Upsizing in Retirement

marycanary

Actually, a lot to go to Newcastle/Gateshead, West Yorkshire or Manchester. Back home who looks after the old folk? The family left behind and the ones coming from, some faceless commuter town near the M25/London.

westv

It's a balancing act
Nice area = larger sum needed to buy = smaller pot = less income
Greater income = larger pot = smaller sum to buy = maybe not such a nice area.
Also, if you think you might release equity from the property (lifetime mortgage, equity release etc.) later in your retirement do you include that as part of your plan at the beginning or do you just use it as icing on top of the cake?

Fermion

We are going through this very process at the moment Upsizing in terms of valuation (although downsizing in terms of size and manageability of property). This has some attractions in terms of reducing IHT liability as well. We have taken advice from a specialist IFA and will be switching to 50/50 Tenents in Common and writing new Wills etc when we move.