Downsizing or upgrading existing home? Thoughts...

MarzipanCrumble

I live in a really nice location but my home is in need of a total redesign.  I am 70 ish, healthy, ok financially and wondering whether to downsize or spend money on upgrading existing home.

My main concern is that bus service here is not good, but I could afford taxis.  At the moment I drive but who knows when that may be taken away due to health problems.  

I would like to know pros and cons of doing one or the other........downsizing or upgrading

(4 Bed house - 1 occupier - me)

SouthCoastBoy

If you are happy where you are living and have the money I would upgrade, I've never bought into the idea of downsizing, but that's just me

Albermarle

If you are thinking of downsizing, it would be worth an exploratory look at the types of property and location that you could be thinking about.
If you actually look at the reality of what is available, where and at what price , it might help to firm up your decision making process one way or the other.
Also renovations take time ( even just booking tradespeople is tricky) and can be very messy when in progress. Just another factor to weigh up.

Pollycat

If I was aging, I wouldn't want to live in an area that doesn't have a good bus service now.
I think - from experience - bus services will only get worse.
I'd rather be able to get a bus to do my shopping, go to appointments etc than rely on taxis.

oldernonethewiser

Pollycat said:

If I was aging, I wouldn't want to live in an area that doesn't have a good bus service now.
I think - from experience - bus services will only get worse.
I'd rather be able to get a bus to do my shopping, go to appointments etc than rely on taxis.

Have you found some secret elixir that stops the process?

@MarzipanCrumble could you try a week or more without using your car to experiemce the practicalities of having to use public transport and/or taxis?

SouthCoastBoy

There may be other options if no bus service is available, https://www.ageuk.org.uk/services/in-your-area/transport/

Nebulous2

I'm convinced there is a window for downsizing that many people miss, and then the thought of moving becomes overwhelming.

I've seen some people move who managed the move to more appropriate accommodation very well, and I've also visited many  people while working in care, who were in unsuitable housing. One memorable lady hadn't been outside in 3 years, because she couldn't get downstairs, spending her whole life on the first floor. So as a principle I believe in downsizing. 

Practically however, we looked to downsize, and were dismayed at how much amenity we would lose with very little cash being freed up. Moving from a 90s 4 bed semi to a new or nearly new 2 bed flat in the same area would have freed up about £30k after expenses. For that we were losing a lot of space, the garden, the shed and would have had a service charge which we didn't have in our house. 

We moved to a cheaper area instead. 

Moving depends on connections though. We moved back to the area we originated from and still had family there, including elderly parents. If you lose connections that are important to you, then moving might not work so well.

Albermarle

We moved to a cheaper area instead. 
Moving depends on connections though. We moved back to the area we originated from and still had family there, including elderly parents

However I do not think many people would move to a cheaper area, if they had no connections with it. Most people prefer to stay in the same area, or aspire to move to a nicer/better area. Somewhere by the sea for example.

This can also make getting some cash out of downsizing more difficult.

Clowance

re Bus service: just because you have one now doesn't mean it will stay that way. We live on a busy A road 1 mile only from town centre, at one time there were three buses an hour, now one per day only. Luckily I don't need them yet but my relatives who live opposite can't walk the 7 minutes uphill  to nearest bus stop so their bus pass is useless. 
So nothing is guaranteed. 

Farway

Clowance said:

re Bus service: just because you have one now doesn't mean it will stay that way. We live on a busy A road 1 mile only from town centre, at one time there were three buses an hour, now one per day only. Luckily I don't need them yet but my relatives who live opposite can't walk the 7 minutes uphill  to nearest bus stop so their bus pass is useless. 
So nothing is guaranteed. 

Totally agree with this, I have choice of three buses within walking distance, however I no longer can walk this distance easily, so while I can still drive it's my car only

Keep_pedalling

In your situation I would downsize, the cost of maintain a four bedroom home alone would be my biggest driver.

Find somewhere modern and energy efficient with nearby facilities like shops and a pub or two within walking distance.