Alternatives To Downsizing: In my latest video, I explore the hidden costs of downsizing, and why selling your family home could be a costly mistake!
Many people are reaching retirement age, and are realising downsizing doesn’t make sense for them. Why? Stamp duty!
Because of stamp duty, when they buy their new home, a large portion of the money they receive from selling their previous home will go to the government! This often means it makes more sense not to sell in the first place!
In the video, I explain why so many retirees are avoiding the downsizing trap! If you are coming close to retirement, or are thinking about downsizing, make sure to watch this one until the very end.
You can watch the video on YouTube or at the top of this blog post. If you watch it on YouTube, drop me a comment letting me know if you think downsizing still makes financial sense these days!
Fortunately, downsizing isn’t your only option! In this article, I will give you 3 alternatives to downsizing in the UK. This will allow you to decide whether downsizing is right for you, or if there could be better ways to fund your retirement.
I am not a financial advisor, and this is not financial advice. The information in this article has been simplified for a general audience. Your circumstances are unique, and there is no “one size fits all” approach. Do not take any action without seeking professional advice.
I know that people are struggling with whether to downsize or not right now. I want to tell as many of them as possible about the alternatives to downsizing. That way, they can stay in control of their money, and have a better retirement.
I need your help to ensure this blog post reaches the right people. If you know someone who is approaching retirement, or who is considering downsizing, please send them a link to this article. It could open up options they never considered before!
Sharing our content with friends and family really makes a big difference, and could change their financial lives. A big thank you to everyone who takes the time to do so.
1. Alternatives To Downsizing: Refinance And Buy A Property!
Instead of selling your home, refinance your existing property, and buy a smaller home for yourself. Then turn your existing home into an income producing rental property.
Rent the property to a company or housing association on a long-term lease, so you can enjoy a more passive return in retirement (without having to actively manage tenants).
2. Alternatives To Downsizing: Rent Your House Out As Serviced Accommodation!
Another option is to rent your existing property out for short stay lets, on sites like Airbnb, for part of the year.
You can use the money to travel, and stay elsewhere. Then come back and use your house whenever you wish.
3. Alternatives To Downsizing: Rent Out Your Spare Rooms!
If you don’t mind someone living in your home, you could also rent out your spare rooms. It might be possible to divide the house up, so you essentially live separately.
This will allow you to make an income from your property, and up to the first £7,500 per year it can be tax-free!
Alternatives To Downsizing: Learn The Skills!
Those are a summary of the alternatives to downsizing, but if you want to learn the skills needed to invest in property, I can teach you! Join me at my next introductory online training event!
We have different online trainings throughout the year, each teaching different things. Here is a sample of what you could learn on one of our online introductory webinars:
- The SECRETS to becoming a successful property investor
Get immediate and actionable insights to accelerate your property investment journey.
- How to LEVERAGE other people’s money to get started
Begin to understand the strategies to use to reduce the barriers to getting started.
- How to FIND fantastic property opportunities
Understand where property professionals source the best deals.
- How to RECYCLE your money again and again
Don’t just do it once, repeat the process to build your property portfolio.
Property investing is not just for the rich! Learn the strategies that thousands of people have used to not only start investing, but become financially free! Tickets are free, so book your property training webinar now. If you are ready to take action, I hope to see you very soon!
