4th January 2016
Equity release customers are accessing an average of nearly £75,000 from their property wealth without having to tackle the financial and emotional issues involved in moving home.
Cost is an important factor for many homeowners who choose to stay and improve their home rather than downsize.
Prices have jumped by an average £143,000 to £203,800 for those who bought their home in early 1993 – while Londoners have seen an increase from £93,130 in 1989 to £408,000. Downsizers will typically face Stamp Duty of 2% on the proportion of a home’s value over 125,000, rising to 5% for the proportion over £250,000.
Stamp duty, legal and removal fees and the cost of turning their next house into a home make downsizing an expensive option for many.
The risk of losing touch with friends and family and local services, including healthcare, can also impact negatively on the decision to move.
Downsizing is logical and sensible and should work in theory for many, but turning the theory into practice is tougher than it seems and the theory overlooks a wide range of issues that are important to retired homeowners.
If you have any questions about the subject matter of this blog, or would like more information on any equity release related point, please do not hesitate to call me on 01489 45 45 45, or to contact in any of ways highlighted on this website.
Equity release is the answer to so many financial questions. If you would like to know more about it, and see if it could be the right move for you, please book an appointment or request a call-back
We will be in touch as soon as possible to arrange a convenient time for a meeting, which is completely free of charge and without obligation.
I'll be in touch as soon as possible. If you'd rather call me in the meantime, please feel free to give me a call on 01489 45 45 45