agenda. A new lease of social and cultural life, or activity and adventure is more frequently uppermost in the minds of the 60+ generation. Richemont chairman, Johann Rupert’s, intention to take a 'grey gap year' at the age of 62 is just one example of how times have changed. Extended life expectation, and better health and fitness in later life means that we have acquired a whole new phase of life, post ‘retirement’ and pre-old age.”
Bucket-list buyers:
Nicola Oddy of Stacks Property Search says,
“For these ‘bucket list’ buyers, downsizing from the family home makes a great deal of sense.” Based in Cornwall she says there is a steady stream of buyers who have waved goodbye to the children, are selling the family home, and are now working and independent, and looking for a home near the sea. They’ve always wanted a holiday home, but somehow haven’t ever managed to work out the logistics and the finances.
So now they’re incorporating the holiday home into a long term plan, swapping the family home for a second home by the coast, and a smaller first home. This gives them the chance to use it for long weekends, holidays, and other random visits – great for extended family holidays, and to try out a community on a part time basis before moving into it permanently a little further down the line.”
Rachel Johnston of Stacks says,
“For many bucket-list buyers, finances have become tighter than when they were in full time employment, and there may be a desire to help offspring struggle onto the property ladder. So while the requirement to downsize is in line with historical desires, the kind of property, and its location, are far from traditional.
The prospect of an energy-efficient, easy to maintain, lock up and leave property in an urban area with everything on the doorstep is compelling. This is of course the polar opposite of what many are moving from – a large, draughty house with a big garden in the country that they’ve been pouring money and time into for twenty years or more.
Many of these bucket list buyers have recognised that their need for entertainment and occupation will increase as they get older. Without the full time demands of work and children, their time will be dramatically freed up. Moving to a town or city where there are museums, cinemas, theatres, cafes, bars and shops is an opportunity to regain a long-lost way of life.“
Our advice to the young-old planning a completely new way of living includes:
- Embrace your new way of life and enjoy everything it has to offer, but while focusing on your plan for now, factor in the future and what / when your next move might be.
- Try and find a property that will meet your needs for as long as possible; frequent moving is expensive, and later in life it is even more onerous than when younger.
- While you may be completely fit now, carrying shopping up stairs and from a car that’s parked two streets away may not be as easy as it was in your 20s. So car parking spaces and a lift for upper floor apartments are pretty much crucial.
- Consider lateral space – you will find it liberating now, and important for the future if/when stairs start to present a challenge.
- Pay attention to EPCs and energy saving features to cash in on reduced running costs.
- Stay flexible by buying a property that will be easy to sell, so dismiss anything that’s blighted or that will only appeal to a narrow audience.
- Try not to let your previous home influence what you buy; you’re making a new start, so trying to recreate your existing property on a smaller scale isn’t the best way of finding the ideal home.
- Think laterally about size, style, shape of property, and don’t worry about fitting your old furniture into a new space – something lots of downsizers get concerned about. This will simply restrict your options. Buying some new furniture to suit the new property should be factored into the finances.
- Don’t put it off! People very rarely regret moving out of the family home too early, but many wish they hadn’t left it so late.
- The closer you are to your family, the less need you will have of room to accommodate them. Within the hour is frequently the perfect distance; it’s good for emergencies, and anything longer starts to demand an overnight stay.
