Buying A Property As A Last Time Buyer
There is always a lot of talk about first-time buyers and getting on the property ladder for the first time. While this is rightly so, given how big the occasion of purchasing your first ever property is, and how tied it is to the state of the property market, this is not the only important type of homebuyer out there. In fact, there is a rarely talked about type of property investor, which is last-time buyers.
What is a last-time buyer?
A last-time buyer is an individual or a couple purchasing a property for the last time during their lifetime. Usually, the homebuyer is aged between 65 to 69, however they can be much younger or older. To fit the definition of a last-time buyer (LTB), you would be aged 55 or older.
Reasons to consider downsizing
- The most common reason is of course finance related. By downsizing to a smaller property, you will help raise extra funds, helping you pay off any debts you may have, live a better lifestyle in retirement or to help gift funds to family and friends.
- The homeowner may not require the space of a family home anymore and instead prefer a compact property.
- The size of the property may make it difficult to move around and maintain over time (e.g. many stairs, large garden, big bedrooms).
- The location of the property is no longer convenient or desirable for the homeowner and their retirement lifestyle, e.g. a lot of last-time buyers tend to consider relocating to live at the countryside or near the coast.
Tips for older homebuyers
Location is one of the most important factors to consider. People choose a certain location for a variety of reasons including:
- If you have children and grandchildren, you may want to be geographically closer to them.
- You may want to live somewhere within proximity of shops, healthcare facilities, church communities and more so travelling long distances isn’t required.
- Maybe you’re wanting to live in a more affordable cost of living region, during your retirement.
At an older age, you will know that life can take some unexpected twists and turns, especially when it comes to health. Financially, you don’t want to be overstretching yourself with your last property purchase. Maybe you’ve found a really special property, and at the time feel like you can afford to purchase. However, if something was to happen to your health, or you were unable to keep on top of monthly bills, there may come a time where you have to sell your dream home, and for a lower price than you originally thought it was worth. So, it’s vitally important you consider the financial aspects and be realistic with your final purchase.
It might have been a while since you’ve last purchased a property. You may even still be in your first ever home! If you’re in need of some advice or want some important questions and queries answering before you seriously consider purchasing a new and last property, our experienced conveyancing legal experts are on hand to help.
Any property questions? Our articles and guides can help!
- Property FAQs
- How To Speed Up Your Conveyancing Process
- Is Now A Good Time For First-Time Buyers?
- Selling A Property To Downsize
- How To Get Your Property Offer Accepted
How GWlegal can help you today
Moving house can be both exciting and stressful, especially when you are leaving the home you have lived in for many years. As well as being legal experts, we understand this and will do everything we can to ensure this important transition is as smooth as possible for you.
For further information, please contact Kerry Walker, our conveyancing manager, at Kerry.email@example.com, Teresa Abols, at Teresa.firstname.lastname@example.org or Helen Bond, at Helen.email@example.com. Alternatively, you can call the property team directly on 0345 373 6130.
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Content correct at time of publication.