When is the right time to consider a move in later life?

Let's start by acknowledging that considering a move is not the same as actually moving. There can be lots to consider - emotionally, practically and financially - and so the consideration can take place across many months before you actually move, if indeed you do.

The reality is that many in later life do not want to consider a move at all. This is of course understandable. Our homes are part of our identity. They are full of emotional and material memories. Often our homes are something we have strived for and represent a culmination of our life's efforts; why would we want to leave them?

However there comes a time when our homes can start to become less suitable than once they were. Gardens that gave us so much joy can become a burden; locations that we once enjoyed can become isolating; and our homes themselves can start to restrict rather than enrich our lives. Logically this is the time to start to consider a move. However we aren't logical beings!

More often than not we will override logic with emotion. Some things just aren't quantifiable and nor should they be. The feelings of safety and comfort our homes evoke in us are an example of this. However (and you knew this was coming) consider it you should. The reality is that those niggles are likely to become larger not smaller. Getting advice and weighing up options when you don't need to make an immediate decision reduces the pressure and allows for clarity of thought.

If you've been in your current home for 25+ years then there's quite a bit that has changed since you last sold or purchased a home and there's a whole new option for later living homes that didn't previously exist. Your personal situation may have changed too. With that in mind there are three main areas for consideration:

1. How is your current home serving you?

I heard a lovely quote the other day: 'the time to think about moving is when you start to serve your home rather than your home serving you.' I thought that was quite apt.

Think about what is working and what's not working for you with your current home. Think size, layout, location, condition, maintenance. You can use three criteria: (a) what gives you joy (and why), (b) what's no longer giving you joy, (c) what is actually making life less joyful. Also consider how these might change in the near future.

It's also useful to consider who else a potential move impacts and get some other opinions. If you live with a partner they might have a different opinion - as can family members - how would they answer these questions? How important are their opinions? Sharing these opinions can be insightful, but it's not always easy. Having some independent support with these conversations can prove useful.

2. What could a future home look like?

The vast majority of moves in later life are into 'mainstream' housing (i.e. not into housing specifically for those in later life). Either a downsize, a move to a more desirable location or a more suitable layout are often what people look for. Getting a feel for what is available and what you're comfortable compromising on (or not!) is really useful.

As well as mainstream housing there are some incredible later life communities springing up these days and I would urge you to look at them. They combine independent living with practical additions in well-considered locations and with funding options that provide peace of mind.

3. Your financial position

What's your current financial position and how might that change in the future? Many in later life have a considerable amount of their wealth tied up in the current home and finite incomes via pensions. Later life financial planning is something worth speaking to a financial advisor about. I would recommend someone from the Society of Later Life Advisors as they have taken extra qualifications focused on later life financial planning.

Things to consider include the running and maintenance costs of your current home, opportunities to release equity should you wish to, funding your future and inheritance tax implications. Independent living residences for those in later life have different funding options so taking the time to understand those is also useful.

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So I would conclude that the time to consider a move in later life is before you need to make one. You may decide not to make a move, but at least you have made the choice with all the information available to you and without pressure. If you do decide to move then you are making that choice from a place of choice rather than immediate need.

Making this decision out of choice is not only empowering and positive, it also leads to a better quality of life in a new home that you have chosen to enjoy your next chapter in.

Turners Oak is here to help you navigate the emotional, practical and financial aspects of moving in later life. You can get in touch with us here.

Susan, Founder of Turners Oak