Pensioners with large family homes are to be given incentives to downsize, in a drive to solve the housing crisis throughout the UK. Edinburgh in particular is desperate for family sized homes and a report by the Royal Institution of Chartered Surveyors states that 2.6 million family homes could be released on to the property market if older owners downsized.
As part of this government strategy, Ministers plan to make it 'easier' for older homeowners to move into sheltered accommodation. In addition to building tens of thousands of new places in specialised housing, it has been suggested that councils could offer help with the costs of moving or decorating to encourage owners to downsize but it is doubted whether these funds would be available in the current climate.
Downsizing should be seen as a step forward, not backwards. There are many advantages to downsizing, not least the minimal maintenance and financial savings. However if you are thinking about downsizing, ask yourself some important questions. Does size really matter? What will I miss about a spacious home? Is a garden important still? Do you have adult children who might possibly move back home? Should I move into more suitable accommodation for my later years and do it while I remain able?
McQueen Legal has a number of buyers who are actively looking for three to five bedrooms family houses in the Edinburgh area. If you are thinking of downsizing in the near future, it is worth taking advantage of the strong property market by listing your home as soon as possible before the summer months.
McQueen Legal is a member of Solicitors for Older People Scotland. Working in partnership with Age Scotland, Solicitors for Older People is a group of Scottish law firms dedicated to providing legal services to older people in a caring and sensitive way. For further information about downsizing or for details of our Family Care Package (Power of Attorney, Wills and Advance Directive) then please contact Dot Mullally.