Upsizing in Retirement

westv

We often see mention here of people considering downsizing homes in retirement. However, is anybody considering upsizing and buying a larger and/or more expensive home?
It's something I might consider as where we live now is more for getting to work more easily rather than where we might want to stay into retirement.
Fortunately where we are and where we might go are not in areas of the country where prices have rocketed - so really it'd be going from something around £150k to maybe £190k (so not huge numbers) and from our point it would be location but a similar size house.

crv1963

I had an uncle who upsized on retirement from a 4 bed detached with large garden to 7 bed detached with 2 acres in a village. His rationale was he didn't see the point of re-decorating his long time home, but wanted to have a new challenge in retirement- a working life flying all over the world also meant he had had his fill of travel.

He also thought that it would provide a secure "net" for my aunt to sell or downsize at a later time if he died first. He has since died but she still rattles around it, but is happy to do so.

MallyGirl

Both my parents upsized but down valued. They are now in much larger properties than they lived in when working but, as they both moved to Dorset, they liberated a bit of cash as well.
In both cases they will have to move again as the properties will not be suitable for them if either one of the couple becomes infirm. They are also both in the middle of nowhere with no services or support. Mum is quite practical about this and has started to make plans. Dad is in denial- obviously a couple in their 70s, he with both ankles and one knee replaced, need 9 acres, a very steep wood, and a tennis court

bluenose1

Not upsizing as such but moving from a 5 bed semi to a 2/3 detached possibly bungalow as my oh's tolerance level for neighbours noisy kids is non existent. Likely to cost us more than our current house. How much we spend will not be decided until after I retire as not sure if we we will be going on lots of long holidays in which case I think more practical to have a smaller house.

bostonerimus

I would probably never upsize, but I might move to a more expensive house in a really nice location with a view.

shinytop

Most likely will up-value but not actually up-size.

Spreadsheetman

Yes, an upsize to a rural detached house instead of a urban semi is planned, but in a cheaper part of the country so cost will be a bit less.

Linton

We upsized a bit and moved to house in a more desirable area at about twice the cost of our old house financed by a lifetime mortgage.

PennyForThem_2

Actually, I was advised to consider 'upsizing' by IFA to maximise the house allowance against IHT.

getmore4less

Linton wrote: »

We upsized a bit and moved to house in a more desirable area at about twice the cost of our old house financed by a lifetime mortgage.

you need to tell Onlooker.

Clive_Woody

A colleague of mine upsized when she retired, moving from a 4 bed place in Kingston that they had lived in for 30+ years, which sold for 7 figures, and bought a small estate in Cumbria, the main building having multiple bedrooms and rooms for the staff in the attic, plus a guest cottage. I am not exactly sure what they needed all the room for as they had no kids (only cats), but I think they did like entertaining friends and property was a lot cheaper up north.