Sometimes the home you want most feels just out of reach. Perhaps it’s a bungalow closer to the sea. A little more space. Or somewhere closer to your children and grandchildren.
But when you compare what your current home is worth with the price of the home you’d love next, the sums just don’t seem to add up.
In this edition of 1066 Property Insider, we take a quick look at an alternative worth knowing about.
A different way to buy
Rush Witt & Wilson works with Home Wise and their Home for Life Plan, designed specifically for people aged 60 and over.
Rather than buying a property in the conventional way, you purchase a lifetime lease. This gives you the legal right to live there for the rest of your life. Because you are buying a lifetime lease rather than the property itself, the cost can be up to 60% less than market value, depending on your age and circumstances.
There is no rent, no mortgage and no monthly repayments under the plan.
What that could open up
For the right person, that shift changes what’s possible. It could mean a better property than you thought was within reach. A move to the coast. Being closer to family. Or freeing up money currently tied up in your home to actually enjoy your retirement.
Protecting what you’d like to leave behind
For those keen to leave something behind for loved ones, the plan can also include an option to safeguard up to 50% of the property’s future value for your estate. It offers reassurance that while you’re making the most of your move today, you can still protect part of any future increase in the property’s value for your beneficiaries.
It isn’t for everyone
The Home for Life Plan differs from conventional ownership, and you should fully understand how it affects your estate and inheritance before proceeding. It won’t be the right route for every household. But for the right person, it can open a door that seemed firmly closed.
So, if you’re over 60 and thinking about moving, don’t automatically assume the home you really want is beyond your reach. Talk to Rush Witt & Wilson, as there may well be another way to make that move happen.
That’s the latest from 1066 Property Insider. Hit play to watch the full video.
