Downsize to release funds for retirement

Just wondering, who has or has planned to downsize to fund retirement?
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  • Brie
    Brie Posts: 14,273 Ambassador
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Only in the vague sense that knowing that as there is no one to inherit our house and we have no desire to go into a care home if we can help it then yes we will be looking at equity release or downsizing.  But hopefully not for a good 20 years yet so nothing concrete in place. 
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  • TadleyBaggie
    TadleyBaggie Posts: 6,569 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    edited 3 June at 11:25PM
    I thought about it, but until son/partner/grandchild move out not an option.
  • af1963
    af1963 Posts: 368 Forumite
    Fourth Anniversary 100 Posts Name Dropper
    edited 3 June at 11:57PM
    Wouldn't depend on raising anything much from downsizing unless it's a big downsize, and maybe not even then. Whether you'd raise any significant amount depends where, and how big, your existing property and the new one are. Factor in legal fees and stamp duty, moving costs, possible redecoration.... 

    One relative who did this ended up with about £60k net which was useful but wouldn't have funded a retirement. ( Fortunately they didn't need it to.)
  • artyboy
    artyboy Posts: 1,551 Forumite
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    I can see us downsizing in 10 years or so, but the motivation will be more about getting a nicer cottage type place than the pile we have at the moment. Where we are is extraordinarily practical at a number of levels but I've never felt it was my forever home. 

    If we can get something a bit cheaper it will also help with estate planning (IHT specifically)
  • HedgehogRulez
    HedgehogRulez Posts: 94 Forumite
    10 Posts Photogenic Name Dropper
    Aiming to upsize in retirement, not downsize!
  • Cairnpapple
    Cairnpapple Posts: 283 Forumite
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    Aiming to downsize in retirement, but plan A (downsizing into the city) wouldn't free up money and in fact might cost money. We do have a plan B of downsizing locally if we need more money, flats are very reasonable here. 9 years to go but I have started a big declutter already! 
  • penners324
    penners324 Posts: 3,497 Forumite
    Sixth Anniversary 1,000 Posts Name Dropper
    Sell up and move somewhere very nice, while renting, seems a good idea.... 🤔
  • westv
    westv Posts: 6,425 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Aiming to upsize in retirement, not downsize!
    We are planning to upside in value but not in size.
  • Cairnpapple
    Cairnpapple Posts: 283 Forumite
    100 Posts First Anniversary Name Dropper
    My model for downsizing is my friends a generation older than me who moved from a large suburban US house to a small 2 bed urban 'townhouse' (we would call it terraced) in a major US city. They had to buy a whole new house of furniture from IKEA because nothing from their old house would fit except for a couple of inherited pieces they'd brought over from the UK. I don't anticipate having exactly that issue (not least because half my stuff is IKEA anyway) but it does demonstrate the level of change that could be required!
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