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Leveraging Your Home Sale in Achieving Financial Milestones

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Mon 20 Nov 2023

Leveraging Your Home Sale in Achieving Financial Milestones

The journey towards attaining key financial milestones such as buying a home, funding a wedding or even securing a comfortable retirement, often brings a mix of anticipation and anxiety. A recent survey conducted by Forbes Advisor sheds light on the financial concerns shared by many Brits. It revealed a significant number, 37%, harbour concerns about reaching these pivotal financial markers without a helping hand, in the form of an inheritance. This worry spikes to 50% among individuals aged between 34 to 54.


In the survey, it was noted that 20% of participants who managed to save for a mortgage deposit were aided by an inheritance, be it monetary gifts from family, proceeds from a relative’s estate, or a life insurance payout. However, it's not a silver bullet for all; 57% aren't expecting any form of inheritance while 14% remain uncertain of any forthcoming inheritance.

Not everyone wants to use this money to buy a home


Interestingly, the disposition towards buying a home was not universal among prospective inheritors. Only 10% expressed intentions of channeling their inheritance towards a mortgage deposit, while others favored saving or spending it on leisure like holidays.


The data paints a scenario where a substantial 32% of Brits feel the pressure of achieving major financial goals without external aid. On a brighter note, an expected inheritance seemed to cast a reassuring light on the financial outlook for many, amplifying their confidence towards a more stable financial future over the next decade.


Now, this brings to light an important consideration for homeowners looking to sell. Your home is not just a dwelling, but a significant financial asset. By choosing a seasoned estate agent like Coakley & Theaker, you can navigate the market adeptly, secure a favourable sale and take a decisive step towards your financial goals, inheritance or not.

What does the company behind the research say?

Kevin Pratt, life insurance expert at Forbes Advisor, commented: “It’s never comfortable to think about one’s own death or the death of a loved one, but the movement of wealth between generations in the form of inheritance is a key part of financial life for many of us. Indeed, major milestones such as putting a deposit down on a house would forever be out of reach for a great number of people without this sort of bequest. Not all of us have a pot of money to pass on, but this is where life insurance can help. With term insurance, you can arrange for a stated sum to be left to your loved ones in the event of your premature death within a certain time span.”


Kevin concluded by saying: “This can be used to take care of debts and ongoing bills, and possibly to provide a cash sum for any purpose. With a whole life policy, which will pay out whenever you die, you can make detailed plans about passing on wealth to those you leave behind. It’s certainly worth giving life insurance some serious thought, as it is an effective way to deal with the anxieties and hopes of those who have dependents they want to look after financially.”


Our expertise in the Bury St Edmunds area guarantees a smooth sale process, aligning with your financial aspirations, be it stepping onto a new property ladder or funding other life-defining moments.


Take control of your financial destiny today. Reach out to Coakley & Theaker for a comprehensive market appraisal and let’s carve out a path to your financial milestones together.

Contact Coakley & Theaker for all your Bury St Edmunds property market needs

At Coakley & Theaker, we aim to support the local community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today by calling us on 01284 769691.