One in five over-55s wants to downsize

nearlyrich

There are two bungalows for sale near us both need a lot of work and the vendors have sky high price expectations..

I just can't be bothered to move to be honest and I love my view...

grizzly1911

It would be interesting to see a graph showing the rising trend as people get older. I am sure that 20% is heavily skewed to the right. I wouldn't be surprised that people in the late60s/70s are downsizing in large numbers.

Just in the middle of helping somebody do just this and the fees they suggest, in the article, are in XS of what the combined legal/EA bill will be in our case. they appear to be charging a premium close to 1%, unless the fee also covers stamp duty.

Money for more old rope?

PasturesNew

When you look at downsizing, anything under a 3 bed looks like a rip off price £/sq feet. You rarely get a bathroom, rooms are pokey, kitchens are dinky and you're increasingly not even getting parking.

1- and 2-bed places are poor relations to 3 bed houses .... so people might want to downsize, but the £/sq ft just leaves you feeling ripped off...

I only need/want 1 bedroom ... but having to look at 3 beds simply because 1- and 2-beds are so inadequate, cramped and shoddy. Starting out it's all exciting and you can dream of getting bigger/better, but with a lifetime of work behind you you really deserve a smidgeon of luxury based on the fact this is going to be your last move.

wymondham

Downsizing is sensible when the time is right. You'll save running costs and could possibly stay independent for longer....

chucknorris

I am 55 and as I get older and begin to realise that you should spend it before you die (we don't have children) our inclination is to upsize not downsize. Possibly downsize when I/we are much older (80's?) and nearer the end. We are going to have to spend well over £*k a year when I'm 65 to avoid leaving anything to the state (although friends and dog charities will be in our wills by then). Which probably means that we should start earlier and even consider early retirement? My dog died of cancer last week which really drove the point home that things can turn from paradise to disaster very quickly.

Angela

We are downsizing in the next few weeks, less housework, smaller bills, not so much maintenance etc etc.
Only 50, no children.
I am the 1 in 5 and cant wait.
And a new camper van in the mix too.
Bliss

MacMickster

For me, relocation, rather than downsizing, is more important. In my 30s and 40s I wanted a home that was in the catchment area of good schools, whilst commutable to my business and Mrs M's workplace.

Now semi-retired I am looking to move to somewhere within walking distance of most of the amenities that I want (a choice of shops, pubs, restaurants etc), decent public transport (in case health should force me to stop driving at any point during my retirement), plus good walks nearby to keep my dogs happy. The size of the house is far less important to me than the location.

RevolvingDoor

chucknorris wrote: »

My dog died of cancer last week which really drove the point home that things can turn from paradise to disaster very quickly.

I'm sorry to read that.:(

Mallotum_X

My parents downsized in mid 50's. For them the key reason was to move location, as both my sister and I had relocated to the South East from the North West and they wanted to be closer to us. I drew the short straw and they ended up near me.

They went from a 4/5 bed detached to a 2 bed "starter home". Which is probably a little on the small side for them. However they had bought a tumble down place in rural France many years previously and spend lots of time out there with plenty of space for all their stuff. They now divide their time between the two locations.

My dad will be 65 this year and has finally decided to give up work, so they are now planning to spend more time in the larger place out in France.

For them it pretty much worked out, although I suspect they would have preferred a slightly bigger place in the UK.

Londonsu

We actually UPSIZED 3 years ago I was in my 50s husband was in his 60s, mind you we did move from a one bed flat in clapham to two bed semi on the isle of wight