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If you're approaching retirement or have already left the workforce, you might be considering whether your current home is serving you well both practically and financially. And, it's also worth thinking about whether it's going to be the best place to spend your later years.
When starting the retirement chapter of their lives, many people decide to move to a property that is going to suit them better in later life. Whether you're looking to downsize, would like a home that's more accessible, or are interested in releasing equity from your property, this could be a great option for you.
Here, we're going to outline five property choices that are particularly popular among the retired community. Read on to learn more.
More than 250,000 Brits live in park homes, and the vast majority are retired. As these properties can be bought for as little as £20,000, they're a particularly practical choice for anyone who's looking to downsize and release equity from their existing home.
Beyond making financial sense, investing in a park home can have many other benefits. For example, park home sites are very secure and have a tight-knit community feel. Plus, they typically offer the opportunity to swap the hustle and bustle of city life for the quiet of the countryside.
Compared to traditional bricks and mortar houses, park homes tend to be much easier to maintain, too. So, if you tend to struggle with mobility, or still live in your family home and find it takes too much time and effort to maintain, moving into a mobile home could be the perfect solution.
GoldShield has an in-depth guide to buying a park home, which talks you through the entire process from choosing the right site to calculating what kind of fees you can expect to pay. It's a great resource if you're considering taking this route.
Spending your later years in a retirement village certainly has its advantages: while it will still give you plenty of freedom to live as independently as you would like, these facilities are designed to make your life easier. For example, they tend to offer services that you might require in later life, such as housekeeping and visiting hairdressers. Plus, they're built with accessibility in mind, which you're likely to appreciate more and more as you get older.
The UK's top retirement villages have incredibly facilities, which allow residents to live a life of luxury. Some come with their own swimming pools, restaurants, and even spas. There will often be shops onsite too, so you won't have to travel far for the likes of groceries.
If you would like to learn more, Sixty and Me has a great guide to the pros and cons of living in a retirement village that can help you to weigh everything up.
While you and your partner mightn't have mobility problems at the moment, you will want your home to be more accessible as you grow older. Instead of waiting until you're struggling, why not plan for the future and consider moving into a bungalow now?
Bungalows are incredibly popular among the retired community, which means they can be quite pricey. But, people are continuing to live longer, which means the population is only going to age further. As a result, bungalows are set to become even hotter property as time goes on. If you invest in one now and decide to sell up, you're likely to benefit from rising prices. Alternatively, you'll have a valuable asset that you can leave to your loved ones in your will.
If you're in good health, retiring abroad is an option you might want to consider — especially if you're someone who spent their working life waiting for their summer holidays to arrive.
It's important that you research the intricacies of moving overseas, though, because it isn't as simple as jetting off to your favourite holiday destination without a return ticket: there's a great deal of planning and paperwork that needs to be done first. But, it's certainly worth it if you think moving abroad will give you the best quality of life.
Of course, Brexit is currently bubbling away in the background, which means this is a pivotal time for people who are already living abroad, and those looking to follow in their footsteps. So, it's vital that you keep an eye out for any updates to the relevant rules and regulations, as this will help you to avoid any nasty surprises while you're planning or once you've moved.
Experts for Expats has a guide to retiring abroad, which outlines everything you need to consider when moving abroad, from how you can access your pension overseas, to whether you should sell your UK home before you go. It's well worth a read if this is something you're seriously considering.
While it might not be for everyone, if you're lucky enough to be in a position where this is an option, moving in with family members — whether it's your kids or a sibling — could serve you incredibly well. Even if they charge you board or ask for you to contribute to the household budget for groceries, toiletries, and the like, it should still be a particularly affordable option. Plus, being surrounded by the people you love will go a long way to staving off the feelings of loneliness that can sometimes come with leaving the workforce.
When you're used to having a lot of independence, it might be hard to get used to living with your family. Age UK has some advice for making the transition, which is sure to make life easier for everyone.
When you retire, it's important that you consider whether your home is serving you as well as it once did. As we've outlined here, there are so many property options for people who have come to the end of their careers, and they all have some fantastic benefits. We would highly recommend researching some of these ideas, as they could go a long way to helping you live the best retired life possible.