Downsizing - early stages of planning

atush

Sorry for sidetracking.

What I was trying to point out to the OP and others was to fully cost out the downsize by finding a particular property that would be suitable and costing the move to that.

I kinda assumed anyone wanting to downsize would do this? I have.

greenglide

... and fully costing would also have to include all costs of moving including any alterations, major decorating etc even if done after the move.

I find it funny that people decorate the house they are selling "to make it easy to sell / more saleable / increase the selling price" and then spend more money on the new house to decorate it the way that they want.

kidmugsy

The power of people to rationalise emotional decisions is almost infinite. See most postings here by those who are determined to defend irrational decisions to grab money at the first opportunity, however expensive the action is likely to prove.

atush

It isnt irrational on my part. I am 'Flipping' my own house. I flipped my mom's house after she died and made a profit on what I put into it. Plus ugly houses sit on the market.

We have lived here almost 20 years, and it is dated. Plus i could not afford even mid range fixtures and fittings. I bargain hunted, and took classes in soft furnishings and upholstery so I could afford to furnish it. I moved in (still tiling and painting) with twins in nappies.

The house is now worth enough to have higher quality fixtures and fittings now. Plus it needed new ones anyway. I should have done it before now (things are actually wearing out lol), but didnt want to spend the cash until I could see the end of the tunnel university costs wise.

Sometimes you spend money to make money.

Triumph13

Getting back to the original question, are your kids actually in a hurry to buy yet? If they are early in their careers then the flexibility of renting may actually be preferable to them for a few years rather than being 'tied' to a property. It's much easier to do something like work abroad for a year or two before you buy than after. If they aren't ready to buy yet, then help to buy / lifetime ISAs might be worth looking at.

atush

Very true, maybe they arent ready for home ownership yet. With any luck, they will at least move out- I've had one move back in lol.

Just temporary but still.