Even though you may have bought and sold a number of properties during your lifetime, there are still many possible tripping up points. Research has found that half of over 50s will sell their home to help fund retirement, whether it’s downsizing, moving to live closer to family or to afford the costs of care homes. You’ll want to get everything right when doing so, both in a financial and practical sense, and there is assistance out there for anyone over 50 looking to sell.
To avoid getting ripped off or falling victim to a scam it is a good idea to get your property valued before putting it up for sale. Especially if you’ve lived in the same house for many years, its value may have significantly grown beyond what you initially paid for it.
Property companies such as Hatched offer a free house valuation. All you need to do is enter your contact details, address and a few simple details about your home to receive a free, no obligation quote. This can work as the base price, be useful when deciding on estate agents or to compare against any offers you receive.
For older people who want the security of owning your own home but also need to free up some cash the Older People’s Shared Ownership could be a good option. Shares of between 25% to 75% of a property can be purchased with the rest owned by a housing association.
Rent can be paid on the remaining share that the housing association owns, until you own 75% of the property when payments will stop. This means when it’s sold a portion of the property’s value goes to the housing association but on the whole, it offers a flexible, lower cost way to buy a new home.
Equity Release Advice
There are many property advice services out there but Age UK provide an equity release one that can be relied upon. This can provide access to a tax-free lump sum that can be used for anything. You don’t have to be selling to make the most of equity release either, existing property owners can use the method if cash is required soon.
Using expert advice services is a good idea to make sure this is an appropriate road to go down. Though you do have to be a UK homeowner over the age of 55 to take advantage of the service.
There is plenty of assistance available for over 50s looking to sell your home, whether in the near or distant future.