Downsizers vs Young Professionals

Created 17-Jul-2007

Apartment living is no longer the preserve of first time buyers and young professionals, according to North West property developer Cambrian Homes.

"We are seeing an increasing number of mature buyers looking to secure quality apartments", says Cambrian Sales Director, Shirley Cox.

Certainly, in the North West at least, the competition to secure a quality apartment in the right development is hotting up as more mature homeowners eye up top end properties with a view to downsizing.

"Mature buyers are telling us that they are interested in moving into smaller, more manageable properties as their families grow up and move into homes of their own," says Shirley. "They are looking to release their capital and purchase a secure home which requires less upkeep and maintenance, which in turn frees them up to enjoy their leisure time as they head towards retirement."

According to Cambrian Homes, the older generation are extremely discerning when it comes to house hunting. "They might be at a different stage in their lives to first time buyers or young professionals but they are, nevertheless, competing with them to secure the right property to see them through into retirement.

"Experience shows us that the majority of homeowners looking to downsize have very similar requirements and, most importantly, they are not willing to compromise on quality," says Shirley.

"Buying a new home is a major decision, whatever stage you are at in life, but for older buyers looking to downsize, they need to be sure that a new property meets their requirements not only now but well into the future as well."

Cambrian Homes is urging anyone who is thinking about downsizing to consider their options carefully before making the move:

1. Ask yourself if you are ready to move right now. Do you just have yourself to consider or do you need to take your wider family into account before making any decisions?
2. Think about where you would like to live. The countryside might initially appeal but many downsizers find they also want a good choice of convenient local amenities.
3. Work out your budget for buying and setting in a new home and plan your finances seriously.
4. Consider your physical fitness - both now and in the future. A smaller, well-maintained property is usually easier to keep on top of and reduces the need to employ outside help.
5. Consider creating a secure sanctuary for yourself as you grow older. Many new developments offer excellent security. Look for residential apartments which have 24-hour security, CCTV and protective gates
6. Think about how much living space you need at present and how will your needs change in future. Would a second bedroom be useful for visiting family or friends?
7. How important is it to be near public transport or to maintain the use of your car? Do you need a property which is on a good bus route, near to a train station or which comes with its own dedicated and accessible parking space?
8. Would you prefer to live in a community surrounded by other mature residents or is a development which is also home to a more diverse range of residents more appealing?
9. As you free up your time and capital, consider how you would like to spend your leisure time. Do you see gardening or DIY as a chore or a pleasure, for example? Would you like to be within walking distance of local shops, restaurants and cinemas?
10. Do you go on holiday often? If so, you should consider choosing a secure property which is managed while you are away.

Cambrian has several housing developments across the UK including Sweetloves - an exclusive gated development of luxury two-bedroom apartments in Bolton, Millside in New Moston" contemporary one, two and three bedroom mews, semi-detached, detached and apartments and Butterfield Hall Farm" a collection of six stunning and luxurious barn conversions in one of the most beautiful locations in West Lancashire.

"We have seen considerable interest in the Sweetloves apartments from mature buyers who are looking to downsize and want a quality new home which requires little work or maintenance, is secure and is set in a great location with easy access to both town and country," says Shirley.

"These apartments fit the bill, not only for those looking to downsize but also for young professionals, couples and first time buyers looking for a stylish place to live."