Downsizing or upgrading existing home? Thoughts...

theoretica

How much of your current home are you actually using regularly? 

Savvy_Sue

Whatever you decide to do, make the decision and go for it, before you lose your nerve, or the ability...

Nebulous2

Albermarle said:

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.

You're equating what can be two entirely different things. Cheaper and nicer / better. 

We moved from a large town, which is more expensive because there is a lot of work available. We had grown used to it because we had been there a long time and had brought up our family there. 

However the area we moved to is by the seaside, with great walks, decent amenities and is better in many ways. What it primarily lacks is the career opportunities that encouraged our move away in the first place. 

After we bought there the pandemic encouraged people to move to the country, and a lot of the slow-moving housing was snapped up. I'm not expecting it to last,  but it is interesting how that pendulum swings. 

Albermarle

You're equating what can be two entirely different things. Cheaper and nicer / better. 

You are right, I did not word my post quite right.

I was thinking more if you stayed within the same region/area, that you probably would not want to move to a cheaper area, as it would probably not be as nice, even if it released more cash.

Slinky

We're about 10 years younger than you and moved 4 years ago to a smaller house in a small town a few miles from the coast. We decided to move while still young enough to create a new life for ourselves in an area where we knew nobody. Our priorities were access on flat surfaces to local amenites we use that would be reachable on foot or mobility scooter if needed. We're near bus and train links if we decided to stop driving at some point. We freed up some money with buying a smaller house, but spent it extending and remodelling. That has taken a year and been incredibly disruptive. It's not something I would want to go through again. We have made changes that would mean we can live on the ground floor if needed. The only change we are likely to make in future is to replace the kitchen in about 10 years.

The builder was here a few days ago and said that many people are underestimating just how expensive building work has become in recent years.

In your situation OP, I would seriously think about finding somewhere that doesn't need building work and suits your requirements in the worst case scenario you can think of, that keeps you out of residential care for as long as possible.

TELLIT01

Downsizing may not be much of a direct financial benefit, depending on the type of property purchased and the location.  My neighbours looked at downsizing from a nice 3 bed semi to a 2 bed bungalow just a few hundred yards away.  By the time they had done the required modernisation to the bungalow they would actually have been out of pocket.  They decided to stay put, although their house wasn't in need of upgrading.

Savvy_Sue

Your running expenses on a smaller property should be lower, though.

Longwalker

We are 10 years younger, we have 5 bedrooms and a 3rd of an acre, no bus service , 4 miles to the nearest shop, 5 miles to town and 40 mile round trip to the bank - if we need it

We know we are going to have to move eventually and are already looking areas

We are only 10 mins from the nearest coastal towns, although they arent really an option as 90% of houses are second homes and what amenities they have during the summer, are closed in the winter

We are looking for a village location, one that has a bus service, not too far from our location - well at least the same county - and its not easy. Desirable villages are expensive with property not coming up very often

Its going to be hard to find THE property. We are used to large rooms and plenty of space. We look out to farmland, its not going to be easy to move and look out to houses and hear other people but we also know we wont be able to keep this house maintained ( the one next plot is in great disrepair and thats a youngster on her own ). Moving is not a prospect we relish

Also we have a great community here. Its a small hamlet and we all know and help each other, but of course its changing, most of the older ones have died now, the younger ones have grown and moved out to their own places - now we are the seniors 

Albermarle

The builder was here a few days ago and said that many people are underestimating just how expensive building work has become in recent years

Maybe the fault of the TV show 'Homes under the Hammer' Often the people claim to fit new kitchens, bathroom, rewiring, new central heating, replastering, new windows,  fully redecorated and carpeted etc etc, for less than £15K.

This is partly because they do a lot of the work themselves, but I always suspect they are not adding up all the costs properly.

Anytime we have anything done, it always seems to cost a lot.

MarzipanCrumble

Thanks all - you have given me a lot to think about.  

I agree with a lot of the points about downsizing (and flats).  I also see that upgrading may be both disruptive and expensive and a stressful hassle.