Buying a house (with bigger mortgage) in your fifties

BettyBoof

Sounds brilliant! I am really looking forward to a bigger kitchen and being able to leave things out.

silvercar

@silvercar our kids are 13 and 15 so similar situation to yours. We're hoping to find a nice 4 bed house with a bit more internal space, I'm not too worried about the outside space. Downsizing could make financial sense, I just wonder if we'll want to do it when the time comes.

Whether you want to do it will in some way depend on whether you need the money that downsizing will give you. It may also be influenced by whether your children decide to live at home after university.

BettyBoof

Yes good point re the kids coming back!

RelievedSheff

https://forums.moneysavingexpert.com/discussion/comment/81900896#Comment_81900896

That's the one thing I'm looking forward to in our new house the huge kitchen, dining, family room. Which would be strange to many considering there are only two of us and the dog. 😁

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/81900765#Comment_81900765

Bear in mind that downsizing and releasing a large sum of money can be more difficult than it sounds.

The most obvious problem is that when you look at smaller properties, well they just look small.

Another issue is that people normally are not willing to move to a less nice area. In fact as it will be your last home and you have plenty of money from your house sale, the natural tendency is to look for a nice location, with a sea view for example.

By the end of the process often a lot less extra money is realised than was first planned.

Downsizing can work, but it is not always the magic solution to generate a large pot of money.

otb666

We live in a 3 double bedroom 3 floor town house with small garden. We wanted a 4 bed but due to lack of them when looking 2010 lumped for this one. It has worked very well with 2 children. After uni one moved away and now has own family who visit and other still at home. The bills and maintenance are low and we will most probably get a stair lift (when older)and only use top floor for guests. We thought initially we would have to move again to 4 bed but glad we did not and now as dont have to downsize. We got to retire early at 55 and have thought about future plans as recently lost parents both sets and one pair stayed in a 1960 house right up til their sad demise with impossible stairs. Luckily our stairs are a lot less steep and wider. We were forced into a smaller house really but its served us well as family too busy with their own lives now . Occasionally when everyone visits at same time we pay for sons family to stay in spa hotel which they love but are still quite happy to rough it together with us. They also love the excuse for takeaways when visiting as well. I guess the money we saved does go towards entertaining Just another perspective for you.

RelievedSheff

It is a difficult one isn't it?

The house we are buying will most probably be too big when we are retired. The garden although large for a "new-build" is very low maintenance so that wouldn't be a problem but the utilities and running costs will be on the higher side, although with the mortgage paid off that might not be such an issue, who knows?

We are under no disillusion that we will in all likelihood end up downsizing again at some point in the future. But we are living for now and what we want and can afford now and what suits us now.

You only live once.

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/81901929#Comment_81901929

From experience with a disabled family member, I would say the location/environment is as important as the house itself.

Minimum number of steps into the house - flat driveway - not on a hill- easy parking - Supermarket/GP/Pharmacy/Pub/ places to eat, all within easy walking/wheelchair distance. Hospital not too far away etc.

A house can be modified, but the location can not.

monkey-fingers

https://forums.moneysavingexpert.com/discussion/comment/81900508#Comment_81900508

They said teenagers (in the plural)
I'm being nice and hoping it's only 2.

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/81902314#Comment_81902314

OP already answered.

@MONKey-fingers Re the kids - we have two and think they will both go to university. Assuming a three year undergrad for each, there will be a crossover of one year where we'll be paying for both. That said, we aren't going to fund the whole thing. We expect them to take out student loans and to get summer jobs and we'll support with additional funds. We've been saving for a while so that it will come from savings rather than our monthly income.