Downsizing from house to a flat

[KindnessMyFriends]

I want to do this when I retire in a couple of years. I live in a 3 bed semi. I don't want to grow old worrying about repairs/maintenance/garden. My house is better suited to a young family starting out. Has anyone retired to a flat? Any regrets?

My mum has done this and loves her flat. She is so much happier without a big house to maintain.

Thank you @HalleLouja. That is very reassuring.

My mum also did this. The lock of flats she's in has many people around her age and she has a great social life. No stairs, no garden. I'll be doing it too one day.

Yes we did, it's so much better, especially as you get older and stairs become a problem. The only downside is having to get rid of a lot of stuff.

Yes - but me but most of if my parents friends did this when their kids left home and they retired. No garden to maintain, the building was someone else's responsibility to maintain, walking distance to shops etc. Makes good sense.

These answers are making me feel very positive about my retirement planning. Thank you!

I guess the only thing to factor in is if you’re going from freehold to leasehold, what additional costs you may face. When I was in a flat I was unlucky enough to be the owner when some big building repairs needed doing. Came to about £8k in the end.
Otherwise sounds sensible for all the reasons previously mentioned.

Joan Bakewell did this (although she is 88). Moved from a 4 storey, £6m house to a £2m flat and she said she loves it. She advocates not leaving it too late. The way she went about it was quite interesting - it’s in The Times magazine today. She hired someone to help her sort her belongings into piles and when some stuff was taken - she made sure she was out!

Hi, be very careful regarding the leasehold setup if you buy into a flat. Check out the managing agents reputation in Trustpilot and in Facebook pages. For eg: www.facebook.com/groups/nationalleaseholdcampaign. We know two women who have suffered badly. One bought 15 years ago into a brand new development in a 3 story block that had lifts. The management company, on top of the £2500 pa management fee have conjured up another £40K in spurious costs such as replacing the carpets at 3x the going price 4 or 5 times so far, then a new security door, outside painting every 5 years. Finally even the BTL leaseholders had enough and they all got together and became self managing. The other lady we know has similar problems but at the age of about 75 took on the job of freeing her particular block from the managing agent who was up to the same tricks. (First Port is the name of the Management company)

We too want to move to a flat but have not been able to find anywhere that is not subject to onerous fees and dodgy management companies.

That link is really helpful @SomewhereInTheMIdlands. Thank you!

We are planning to do this. You just need to be very careful what you buy in terms of leasehold/share of freehold and who the managing agents are etc. Also, think about the height of buildings and the cladding issues, especially in relatively new builds.

My dad and his partner did this. Moved from a beautiful rural cottage with a big garden to a ground floor 2 bed flat in a town. They love it, everything is walkable, the management company deal with maintenance, bills are tiny. They've made friends with other people in neighbouring flats and have get togethers. They have a little yard outside their door that they can fit a bit of patio furniture on and potted plants so it's nice in summer too.

You hear varous warnings regarrding the leasehold, but I think share of freehold is a risk too - what happens if a roof etc needs repair yet one or more flats won't (or can't afford) contribute?
I'm considering a flat in a small block of 4 (not a new build) and it's great as it's top floor - but I'm worried that any roof /chimney leaks will reflect in this fat only, so people woulld resist contributing.

So yes, the main issue with flats is being dependent on other people re maitenance - you can be very lucky ad pay less that you would in a house but it could go horribly wrong too with or without a management co.

I'd only go for the top floor though, had noise above before and it spoils even the nicest flat (and it wasn't even the worst level of noise).

*will affect this flat only, I meant!

I moved from a 3 bed semi to a 2 bed ground floor flat and love it. Though I wasn’t exactly retiring, I did want to cut down on working week and travel more (which I did in the year before COVID hit). I’ve got a lovely flat going straight on to professionally maintained communal gardens in a fantastic area. Low costs to run, easy to lock up and go. I bought in a small block (12 flats in 2 blocks of 6), flat owners own 1/12 of freehold each. All decisions made by committee which can be trying but on the whole works.

My nan did this and loves it. I like it because it means I don’t need to worry about her.

Yes, I'm mindful that if I downsize to a flat in the city where my adult children live, it may mean less stress for them over the next few decades. We see each other every Sunday when i travel to where they live and I take them out for a meal. This dynamic can't really continue as they will need to give more time to their partners and possibly children, in the future.

hello KMF, it seems the decision has been made for you (and by you).
My mum moved from a house to a gf flat in a small town couple ofyears ago.

Upside is as posters have remarked, no maintenance worries, boiler/electrics/gas, alarms checked yearly as part of her tenancy, its safe, warm, leafy.
Mum adopted the Gentle Art of Swedish Death Cleaning, spent weeks poring over letters, cards, photos etc, asked us all did we want, we took what she didnt want the rest sent to Emmaus.
Her rationale was that she didn’t want to tKe her past with her for us to
have to sort through.
Now she has the minimalist look, most radical was disposing of her books !!!! boxes and boxes, we were stunned, happy to take many though.
Also ornaments, sentimental stuff, unnecessary paperwork - (we bought her a large paper shredder, she was hooked, marauding around her house searching out moribund documents, letters etc to shred) kitchen cupboards - we found stuff that hadn’t seen the light of day for years and wasnt likely to.
Needless to say, my sisters and I now have groaning shelves, cupboards,
granny’s china, jewellery (not as much as we expected,) lamps, etc, whilst
Mum had a lovely time in IKEA ‘going Scandanavia ‘ simplified, easy to clean.
Apparently Swedes say, less stuff more life’ and this philosophy she adopted wholeheartedly, providing a mental and emotional clearout,

We asked after a year any regrets. No - streamlined living, clean, tidy,
‘Unhindered’
Hope this helps

I'd want a garden/patio or balcony though. I live in a small 2 bed house, I think I'd move to a bungalow. I don't want to be paying service charge and ground rent. I'm already mortgage free.

The only caution I’d give op is noise, from people above you, it is always the risk with flats and very common to have an irritant there. As a pp said there is always the option of a bungalow in a small plot. The money you’d save in leasehold costs you could spend on a gardener.

@DilliTanti that is a lot of food for thought, thank you. I want to be rid of external maintenance completely @Bluntness100. I think in a bungalow I'd be back to square one. Also, I want to stay as active as I am and avoid 'bungalow legs'. I love a long walk outside. Happy to live on a top floor of a low rise, thus avoiding noise above. A balcony and long walks would be all the outside I need. I really don't use my front or back garden at all. I'm mortgage free but don't expect to free up any equity moving from a small 3 bed semi where I live to a 2 bed flat in a city.

I wouldn’t want to go too small.
One thing would ask yourself is what would you want to do if the time comes in future you are frailer and need help?

Dh is sorting out his grandfather and care home etc atm now he requires care. He downsized about 20 years ago from large 4 bed to small 1 bed mobile home type place. It suited him ( and wife) for many years, but now he’s alone and needs care, it would have been better had he downsized to a 2 bedroom bungalow as then we could then have arranged a live in carer as there would have been space for them, and just renovated bathroom to suit if needed.

Now he’s 94, it’s too late to sell current place, buy a new one and settle.

[quote KindnessMyFriends]**@DilliTanti* that is a lot of food for thought, thank you. I want to be rid of external maintenance completely @Bluntness100*. I think in a bungalow I'd be back to square one. Also, I want to stay as active as I am and avoid 'bungalow legs'. I love a long walk outside. Happy to live on a top floor of a low rise, thus avoiding noise above. A balcony and long walks would be all the outside I need. I really don't use my front or back garden at all. I'm mortgage free but don't expect to free up any equity moving from a small 3 bed semi where I live to a 2 bed flat in a city.[/quote]
Actually, yes, that is one downside that Mum huffs and puffs a little going up and down! steps - at London Bridge station with endless steps we noticed she was straight on the escalator, only a year ago she would have been bounding up those stairs.
Also yes the noise from above when the old lady has her mid teen noisy crashing about granddaughter to stay at the weekend, I’d forgotten - plus ground floor she is expected to take in parcels for everyone else.

I am not at that stage in life yet but sometimes think about where I might live when I am older. Having lived in various flats and houses, I know that I will not choose a flat as I would be too concerned about noise from neighbours. But I know other people are probably less noise sensitive.

I'm pondering the flat vs. house decision, and don't believe there is a guaranteed, risk free solution.

The ideal is a top floor flat with a balcony, quiet neighbours, a reasonable service charge and a competent management company. No gardening or structural maintenance responsibilities, and lock up and leave security for holidays.

But you can't guarantee quiet neighbours. All management companies will add a profit margin, which is OK if it's reasonable, but many are greedy. If the service fee doesn't include a sinking fund for major repairs, you could be unlucky if something is required shortly after you move in. Or difficulty if the block is managed by the owners and not all agree to the work or can afford to contribute, e.g. you live on the top floor (best for quiet) and the flat roof needs a major repair (flat roofs have 10-15 year lifespans). Keeping pets in a flat can be problematic.

My opinion swings back and forwards, often depending on how noisy the residents living below my temporary flat are. Overall, I think a flat is probably the best option, but will need to accept some lost privacy, noise intrusion and the service charge. The noise risk is a worry.

If going for a house, a newer or at least recently modernised property gives the best chance or having limited ongoing maintenance issues.

There are a few gated retirement villages which theoretically provide the best of both worlds, but they soak you for fees.

In either case, being within walking distance of public transport and facilities is a boon.