Homeowners advised to 'take small steps' when downsizing

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Homeowners advised to 'take small steps' when downsizing

Mon 28th Nov 2011

Older Brits who are looking to release funds from their property as they head towards retirement have been advised to take the process of downsizing slowly in order to give themselves time to adjust.

Catherine Haken, managing director and owner of Haken Relocation Services, said it is important that people do not go from one extreme to another, as moving from living in a large home surrounded by keepsakes and sentimental belongings to moving to a smaller place where some of these belongings may not fit can be difficult.

She commented: "Be realistic about what you can take and the space that you have in your new property. It might also be a time to donate things you no longer need [or] recycle."

According to Lorreine Kennedy, founder of Carematters-uk.com, the main reasons people consider equity release and downsizing is to pay down debts, to reduce their outgoings or to generate additional income.

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