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Homeowners are wrong if they think moving to a smaller place will give them enough money to fund their retirement. Almost half of those aged over 50 think downsizing will be their key to a prosperous retirement. The average retired couple want to draw £46,000 from their property to supplement pensions and other savings. This means they will have to buy a new home for at least £56,000 less than the sale price of their existing one, to account for costs.

But in most regions the difference in property values is not enough to release the desired sum. The average price of a detached house is £290,208. A semi is £166,024, a terrace house is £150,307 and flats cost £159,292, according to Halifax. The average price of a bungalow is £192,373.

Unless you own a detached home – or live in wealthier areas of the South-East where the differentials are higher – trading down will not work.

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If you have ever been to this jewel in the Mediterranean then you will agree with me that it is a wonderful place to both visit and live. And it is surprisingly reasonable price-wise to buy property – though as with any real estate transaction you need to do your homework and make sure you do things through and agent and solicitor. But Turkey, for me, would be the place I would buy a holiday home – and will do when I am in the position to do so. But right now is actually a good time should you be considering a purchase in this country.

Turkey is currently a non-euro zone nation but is blessed with a wonderful climate, very friendly welcoming people and an economy that is not doing too badly. You do well with your exchange rate as a tourist. The coastal areas of Marmaris and Antalya are developing well – five star hotels are springing up along the beach fronts – and units are still cheap to buy. I would buy an apartment in Antalya having spent two weeks there back in 2006. I loved it and could just myself sitting on my balcony watching the sea, my apartment decorated in true-Med style with stylish Murray Feiss lighting. Consider also Istanbul – the city which lies in both Europe and Asia. Investors predict Turkey – Istanbul in particular – will be one of the top five locations to buy investment property for 2010/2011. When you see how quickly resort developments are being snapped up you can see just how correct they are.

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Working out which time is the best time to refinance your home mortgage is something which can take some effort and knowledge on your own part – but if you go to the trouble of educating yourself about market trends and refinance rates your research and homework could end up saving your thousands in interest over several years. So find yourself a calculator, get online and start your research…

There are many good sites which offer you the facility of a refinance calculator. Once you have found what the current home mortgage rates are verify them with the source of the information – usually a phonecall – and ensure that you are speaking with a mortgage officer. Compare your current mortgage rates with what is advertised – can you lower your rates by at least half a point…? if so then it may be time for you to consider a mortgage refinance.

If you can lower your rates by more than a point or two then it is definitely time for you to take action. If you are only a new home owner and intend to be in your home for less than five years then you would be best not to bother at this point – longer than that and it would pay you to consider home mortgage refinancing.

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