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As you get older there comes a time in every home owners life that they have to consider their options. When’s the right time to downsize or move? Do I want to sell and go travelling? Can I afford to sell and if I do where will I live? What is my current health like and what will be my future requirements for housing? What about my family? The list goes on but there are many questions to be asked and I have found through my many years of real estate experience that it gets left either too late or left for someone else to handle which can create a lot of stress, heartache and time.
So today my advice is to start thinking about your options if you currently fall into this age bracket or demographic. It’s not easy to move an asset quickly if you need to, so preparation is the key. Start thinking about succession planning and transition into either retirement or downsizing mode. The sooner you have an idea of a plan in place, then the easier it should become for you. There are a lot of options out there for housing and it doesn’t hurt to look into them so you have an idea what you may want. It doesn’t mean you have to move now but it does mean that you can prepare better. It also means that you are likely to be in the few % that actually does this.
There are plenty of advisers out there that can assist with all aspects of this transition period so take advantage of them. Of course when it comes to property we can provide advice. We don’t have a crystal ball but we can tell you the process to go through so you have some idea ahead.
The old saying “If you fail to plan then you’re planning to fail” has never been more applicable.