Upsizing in Retirement

getmore4less

bluenose1 wrote: »

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.

IT can make sense to look at a longer term "lock and leave" places that can still be a good UK base and longer term property once mobility reduces traveling.

I have also consider that the need for a car gets much reduced if you can find somewhere that has good public transport for local and things like airports.

This tends to lean towards single story apartments in more built up areas and not on the ground floor to aid security


The issue is I really like being able to drive up to the door and unload stuff but on-line shopping could replaces a lot of that requirement.

boliston

i hope to 'upsize' in terms of nicer *area* when i retire but will probably stick with a 2 bed flat as I doubt I would ever have need for any more physical living space, and at least with a flat there is no worry about gardening or stairs.

westv

Even though this thread is quite old, I was again thinking of upsizing the other day (area rather than size).
We now have a small inheritance £40k to add to either the retirement or moving pots.
In a fantasy world I would max out the cash available to relocate to a nicer area but in the real world a certain amount needs to be retained for spending etc.

TVAS

You need to future proof your home. My next purchase will be on one level, with wide doors and hallways. You also need a home that is easy to run. A sensible persons makes a move in good health. A lot of people wait until it is too late to move and their judgement is impaired or the relatives get involved and start dictating even though it is not their money. You have to be up North with those prices. My spouse lives in Spain (separated still good friends) he says his health has improved because the weather is warmer and not damp. You could consider renting a place in Spain, Portugal for the winter months. I have been in mainland Spain on New Years's day and it was 22c. 

westv

Certainly wouldn't be anywhere in the South but the revised budget would probably be in the the £240-£290k area.

barnstar2077

TVAS said:

You need to future proof your home. My next purchase will be on one level, with wide doors and hallways. You also need a home that is easy to run. A sensible persons makes a move in good health. A lot of people wait until it is too late to move and their judgement is impaired or the relatives get involved and start dictating even though it is not their money. You have to be up North with those prices. My spouse lives in Spain (separated still good friends) he says his health has improved because the weather is warmer and not damp. You could consider renting a place in Spain, Portugal for the winter months. I have been in mainland Spain on New Years's day and it was 22c. 

As someone who really suffers during the winter this is very interesting.  I would hate to leave my friends and family though.

marycanary

I work for a council in an attractive area, up north. We have lots of older people selling up and retiring into our area. It forces our young people to leave because they can not afford house prices and rents. Of course, there is no criticism of individuals making the choice to move here, it is lovely and from their point of view cheap, but I find it all a bit depressing.

SouthCoastBoy

While money is currently so cheap to borrow I have considered upsizing, just from a pure investment perspective. Get a 10 year fixed rate and borrow 200 or 300k. It would mean if we ever had grandchildren there would be plenty of space for everybody. My big concern is maintenance and gardening as we get older. Still considering though and if the right house comes along I may do it. I definitely wouldn't downsize, currently have a 3 bed detached, and wouldn't want anything smaller.

westv

marycanary said:

I work for a council in an attractive area, up north. We have lots of older people selling up and retiring into our area. It forces our young people to leave because they can not afford house prices and rents. Of course, there is no criticism of individuals making the choice to move here, it is lovely and from their point of view cheap, but I find it all a bit depressing.

Retirement gives many the first opportunity in their lives to live where they want to live rather than where their job dictates they live.

Albermarle

marycanary said:

I work for a council in an attractive area, up north. We have lots of older people selling up and retiring into our area. It forces our young people to leave because they can not afford house prices and rents. Of course, there is no criticism of individuals making the choice to move here, it is lovely and from their point of view cheap, but I find it all a bit depressing.

Probably the young people will have to move where the money /better jobs are ( usually in some faceless commuter town near the M25/London) and they can then afford to move back when they are older.