Downsizing a risk 'well worth taking' for couple

People in Guernsey should not just focus on the cost of the house when looking to downsize their property, according to a couple who downsized in 2018.

Peter and Helena McGovern said they were "very glad" they moved to a smaller home where they save thousands of pounds a year on energy costs, rates and insurance.

The couple moved from a large six bedroom Victorian house in St Sampson, which they say they were "rattling around in a lot of the time" and it felt empty after their children left home.

Helena McGovern said: "It was empty. It had lost its life and we didn't need the space. It took a lot to heat and there was just a lot of maintenance with it."

Peter McGovern said: "It's just the worry that something is going to go in it and we're not going to have the money to fix it or they'll find dry rot or there'll be a storm and the roof will blow off or and then when you do maintain a bit of it all that does is it shows up another bit that needs maintaining so it's you're in a never-ending spiral of work.

"As you get older you probably haven't got the resources to do that so all of those things you do need to take into account.

"It just needed a lot of things doing to it so we just thought the best thing to do is to downsize."

The couple moved to a house in St Saviour in 2018.

The price difference when selling their old house and buying their new home was about £100,000.

They embarked on an eight-month renovation project.

"The house had to be stripped back to the plaster work. It needed complete rewiring. We had to have a new kitchen put in, so we took the opportunity to go all electric," said Peter McGovern.

"I think the most important thing above all is your well-being and your health and to make sure that you're happy in the house and it's suitable for you.

"I think the cost of the initial outlay is a minor factor in all of that. It's a risk that's well worth taking, we're really glad that we did."

The couple said a smaller house was much easier and less stressful to clean and maintain.

Helena McGovern said: "It would have been a struggle for us to pay the energy bills and the maintenance costs of the bigger house, so I think we did the right thing.

"We've designed it so we don't need to heat all of the rooms so you will be able to live within your means."

She said a cathartic part of the move was getting to declutter their old home.

"When you actually do that it's a very rewarding thing to do and you know that you're not leaving all that clutter for your children to sort out at the end of the day."

Pierre Blampied, managing director of mortgage broker SPF Private Clients, said it was difficult to borrow past retirement age.

"It's really going to be driven by what their income is and pensions are - we're not seeing people with a lot of big pensions on the island but for those who do then there are options."

He said lending to people in retirement was a "massive market" in the UK for their parent company.

"It is a big market and there are specialist lenders who basically assist in that market. We're fortunate in Guernsey, we've got one of those lenders who can assist."

Follow BBC Guernsey on X and Facebook and Instagram. Send your story ideas to channel.islands@bbc.co.uk.