Downsizing for retirement

The_Famous_Flame

Dustyevsky said:

We upsized on retirement, moving to a cheaper, but picturesque area. The advantage has been seeing more of our children, grandchildren and family, than might otherwise have been the case. 

In recent years, it's even been possible to house our youngest daughter and husband while they saved for a deposit, and without falling out!

Just an alternative view from someone who didn't feel particularly old on retirement. I reckon by 80 I will, so that's when I plan to downsize....if only the garden!

Thanks Dusty. We had thought about looking at bigger properties with built in apartments that our son's or my parents could live in. Moving away from elderly parents is a worry, as is how young people could possibly get on the property ladder these days. Perhaps the next move won't be our last.

Silvertabby

lincroft1710 said:

I have a 60 year old book of new (then) individually built houses. One of them was built for an elderly couple who were "downsizing" from a manor house. The Gross Internal Area of the new house was about 375 sq metres plus attics!

I have a couple of books which contain copies of articles and adverts from Good Housekeeping magazines published in the 1920s and 1930s.

I find them absolutely fascinating, but they obviously assumed that only 'the better off' would read them.  One item (1920s, so discussed the problem of getting 'staff' in this post war, leaner,  world) featured a number of house designs 'for those of modest means'.  This meant including a separate sitting room for the 'dailies' (a cook and housemaid) but not bedrooms for residential staff.  Because 'modest means' = 'too poor to afford live in staff'.

The_Famous_Flame

louby40 said:

We downsized last year from a 4 bed 3 storey townhouse to a newer 3 bed semi. We had 2 bedrooms and a bathroom that weren't even being used and basically stored suitcases.

I had cancer in 2021 and although fully recovered now,  my love for my teaching job had gone so the move was spurred on by wanting a different  way of life. Moving and being mortgage free was the answer. There was some equity left over to sort out the garden, new kitchen and the rest has gone into an ISA .

We are close to a supermarket and a pub. We have some lovely walks around us and can catch a bus easily once we can no longer drive.

It has been a challenge adapting to a smaller house, maximising storage has been key and a MASSIVE declutter was in order. We are in the same area so still close to family and friends.

But at nearly 57 I've just  retired from teaching and am about to become a self employed, part time online trainer. 

Downsizing was definitely the answer for us. 

Hi Louby, great to hear you are cancer free. Such a serious life event can, I imagine, make one take stock of one's life and situation. 
Interestingly my wife is also a teacher and at 52 feels her love has gone and her vast experience overlooked for young newly qualified but ambitious teachers. One of the drivers for the move is to free up capitol so she doesn't have to work - or at least take a break.. Perhaps build up a tuition business.
I'm mid fifties and stuck in a job that pays well but is soul destroying. 
I also want to retire by 60 and enjoy retirement whilst healthy.

The_Famous_Flame

vic_sf49 said:

I'd pay off the flat, move to it, and live there for a year (if it's not too small), to see if living in that area is what you really want. 

You might be there 2 months, and something about the area drives you nuts (flipping tourists etc), and you decide to rethink where you want to live.

It also might challenge you on how much space you want or need, vs how much you think you can downsize by. 

Hi Vic. That is definitely an option. The flat has stunning sea views and the few times we managed to stay there, we just sit by the window - TV free. It's not big enough for our 2 sons to stay and they are Uni age so not totally practical, but the romantic in me thinks it will be like when my wife and I were first together and lived in a small flat.
Probably be divorcing each other when we get cabin fever

The_Famous_Flame

subjecttocontract said:

I don't understand the need to downsize either. Many of our friends & family have downsized and often ask when we will do the same. I've been retired over 20 years with no interest in downsizing. If I moved I'd probably buy a much larger place....after all, you can never have enough space. I think I would seriously struggle in a smaller property. We've had quite a few properties that we've let out, all much smaller than our main house and a Spanish holiday home  which was substantially smaller than our UK property. All ideal for a weeks break from time to time but I would never have been happy to live in such a small places on a permanent basis. I guess it's down to what suits you as an individual......we are all different, aren't we ?

Hi subject, tbh I do look at Righmove at the large properties that are equivalent in value, especially ones that have built in 'granny flats' that could house the sons. But then I think of the mortgage and cleaning. We have a 4 bed now and 2 rooms are never used. Plus with pets it means the hoover is out every few days.

The_Famous_Flame

youth_leader said:

I really dislike living in a bungalow after my big house, I particularly miss going upstairs and seeing the sunrise/sunset. As well as using stairs.  I went to Madeira at Christmas and the hotel restaurant was up a huge marble staircase, nearly killed me  

If you have the money, I would recommend finding a house where the stairs have room for a stairlift.  Unfortunately I was about £30K short for a house in this area.  

We are seeing this as potentially the house before the last move. Although there's no guarantee in life, i am likely to inherit enough to pay off all debts and live a comfortable retirement. I'm not banking on this as want parents to live a ripe old age, and with potential care home costs that money could disappear.

The_Famous_Flame

bouicca21 said:

I do not understand why people downsize.  Marriage breakup meant that I was forced as it were to downsize from a 4 to a 3 bed with smaller rooms  in a slightly different area of London. I consider it just about liveable for a singleton, would love some extra space. 

Also, do not underestimate how difficult it can be to remake your social life when older.  

If OP is moving out of London to a cheaper area I’d use the difference in price to buy space rather than downsize. My main concern would be transport links - I never want to be dependent on having a car because there will come a time when I can’t or shouldn’t drive.

Good point about transfer links. I work from home and need to come into town once a week/fortnight. The train journey will be expensive and double my current commute time, but my goal is to retire in 5 years so am willing to gamble that I can put up with the inconvenience. 

Silvertabby

We live in a 4 bed, but have no intentions of downsizing.  Master suite, guest bedroom, study and hobby room.  The study and hobby rooms are used on an almost daily basis, especially in the winter (no gardening) so we can't go smaller.  All depends on your lifestyle.  

Albermarle

The_Famous_Flame said:

vic_sf49 said:

I'd pay off the flat, move to it, and live there for a year (if it's not too small), to see if living in that area is what you really want. 

You might be there 2 months, and something about the area drives you nuts (flipping tourists etc), and you decide to rethink where you want to live.

It also might challenge you on how much space you want or need, vs how much you think you can downsize by. 

Hi Vic. That is definitely an option. The flat has stunning sea views and the few times we managed to stay there, we just sit by the window - TV free. It's not big enough for our 2 sons to stay and they are Uni age so not totally practical, but the romantic in me thinks it will be like when my wife and I were first together and lived in a small flat.
Probably be divorcing each other when we get cabin fever

One reason I would hesitate to get a smaller house, is less places to escape to you when you have ‘had words’ with the OH😄