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I posted a comment directly yesterday on a different subject however after hearing budget today I have another radical idea.
I will give this one a title, the empty nest.
I like many others of a certain age have worked hard throughout my life and have scrimped and saved, made do and mend in order to finally pay off the mortgage just as the kids leave home and my health starts to fail; therefore I have a nice family house that is too big for me alone, it won’t be suitable should I become ill or infirm and will become increasing costly to maintain as I age.
I work in order to maintain both the property and my lifestyle as I age this will be less and less feasible and the property more and more a burden.
However, the costs of selling and moving into a property that would secure a future for myself independent of health or social care input is astronomical as there are few if any properties being built that are modern, future-proof and affordable to the pre-retired. I wouldn’t be accepted for a mortgage nor would I be able to afford it once I reach retirement. So that’s the background, now for the radical idea.
How about building properties for the over 55s that want to downsize sell there family homes and move into a property that they could grow old in. How about some incentives for the over 55s to downsize and release their 3 and 4 bedroom properties onto the housing market. How about giving the over 55s the opportunity to plan for a future where they can be less reliant on social care. How about keeping these older houses vibrant and cared for by Young families. How about keeping towns and communities thriving by bringing young families into established communities. How about thinking outside of the box instead of the same old knee-jerk reactions. All these new estates on the outskirts of towns will kill the town centres, ruin housing stock and communities. The perfect example Liverpool thousands of perfectly good terraced houses compulsory purchased then boarded up and left to rot. Then sold off for a quid so long as the purchaser brought them up to standard and back into the housing stock. The same in Burnley, Accrington and other industrial towns.
Just a few thoughts, the young have the drive, the strength, the optimism and the time but no equity, the older generations have been there done that, they have the equity but the drive, strength, optimism and time are starting to fade.
Happy for you to add your thoughts and post for comments I’d sooner you didn’t post my name but use initials or whatever you wish. I’m not precious about words or ideas