Downsizing on the up
The ‘Baby Boomers’ are retiring! And with it, they’re redefining the very meaning of retirement…
Gone are the days of retirement painting a picture of old age, infirmity and generally being put out to graze. The Baby Boomers, those born during the post-World War 2 baby boom, started reaching retirement age in 2011, and globally there are 10,000 Boomers a day retiring. This new cohort of retirees is regarded to be the happiest, healthiest and wealthiest of any retiring generation in history – and with that comes a lot of expectation.
Making retirement work
Perhaps the mantra of the retiring Baby Boomer should be the as in words of C. S. Lewis, “You are never too old to set another goal or to dream another dream…”
The Baby Boomers were the most prolific homeowners of any generation before and as such, enjoyed almost meteoric rises in house prices, leaving them sitting on a literal gold mine. Now, with the kids long gone, they’re living in a home that takes precious time and money to upkeep, and, whilst filled with many memories, is simply too big for their new lifestyles. So now they’re back on the market, looking for manageable property that retains their independence but with minimal maintenance and hassle: properties that are smaller, easier to look after and release tied-up capital from their family home. Money that they need to make the most of their retirement.
Downsizing is the answer
In the UK, there has been a massive upsurge in the development of homes for the retiree, purpose built properties designed with minimal maintenance in mind. On the Island however, there has been little choice until very recently.
Respected local developer James Greenhalgh of Hartford Homes has already started doing something about it. “When you’re a local community property developer like we are, it’s important you look at the needs of all generations. But who has been thinking about the retiree? No one! And no, we’re not talking about the old ‘retirement home’ concept. We’re talking about homes that are tailor made for the active retiree – downsize properties that give them what they want. Minimal maintenance and the ability to make more from their accumulated value of their old family home.”
A matter of choice
Hartford is currently offering a wide range of properties perfect for the active, and not so active, retiree. Its St Ninian’s Court development in Douglas offers the best of both worlds, purpose built retirement apartments that are only for sale to the over 50s. Complete with fully fitted kitchens and luxury wet-rooms, these are ultra-modern 2 bedroom downsize apartments that tick many boxes and with prices from under £250,000, it can offer capital releasing potential when downsizing. For the 50+ year olds, they now have the chance to downsize sooner, if it suits them, and enjoy a minimal maintenance luxury apartment to act as their base for a full and active retirement. For the older retiree, those possibly needing occasional or even full time support, tailored care packages can be designed to suit most needs.
For the golfing enthusiast, the luxury 2 bedroom Pavilions apartments enjoy private access to Ramsey Golf Club and offer superior levels of comfort and security, with prices from £299,999. The third option from Hartford is at its latest development in Colby, Cronk Cullyn. This development has been designed with all the generations in mind, from young family starter homes through to larger detached family homes and downsize bungalows perfect for the retiree. The bungalows themselves are ideally sized 2 bedroom true bungalows and offer exceptional value-for-money, with prices starting from £232,999.
But it’s not just properties that Hartford is offering the retiree. It also has schemes to help sell your old home and a unique Shared Ownership scheme, where the retiree has the option of just purchasing a percentage of their downsize home, and thereby releasing even more capital for their retirement.
Want to know more?
Hartford is hugely experienced in working with retirees or those planning for retirement. If you would like discuss any of our downsize properties or help to buy schemes, email [email protected] or call us on 01624 631000.
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