Member Article

The advantages of downsizing in retirement

MANY people dream about financing a good chunk of their retirement by selling their current home, buying a smaller place and investing the difference for income. In fact 2.3m over-55s are currently planning to do so.

Done right, downsizing can be a really good idea and one that will reap countless rewards through retirement.

Those who choose to downsize may not only walk away with more cash in the bank but can also simplify their lives by reducing home maintenance responsibilities and utility costs for years to come.

One such couple, retired children’s nursery owners, Alistair and Rosemary Lee, are doing just that and are very much looking forward to the future.

“I really want to enjoy my retirement,” says Alistair, “and maintaining our house and gardens was becoming more and more of a chore. I certainly didn’t want to spend my retirement mowing the lawn.

“Our children have grown up and long flown the nest so we really don’t need a large family home.

“We feel that our house is definitely a family house and we should be freeing it up for a younger generation who can look after it more easily and use all the rooms as they should be.

“It is also important for us to release some equity so we can travel and really enjoy our retirement without worrying about home maintenance and high utility costs.”

Having run their business in Saxilby for 12 years, which is where their family lives now, they wanted to be close to the area yet also be near to Rosemary’s home town of Lincoln, where her mum lives and Rosemary grew up.

So the Lees have sold their mature detached bungalow in Broadholme to become the first buyers on an exciting new residential development: Lakeshore at Burton Waters, Lincoln.

Instead of going down the traditional route of buying a “Retirement Bungalow” the couple decided to look at what other options were available to them.

They had considered residential lodges but were admittedly a little sceptical having seen other developments where sites were crowded and standards in the quality of build and interior furnishing were varied.

Located in a beautiful, tranquil spot, yet close to the main A57 for easy access, Burton Waters provided the couple with the answer to all of their needs. Each high quality home has its own stunning view of the lake, its own garden and outdoor space.

Residents can also take advantage of the wide variety of facilities available close to the development – including a large health and fitness resort, a variety of small shops and a vibrant marina.

Perhaps however the most appealing feature for Alistair and Rosemary was that the gated development was not only secure – meaning they could holiday knowing that their home would be secure – but provided a ready-made community of similarly aged people.

Alistair, 66, said: “This is the perfect solution for couples who are looking to downsize but want to keep all of the comforts of home.

“It’s an idyllic place where our five grandchildren can visit and play in a secure environment.

“We had considered buying a smaller bungalow in Saxilby or Lincoln but thought that the Lakeshore development, with its excellent location and high security, was a much better option.

“We’re excited to be the first buyers and believe we’re going to be part of a community of similarly aged and like-minded people who want to enjoy life.

“We are sure we will form new friends and acquaintances and are looking forward to making use of all the amenities that await.”

Rosemary, 64, added: “We feel that we have plenty of open living space and all of the conveniences we had before in our previous property – if not more.

“The kitchen and living area is spacious and open-plan, an important consideration for us when the family and grandchildren come to visit.

“We are delighted that the superbly fitted kitchen, features so many modern technologically advanced ideas and designs. It certainly makes life a lot easier now giving us yet more leisure time.

“We really couldn’t be happier with our new home and are really looking forward to this next chapter in our lives.

“We feel far more at ease knowing that we have confronted the issue of downsizing head on instead of finding out that our retirement income isn’t going to provide the lifestyle we desire further down the line.”

This was posted in Bdaily's Members' News section by Arbor Living .