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Downsizing does not have to mean down-styling

When the chicks fly the nest, parents might not want to rattle around a big empty family home and leading legal, financial and property specialist Pagan Osborne says that there are many benefits for those looking to downsize.

Matthew Gray, property services director at Pagan Osborne, said:

"Downsizing doesn't have to mean down-styling. With a young family, people may sacrifice some of their personal style for practicality. Once families have grown up, people have the chance to reclaim a more selfish style and live somewhere they can decorate to their own tastes or move to a more fun location such as a flat in a bustling city centre."

Freeing up capital on a larger family home can also have positive financial and tax implications. Fiona McDonald, tax partner at Pagan Osborne, said:

"No two situations are the same but there are a number of possible benefits for downsizers. There is no capital gains tax if they are selling their main home and if they gift any money made from the sale or put it into a trust, they can reduce their inheritance tax liability. The money could also be invested.

"Personal benefits could also be it's a great opportunity for a clear out and smaller properties are more manageable into later years.

"If people are planning to downsize, taking tax advice before the move helps to complete the jigsaw so all the possibilities and benefits are understood."

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Want to work with a local, friendly company? Then find your nearest Pagan Osborne office to you below. However, we also work with clients throughout the UK so you can call any of our numbers and our helpful reception staff will be happy to forward on your call to the most appropriate expert to suit your needs.

Edinburgh
Clarendon House
116 George Street
Edinburgh
EH2 4LH Call Us
Tel: 0131 624 6820
Fax: 0131 220 1612
2 Comiston Road
Morningside
Edinburgh
EH10 5QE Call Us
Tel: 0131 539 3333
Fax: 0131 538 7204
St Andrews
106 South Street
St Andrews
Fife
KY16 9QD Call Us
Tel: 01334 475001
Fax: 01334 476322
Cupar
12 St Catherine Street
Cupar
Fife
KY15 4HH Call Us
Tel: 01334 653777
Fax: 01334 655063
1 Crossgate
Cupar
Fife
KY15 5HA Call Us
Tel: 01334 656525
Fax: 01334 654119
Anstruther
Pagan Osborne
5a Shore Street
Anstruther
Fife
KY10 3EA Call Us
Tel: 01333 310703
Fax: 01333 311918

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