Selling the house & renting in retirement ?

lisyloo

Join the Youth Hostels Association and get used to thumbing a lift. Modern tents are very light to carry about too.

In your 70's and 80's. No thanks.

Bimbly

My big concern would be finding a place you want to stay in and then the landlord asks you to leave (because they want to sell or move their son in whatever).

My house is my asset for later retirement when I could equity release to pay for extra care if needed.

p00hsticks

Linton wrote: »

It all sounds great in early retirement. What about the risk of being evicted in your 80's?

There's also the issue of adapting your house in old age to aid your mobility.

If you find you need things like a wet room, grab rails, stair lift etc then it's possible if you own your own home but you may have difficulties getting a rental accomodation that is suitable or can be altered.

Malthusian

lisyloo wrote: »

In your 70's and 80's. No thanks.

In your 70s and 80s are you really that afraid that you'll be found dead in a ditch?

The biggest risk for me is that hitchhiking already seems to be dead and in 20 years' time people simply won't know why you're walking along the road with your thumb out, and will probably call the police to let them know that someone's escaped from the nursing home. When I was a kid a hitchhiker was a fairly common sight but I haven't seen a single hitchhiker for a decade. Rising prosperity (everyone can afford a coach ticket) and improvements in the road network (impossible to hitch a lift on motorways or dual carriageways) seems to have killed it off as a mode of transport.

edinburgher

Malthusian wrote: »

In your 70s and 80s are you really that afraid that you'll be found dead in a ditch?

The biggest risk for me is that hitchhiking already seems to be dead and in 20 years' time people simply won't know why you're walking along the road with your thumb out, and will probably call the police to let them know that someone's escaped from the nursing home. When I was a kid a hitchhiker was a fairly common sight but I haven't seen a single hitchhiker for a decade. Rising prosperity (everyone can afford a coach ticket) and improvements in the road network (impossible to hitch a lift on motorways or dual carriageways) seems to have killed it off as a mode of transport.

The impression I got from lisyloo's post was that they CBA thumbing lifts, staying in hostels and or carrying tents in their 70s/80s? I have to agree

I have to say we've considered selling our house in slightly earlier later life (say late 50s) if current child/any future children decide they want to go somewhere exotic to study or work (say the SE). We'd basically burn our equity so that they could afford somewhere unaffordable, but they'd get far less inheritance. When we got "proper" old, I dunno, stay with rich city slicker kids or retire to a wee village somewhere? :think:

PasturesNew

If you have so much money you will always be able to pay your rent and/or buy a small place of your own at some future point, then it can work for some people.

But think 20 years on when yet another landlord wants you to move as they want to sell the house .... and how do you feel packing up your stuff to move for the 10th time in 20 years?

I'd rather buy/own one room than rent four.

thriftytracey

I am quite attracted to selling up and buying a part share in a large house with grounds with other like minded oldies who share the same values.


You still have your own part of the house but have all the community stuff as well.


Not sure what happens when frailty/dementia strikes though.

edinburgher

PasturesNew wrote: »

If you have so much money you will always be able to pay your rent and/or buy a small place of your own at some future point, then it can work for some people.

But think 20 years on when yet another landlord wants you to move as they want to sell the house .... and how do you feel packing up your stuff to move for the 10th time in 20 years?

I'd rather buy/own one room than rent four.

I wonder what the average tenure is for tenants in the UK (sure I can Google that)? I moved 11 times in 10 years as a student/young worker and it was awful. So much wasted time and money. That said, I had itchy feet and 9/11 moves were my choice.

lisyloo

In your 70s and 80s are you really that afraid that you'll be found dead in a ditch?

Absolutely not.

More concerned about being able to walk long distance if a lift doesn't show up and carrying a tent/back pack etc.


There's a big difference between being a healthy and fit 55 year old when I'd expect to be able to do most things and being much older.
Individually obviously there is going to be range, but I'm planning my bucket list for my fifies as I don't expect to be carrying heavy scuba gear at 75.


You'll note other people mentioning grab rails, stair lifts etc. so I'm not alone.

atush

PasturesNew wrote: »

If you have so much money you will always be able to pay your rent and/or buy a small place of your own at some future point, then it can work for some people.

But think 20 years on when yet another landlord wants you to move as they want to sell the house .... and how do you feel packing up your stuff to move for the 10th time in 20 years?

I'd rather buy/own one room than rent four.

This.

You'd have to be very wealthy to take this approach, and have slinmed down your lifestyle and possessions. As you would in all likelyhood face higher and higher rents, and no security so be forced to move a number of times.

Far better to downsize to a flat, bank the rest of the money.