The day eventually comes when the family home, despite its wonderful memories, no longer fulfils the purpose for which it was originally purchased.
This usually coincides with an evolving lifestyle for people in early middle age (or what I like to call, the old age of childhood!) and the freedom that comes with it. Mortgages get paid off and, as children become financially independent, costs should fall. This comes at a time when salaries might also have risen in line with more senior job roles as you develop your careers and promotions are achieved.
Many people feel that this period between parenthood and retirement is one that should be grasped with both hands. It offers the freedom and the financial wherewithal to travel or pursue other interests. At least, I like to think it will for me, when the time comes.
If this is you, it’s worth asking yourself the question: “If we were looking to buy a house today, would we choose our current home?” The chances are that you would not – so why stay? A mid-life move can be the beginning of a new lifestyle that is better suited to your current preferences.
A downsize can also be a cathartic exercise, as it’s a great opportunity to clear out the junk that has accumulated in the garage, cellar or those overstuffed storage cupboards over the years.
One of the major benefits of downsizing is that it usually frees up some cash as well. Add to this the fact that properties out of school catchment areas or in quieter more rural locations can offer much better value for money, and things begin to stack up quite nicely. I’m lucky enough to get to drive around our beautiful Island every week, listing and selling homes Island-wide. For downsizers, there are some superb opportunities in some of our stunning villages; try Kirk Michael, Ballaugh, Colby or Sulby for instance. Great communities, local pubs and village shops all making you feel part of the furniture.
With no specific pressure to move, you’d have time on your side to find just the right property. Good timing is everything in life. Many people attribute luck and good fortune to some higher power but I’d be willing to bet that good timing has a lot to answer for. And in the current Isle of Man property market, now is a good time! We don’t think that the market has been this good for sellers for many years. We’re seeing a great deal more activity in the market, across the price ranges, more acute at the lower end. So, if what I’ve written above resonates with you, if you do think that the timing is right, then the best place to start is to ask us to pop round, as we’d be happy to advise on how a downsize could work for you – both financially and practically. Worth a call? You might be pleasantly surprised!
Tim Groves
Black Grace Cowley
(01624) 645555
