The best of both worlds
Why downsize your home for cash, when you can have the best of both worlds?
4.7 million homeowners are looking to downsize over the next five years, with many needing the cash from their homes just to get by. Statistics have revealed that 40 per cent are being driven to sell because their existing home is too expensive to run, while 20 per cent are moving in order to help pay for retirement.
But what if your attachment to a much-loved home would turn downsizing into a distressing move? We caught up with one such couple who were faced with the decision to downsize last year.
Steadily rising costs
Graham Fitch, and Pam Bruford, have been together 24 years, having met through a love of golf. The couple live in a £550,000 apartment overlooking the River Avon in Salisbury, Wiltshire, and also have a 4 bedroom villa in Portugal.
They love their two homes and spend several months a year golfing in the Algarve. They have seen the cost of maintaining their lifestyle steadily rising; but they quickly discounted the idea of selling either of their homes or moving somewhere cheaper.
Graham, who was a financial adviser at Prudential for 25 years before moving into the hotel industry, said “We’ve got one of the best views in Britain from our apartment. We’re close to the town centre and I’ve got my own bit of river frontage for fishing. Why would we want to move?”
Instead, he and Pam chose to release £110,000 from their home through Key with lender LV=. Graham thinks it’s the best decision they could have made: “Our adviser, Glen Pike, was fantastic. He did talk to us about downsizing or even selling our property abroad, but we love our lifestyle, we didn’t want to change any of it.”
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