Pros and cons of downsizing in retirement

OPTIONS Lots to consider when it comes to your home

- Edited by HARVEY JONES

Lots to consider when it comes to your home

DOWNSIZING to a smaller home in later life sounds like a sensible way to raise a large pile of cash in your final years, until you actually come to do it.

In practice, most pensioners want to stay put, continuing to live in a home they love, filled with a lifetime of memories.

Just one in seven over-55s say they would consider downsizing, according to Hargreaves Lansdown. Younger people are more drawn to the idea, almost one in four, but their views are likely to change over time too.

In theory, downsizing seems like a brilliant idea. Retirement is a worry for many, even homeowners who may own a property worth hundreds of thousands but struggle to cover costs such as food, heating and running a car.

Once the children have left home, many older people find themselves rattling around in a house too big for their needs - one that's expensive to heat, repair and maintain, particularly if there's a large garden. Plus, selling up could release much-needed family homes on to the market, helping younger buyers climb the ladder.

But while the theory is terrific, it collides with reality, and many older people simply find they can't do it. When asked why, more than a third said they didn't want to move to a smaller property, while another third were too attached to their home.