Save Money On Downsizing

Housing

 

From SAGA Magazine.

 

Thinking of moving somewhere smaller? You could save thousands of pounds with these handy tips – read on to find out how…

Downsizing is popular among the over 50s who have decided to live in a smaller, cheaper and more manageable property. As we revealed in a recent article the cost of moving could reach almost £30,000, which covers a long list of expenses including stamp duty, estate agency fees, surveys, legal costs, removal fees and refurbishment costs.

This sum will substantially eat into the equity released – the main reason why many downsize. A £30,000 deduction to that equity means that for many it won’t be worth their while to move once these expenses are factored in. For others, it will impact on their lifestyle during retirement.

 

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Link to Downsizing story

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