advise for elderly parent thinking of selling and moving to renting (and us for reacting)

elsien

It may be  that she just doesn’t want to have a hassle of maintaining a property anymore and would prefer someone else to do that. 

Obviously that depends on getting a good landlord and isn’t guarantee it but it can be a motivating factor for some people.
It might be helpful to explore with her a little bit more with her if there are any other aspects of renting that appeal to her rather than just having more money to do what she wants.

lookstraightahead

MikeJXE said:

First hand experience, widower of 10 years 

I sold my home 4 years ago (£150,000) wasn't sure to buy or rent so I did the maths, how long would the money last.

My pension is less than half what your Mil is but I have done all that travelling stuff, I  allowed my passport to expire, I am happy with the simple things in life so I don't spend a great deal. I have everything I need and nothing I don't. 

To rent I worked out it would obviously cost me more to rent (I thought) about £7,000 a year more so my £150,000 would last me about 20 years. I was 78 then so that was long enough and I chose to rent. I gave everything to my kids and bought new. 

I moved away (30 miles) 2 bed flat, £600 a month on the outskirts of a city, it was ok but I missed the kids, 2 sons 4 grandkids so after a year at the start of lockdown  I moved nearer to them, again 2 bed flat all electric, that was ok but expensive to heat. After a year I move again across the road 2 bed flat gas central heating £625 a month and I stayed there 2 years 

Christmas 2021 my savings had hardly gone down so doing the maths again I found the savings would last much longer than I could realistically live so I gave half of it away, £10,000 each to the 6 of them. 

Now the cost of living crisis has hit but I'm still doing fine. I moved again  in February to a I bed dual fuel £625 a month nearer to town so I don't use the car as much. My council tax is less and so is my energy bill, Plus I get more interest on the savings, I mostly walk where ever I need to go. Hopefully this is my forever home. 

I just love this. Fantastic way to make your money work and give you the freedom of choice.

ariarnia

and its rude or at least unfriendly (which is against the rules of the forum) to pick at how someone writes. 

my post is perfectly readable. 

ariarnia

fryedslyce said:

How about somewhere like this: https://www.rightmove.co.uk/properties/84014511#/?channel=RES_BUY That would still leave mil £20k, management fees of property are also reasonable at £114 pm

thank you for all the replies so far. 

yes its her decision and we will support her whatever. but it feels like the wrong decision to us in the quick conversation we had. 
the idea of shared equity is a great idea. did not think about it. I will defo suggest it. 
the example of when it works well is also good thank you. but mil I don’t think would be good at moving lots. 

she currently has a home office (for online writing courses and her cricut). sewing room. painting room and tv room. 

downsizing is going to be a huge thing and moving each year or 2 feels unimaginable. that’s really what worries me I think. that and the rental housing stick around here isn’t very good on average. 

youth_leader

I'm 66 now and have downsized to a bungalow. 

I sold my house and moved into rented accommodation whilst house hunting. 

I played with the idea of renting long term too as I wanted to move down south, but my budget was too small, plus I found the move exhausting.  I couldn't face the uncertainty and possibility of having to do it again if the landlord decided to sell.  I was glad when I was able to buy again, even though I have had huge maintenance problems here already.

Mojisola

elsien said:

It may be  that she just doesn’t want to have a hassle of maintaining a property anymore and would prefer someone else to do that.

It would be a lot more hassle having to move several times - the older you get, the more difficult that becomes.

theartfullodger

ariarnia said:

and its rude or at least unfriendly (which is against the rules of the forum) to pick at how someone writes. 

my post is perfectly readable. 

Thank for your comments.  It was but a humble suggestion, no rudeness intended.

Best wishes to all, regardless you write 

Following in the footsteps of e e cumming is no bad thing.

Sarahspangles

It sounds like she’s ‘spread out’ - maybe she needs a granny flat and a garden room?

luvchocolate

I never regretted
moving into a over 55s  flat. 
Very reasonable rent and secure. 
No worries about repairs etc

Jude57

Don't forget to look at Housing Associations who often have housing for the over 55's. I'm sure your local ones would be happy to show you and MIL around and answer any questions. There could be a lengthy waiting list so it would be sensible to apply as soon as possible and to more than one if possible.