Save money and build up a retirement fund by downsizing in Rutland

New research shows that older people who downsize to a smaller home could make huge savings for their future retirement.

The study commissioned by Housing provider Hanover reveals that older downsizers could not only save money, but also reduce the risk of unexpected large maintenance bills and release equity for their retirement fund.

The analysis suggests that a retired person or couple who sold their three-bedroom home and bought a two-bedroom property could typically save £1,530 through lower utility bills, council tax and the cost of maintenance and repairs.

The amount could be even higher for people with an outstanding mortgage or those currently renting – up to £4,000 is some cases.

On the back of the research, developer Linden Homes claims the cost efficiencies can continue if downsizers move into a brand new property – like the exclusive range of two-bedroom apartments at the Orchid development in the Rutland market town of Oakham.

Ticking the boxes of people looking for a smaller, manageable, quality home in a fantastic location, prices for the apartments start from £119,950.

Perfect for downsizing or an ideal bolthole for those who have a property overseas, the apartments offer convenience and versatility.

Linden Homes sales director Chris Road said: “The apartments are a wonderful addition to our stunning portfolio in Oakham, and offer a slightly different style of living – which in light of this recent research seems a perfect opportunity for our customers to save money and reap the many benefits of a smaller property with little or no maintenance.

“The open plan design of the apartments gives a feeling of space and airiness, and the overall style lends itself perfectly to buyers looking for a quality home but on a slightly smaller and easier to manage scale.”

Among the Linden Homes customers to benefit from downsizing to an apartment are retired couple Trevor and Pam Newton.

Originally from Sheffield, they used one of Linden Homes’ popular incentive schemes to move to their brand new apartment bolthole in the region.

Not only were they seeking a more carefree lifestyle that apartment living can offer, but wanted to be closer to family.

Trevor said: “Although healthy at present, we were looking for a carefree lifestyle with little maintenance and liked the added security and peace of mind that an apartment offered.”

For more information on Orchid, call into the sales and marketing suite on Thursday to Monday from 10.30am until 5pm or visit lindenhomes.co.uk.