Thinking of moving home or downsizing?
Staying in your own home is most people's preference, but if you are considering moving house, it might be useful to think about:
- local facilities
- public transport
- being near friends or family
- heating and cooking facilities
- whether the new home would be easy to adapt if needs change in the future
Moving to a smaller property can help keep things manageable by:
- meaning less time spent on household and garden maintenance
- having better access such as a bungalow or ground floor flat
- moving closer to family and friends
- moving closer to things like shops, banks and the post office
- being nearer to public transport and giving up driving
- cheaper bills for things like gas, electricity and home insurance
- lower mortgage payments or even paying off a mortgage altogether
There are challenges to downsizing that also need to be considered. These may include:
- less space for possessions and furniture
- the process of moving can be stressful and costly
- isolation and loneliness if you move away from a familiar area and neighbours
Money Advice Service has more information about downsizing.
Moving in with family
This might be a good solution if you need support, company or want to spend more time with your grandchildren.
In many cases moving in with family works well, but it's important to be realistic and make sure everyone has the same expectations.
Things to consider include:
- who will provide help with things like washing and dressing should it be needed?
- do any adaptations need to be made to the property first?
- what will the arrangement be for paying rent and bills?
- what will happen in the event of a move or change in circumstances?
Although family members will want the best for you, it is important to get independent financial advice before making any decisions.
Buying a house - shared ownership
It may be possible for you or your family to buy a share in a property. Gov.UK has more information about shared ownership.
Housing associations are private, non-profit making organisations that provide low-cost housing for people in need of a home. Although independent they are regulated by the government and often receive public funding. Many housing associations also run shared ownership schemes to help those who cannot afford to buy a home outright.
You can apply directly to a housing association, or often through your local council Housing department. You can apply to more than one housing association at a time. Once you apply, you will be put on a waiting list.
Housing associations normally offer housing to people most suited to that particular property. You may have to wait a long time for a suitable property to become available.