The downsizing gurus
WHILE many of us leave it too late to downsize and end up struggling to maintain a large family home, property experts are biting the double stamp duty bullet and investing in a second home they may want to move into in the future.
Landlords who have sold off their buy-to-let portfolio because of fewer tax breaks, or those involved in the property business who understand the potential of an area, are leading this new wave of delayed downsizing: people such as Roger Gibbs and James Buckley.
Retired Royal Navy veteran James, who is in his 60s, lives in a five-bedroom detached house but has bought a three-bedroom apartment in Royal Leamington Spa, Warwickshire, and says: “I know that in 10 years’ time this home will be too big for me and I will need somewhere smaller.”
James watched the Spitfire Bespoke Homes apartments at Regents Green being built and visited another of the company’s developments so he could check out the quality of its new-builds.
“I am a property man and had a couple of properties that I used to rent out,” he explains. “I was originally looking at buying a three or four-bedroom house but then I saw the plans for the apartments and changed my mind as this would suit me better for my retirement.”
The Regents Green apartments have large open-plan kitchen-living areas and family bathrooms. James’s flat also has two good-sized balconies and a master bedroom with floor-to-ceiling windows plus Juliet balcony, as well as an en-suite shower. “I know that when the time comes to downsize, I won’t want to compromise too much and this apartment will provide me with the perfect home to enjoy my hobbies and entertain friends,” says James.
“To begin with I am planning on letting the apartment and I think that the layout will appeal to a range of tenants. It was one of the things that sealed the deal for me.
“As well as having three bedrooms the apartment has a separate study, ideal for tenants looking to work from home.”
PRICES start from £250,000 (01926 429400; spitfirepg.co.uk) and James says: “It will be the perfect home for me in a few years’ time and is the ideal spot to start a new beginning.”
That’s a sentiment echoed by Roger, also in his mid-60s, who bought a threebedroom house at Bellway’s Helios Park in Hawley, Hampshire, with his wife Gill. “Unfortunately my father passed away last year and we decided to use our inheritance to invest in a new property,” says Roger.
“Brexit was one of the factors behind our decision to invest in another property.
“We are approaching retirement age so felt it was also a good opportunity to consider our future. It’s really reassuring to know that we won’t have the challenge of finding our next home ahead of us when prices could be booming again.
“It will be there ready and waiting and in the meantime the house will make a great investment property.”
Helios Park is near Hawley Lake and surrounding woodland, as well as close to the M3.Two, three and four-bedroom properties are available, all with garages or allocated parking, and prices start from £317,500 (01276 300262; bellway.co.uk).
Roger, who is a senior land buyer and worked with Bellway on the development, says: “I am very proud of Helios Park. It was definitely the one development where I wanted to own a home and I can see us enjoying the nearby woodlands, lake and wide-open parklands in our retirement.”