House in the Cotswolds 2 Make sure the property is resaleable. You may in the future want to move for reasons that so far haven't even occurred to you.
Make sure the property is resaleable. You may in the future want to move for reasons that so far haven't even occurred to you.
3 Location is vital, for as you grow older you will need to be in easy reach of all amenities.
4 Allow for the cost of repairs and maintenance. If you buy a leasehold flat or sheltered accommodation, take account of any ground rent and service charges. Find out whether they are fixed or will rise and, if so, by what amount.
5 Energy bills are unlikely to fall, so make sure the home you choose is well insulated.
6 Downsizing will release a lump sum which can make life more comfortable, but it's vital to take professional advice on where best to invest it. It may not be a good idea for younger retired people to invest all their house capital into a retirement property. Begin with an independent financial adviser.
7 If the amount involved is substantial enough to leave your estate liable to inheritance tax, discuss tax options with your adviser.
8 Be aware that savings may disqualify you from claiming benefits or receiving a council tax reduction - and might result in a liability for care-home fees should you or your partner need long-term care in the future.
9 Be aware that many purpose-built retirement properties will levy weekly service charges.