Downsizing or upgrading existing home? Thoughts...

DiamondLil

Having experienced a parent downsizing from a 4/5 bed house to a two bed "retirement bungalow", I resolved never to do the same. I felt claustrophobic just visiting. God's Waiting Room as the saying goes. 

Albermarle

DiamondLil said:

Having experienced a parent downsizing from a 4/5 bed house to a two bed "retirement bungalow", I resolved never to do the same. I felt claustrophobic just visiting. God's Waiting Room as the saying goes. 

Also 'retirement properties' are usually poor at holding their value as there are too many of them.
On the other hand 'normal' bungalows are usually well sought after.

marycanary

I would like to speak up for 'retirement' homes. I know of three people who have moved to such properties, all flats. As far as I can tell all are very happy with their choices. For one, the move has provided a new lease of life. They moved from a two bedroom house with a large garden to the flat. They enjoy the social aspect, both events arranged by the manager and informal events arranged between residents. The residents keep an eye on each other and help each other. I don't think it would be too far a stretch to say my friend would now be in a residential care home if they had not moved when they did. 

I will seriously consider moving to such a development if I start to feel my house is becoming too much for me. The number of homes of this type in the town means there is a good choice. Prices are below other similar flats but I suspect the service charge is higher. 

The social aspect isn't for everyone but if you like meeting and talking to people I think it can be a positive choice in later life. Some may consider them to be God's waiting room, but for me worrying about a home and garden which is too much to manage or being socially isolated sounds like Purgatory. It is not an original thought to suggest there are other measures of value than purely financial.

Albermarle

 It is not an original thought to suggest there are other measures of value than purely financial.

Yes of course, but it is good to be aware of the financial side, so no unexpected surprises down the road, for you or your family.

MarzipanCrumble

Absolutely agree with Albermarle.  But I agree for some it is a really viable solution.  However I am an introvert that can only take so much social interaction.  I like and revel being on my own and being able to do what I want when I want.

Not sure how I would cope if HAD to go into resendential care.

louby40

I'm 54 and currently live in a 4 bed town house with my partner and 20 year old son. It's set over three floors. We've lived here for 8 years and have added new kitchen, bathroom, decorated, sorted the garden, which is SW facing, etc.It's lovely, and we've got it just right. We have the luxury of two en-suites plus a main bathroom. 

We're close to work, close to family and friends and on a direct bus route.

Since my elder son left home 2 of the bedrooms are hardly used, one is a dumping ground for drying washing etc and the other is just a spare room. The main bathroom is also not used. 

There's still £60k on the mortgage with 9 years to go and I'm overpaying every month. I paid £170k in 2015 and now houses in my street are selling for £250K+.

We know we are going to have to move eventually. There are a few streets not too far from us that have quite a few 2 bedroomed semis which although not massive would be adequate, particularly if my youngest son left home. These houses are currently selling for £170-180k so if I had no mortgage I would get some equity.

The trouble is I know I'd want a new kitchen etc so small renovations would eat into our money. We often look at houses online that come up for sale but they just aren't as nice as what we have now. 

It's such a dilemma. 

Albermarle

We often look at houses online that come up for sale but they just aren't as nice as what we have now. 

That is a common problem with downsizing plans. As soon as you start looking your aspirations start to increase, or you try to fulfil a dream,  such as a 'nice little place by the sea'

Before you know it the money being released is much less than you originally thought.

Pollycat

Albermarle said:

We often look at houses online that come up for sale but they just aren't as nice as what we have now. 

That is a common problem with downsizing plans. As soon as you start looking your aspirations start to increase, or you try to fulfil a dream,  such as a 'nice little place by the sea'

Before you know it the money being released is much less than you originally thought.

Speaking personally, if we downsized, it wouldn't be to release money.
We currently have a 4 bed detached that ideally we'd like to stay in.
But if things change in our current location - we have lots of shops, including a Tesco Extra and Aldi that are currently in walking distance (20 minutes) and a 30 minute bus service 6 days a week and hourly on Sunday - we'd be happy to move to a smaller place and not release any money.
We are lucky that we have occupational pensions & state pensions as well as investments.

GunJack

louby40 said:

I'm 54 and currently live in a 4 bed town house with my partner and 20 year old son. It's set over three floors. We've lived here for 8 years and have added new kitchen, bathroom, decorated, sorted the garden, which is SW facing, etc.It's lovely, and we've got it just right. We have the luxury of two en-suites plus a main bathroom. 

We're close to work, close to family and friends and on a direct bus route.

Since my elder son left home 2 of the bedrooms are hardly used, one is a dumping ground for drying washing etc and the other is just a spare room. The main bathroom is also not used. 

There's still £60k on the mortgage with 9 years to go and I'm overpaying every month. I paid £170k in 2015 and now houses in my street are selling for £250K+.

We know we are going to have to move eventually. There are a few streets not too far from us that have quite a few 2 bedroomed semis which although not massive would be adequate, particularly if my youngest son left home. These houses are currently selling for £170-180k so if I had no mortgage I would get some equity.

The trouble is I know I'd want a new kitchen etc so small renovations would eat into our money. We often look at houses online that come up for sale but they just aren't as nice as what we have now. 

It's such a dilemma. 

You are in almost the exact same position as us.... Ideally we need to move to a bungalow for Mrs.G-J but anything of the right size/area around here may be cost prohibitive. We're coming round to a 2 storey house as an alternative, we could probably cope with one stairlift eventually

mebu60

Savvy_Sue said:

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

They don't reduce proportionally though! I went from large executive four bed detached to compact three bed detached in a slightly cheaper area and the monthly outgoings aren't dramatically less. However, I'm not rattling round an under-used house and my much smaller garden requires less effort. 

Downsizing from a 3 litre V6 Jaguar to a Ford Focus saved more proportionally but was a far more difficult and painful decision than the house move.