What I Own: We downsized from our family home to buy a £550,000 retirement property mortgage-free

Posted by. Posted onNovember 2, 2024 Comments0
Fiona and Tim McKay's Aberdeen property is pictured, which they bought for their retirement for £550,000
We’re in Aberdeen this week (Picture: Newsline Media)

Welcome back to What I Own – Metro’s property series where we speak to homeowners about getting on the ladder.

For last week’s sister column, What I Rent, we visited Lauren May at her one-bedroom flat in Isleworth, West London. Having previously lived at home with her mum in Ealing, she decided it was time to fly the nest in 2020.

When Lauren came to buying her property just before the pandemic, she was faced with a dilemma, as she didn’t have the full deposit amount. However, she was able to borrow the shortfall from a rather unexpected donor: her boss.

This week, we’re up in Aberdeen visiting retired couple Fiona and Tim McKay, who sold their family home earlier this year and downsized into a retirement property to live mortgage-free.

The couple chose a place that was easier to maintain but didn’t compromise on space, in an effort to save time and money in their retirement.

Here’s what they had to say about their property journey…

Tell us about yourself!

We are a married couple in our early 60s with two grown-up married sons, a cat and two dogs. We have been together since our teens. We met at school in Aberdeen, where we were head boy and head girl together! We both took early retirement from our busy jobs in education and medicine.

Whereabouts is your property? What do you think of the area?

We now live in a Cala Home at the Craibstone Estate on the edge of Aberdeen. It’s a very peaceful area with lots of green spaces, yet it has excellent road, air and rail transport links very nearby.

When did you move in?

We moved into our new home in June 2024.

How much does your property cost?

Our home cost just under £550,000. Cala Homes offer a range of incentives to help people move and pay their LBTT (Land and Buildings Transaction Tax, a fee that’s paid on properties worth above a certain value in Scotland).

How much was your deposit?

We were able to reserve our home with a fee of just £1,000. On completion of the missives a couple of months later, we paid a further 2.5% of the purchase price.

What is the monthly cost of living here now, including mortgage and bills?

We are fortunate to be mortgage free, as the sale of our previous home covered the purchase price of our new home.

It’s too soon to compare the running costs here with our last property, but already the new house feels very warm, even with no heating on.

What made you want to buy rather than rent?

We were keen to live in a property that would be easier to maintain. We would have liked to self-build but couldn’t obtain planning permission on a suitable plot.

Instead, we started looking at nearby new build developments.

Where did you find your property?

Our previous home – which we owned – was nearby, and we first became aware of the Craibstone development in a flyer that came in the post. That led to us making an appointment to view the development, and we were extremely impressed at what we saw.

Fiona and Tim McKay are pictured at their property in Aberdeen, which they bought for their retirement for £550,000
Fiona and Tim have been together since they were teenagers (Picture: Newsline Media)

What made you choose it?

We looked at several different house styles and plots. We chose Cala’s Kennedy house layout, which best met our needs, and one was being built on a lovely plot with an open outlook to the front plus a secluded rear garden.

How have you made the property feel like home? What’s the inspiration for your interior decor style?

As we reserved the house seven months prior to moving in, and at an early stage of the interior being constructed, we were fortunate to be able to choose floor coverings, wardrobe, vanity unit and kitchen unit colours.

We had several months to plan how we would use rooms, buy new furniture where needed, and decide where to hang paintings/place decorative items etc.

Our inspiration for design comes from reading Ideal Home since childhood, having a keen appreciation of art, and enjoying collecting interesting pieces to furnish a home. We also found show homes very interesting to visit, particularly the Kennedy at Friarsfield in Cults.

What’s your favourite room and why?

Our favourite room is the open-plan kitchen, dining and family room, which overlooks the garden and gets sun from late morning to evening.

Do you feel like you have enough space?

We feel this house has an ideal amount of space for us. We didn’t want to majorly downsize our living space, just have a house that wouldn’t need extensive maintenance, and outside space which was smaller, thus not needing lots of time or physical effort to look after it.

Do you have plans to change the property?

We paid for a few upgrades to our property, such as a silestone worktop and Amtico floor bordering.

What do you want people to know about buying a home?

We had no experience of buying a brand new house before, but found the whole process and the end result to be smooth, stress-free, and exciting.

What are your plans for the future, in terms of housing? Do you plan to stay here long-term?

We do see this as our long-term home, as it will be easy to maintain both inside and out. A factor looking after all the green spaces, including woodland, on the estate was a huge plus point for us.

We also picked the Kennedy style as it would enable us to live on the ground floor should mobility issues in future make climbing stairs problematic.

Shall we take a look around?

Fiona and Tim McKay's Aberdeen property is pictured, which they bought for their retirement for £550,000
Welcome home (Picture: Newsline Media)
Fiona and Tim McKay's Aberdeen property is pictured, which they bought for their retirement for £550,000
Tim and Fiona were able to choose the finishes they wanted for their kitchen (Picture: Newsline Media)
Fiona and Tim McKay's Aberdeen property is pictured, which they bought for their retirement for £550,000
There’s penty of space for a dinner party here (Picture: Newsline Media)
Fiona and Tim McKay's Aberdeen property is pictured, which they bought for their retirement for £550,000
The couple upgraded their worktops to swanky silestone (Picture: Newsline Media)
Fiona and Tim McKay's Aberdeen property is pictured, which they bought for their retirement for £550,000
They’ve made it their own with colourful decor and furnishings (Picture: Newsline Media)
Fiona and Tim McKay's Aberdeen property is pictured, which they bought for their retirement for £550,000
Fiona and Tim wanted a new space for their retirement (Picture: Newsline Media)
Fiona and Tim McKay's Aberdeen property is pictured, which they bought for their retirement for £550,000
Meow! (Picture: Newsline Media)
Fiona and Tim McKay's Aberdeen property is pictured, which they bought for their retirement for £550,000
Although it’s still spacious, they hope this home will be easier to maintain than their last (Picture: Newsline Media)
Fiona and Tim McKay's Aberdeen property is pictured, which they bought for their retirement for £550,000
They’re avid readers of Ideal Homes magazine (Picture: Newsline Media)
Fiona and Tim McKay's Aberdeen property is pictured, which they bought for their retirement for £550,000
The property has a good-sized garden (Picture: Newsline Media)
Fiona and Tim McKay's Aberdeen property is pictured, which they bought for their retirement for £550,000
Fiona and Tim can live on the ground floor if they lose mobility as they get older (Picture: Newsline Media)
Fiona and Tim McKay's Aberdeen property is pictured, which they bought for their retirement for £550,000
It’s their first new build home (Picture: Newsline Media)
Fiona and Tim McKay's Aberdeen property is pictured, which they bought for their retirement for £550,000
The pair were able to buy mortgage-free after selling up (Picture: Newsline Media)
Fiona and Tim McKay's Aberdeen property is pictured, which they bought for their retirement for £550,000
Two bedrooms mean there’s somewhere for their adult children to stay (Picture: Newsline Media)
Fiona and Tim McKay's Aberdeen property is pictured, which they bought for their retirement for £550,000
Is that a cello we see? (Picture: Newsline Media)
Fiona and Tim McKay's Aberdeen property is pictured, which they bought for their retirement for £550,000
A bunch of flowers can go a long way (Picture: Newsline Media)
Fiona and Tim McKay's Aberdeen property is pictured, which they bought for their retirement for £550,000
….and there’s another living space (Picture: Newsline Media)
Fiona and Tim McKay's Aberdeen property is pictured, which they bought for their retirement for £550,000
Soft carpet keeps things cosy (Picture: Newsline Media)
Fiona and Tim McKay's Aberdeen property is pictured, which they bought for their retirement for £550,000
Little details help put Tim and Fiona’s stamp on the property (Picture: Newsline Media)
Fiona and Tim McKay's Aberdeen property is pictured, which they bought for their retirement for £550,000
There’s all sorts of mod cons in here (Picture: Newsline Media)
Fiona and Tim McKay's Aberdeen property is pictured, which they bought for their retirement for £550,000
The couple previously lived just around the corner (Picture: Newsline Media)
Fiona and Tim McKay's Aberdeen property is pictured, which they bought for their retirement for £550,000
They hope this will be their forever home (Picture: Newsline Media)

Do you have a story to share?

Get in touch by emailing MetroLifestyleTeam@Metro.co.uk.

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