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Original poster

When downsizing becomes upsizing

17 replies

JustAnotherMoan · 15/02/2023 11:02

Just doing a bit of retirement planning (and daydreaming) - hope to retire in 5 years, just before hitting 60.

Currently a family of 5, with 2 away at uni and a 3rd due to start in 1 1/2 years, so by the time we retire all 3 should have left hopefully.

We think we'd like to move back home to NI - so looking what we could get for our money. Property prices are so much lower over there so you get a lot for your money. For example, our village based 5 bed house (in SW England) would sell for about 900k at the moment.

The "problem" is that all I keep seeing are "dream" homes - the ones I would have loved our kids to have grown up in - I know there are plenty of smaller and much more suitable house available, but I just keep getting focused on the high end ones. But at the same time, they are so much bigger than our current house and much cheaper.

For example:

https://www.propertypal.com/14-temple-road-derry-londonderry/787570

I've not looked at house for many years - been in our current one for over 20 years! I'm happy to see that technology is catching up - the first time I've used the "3D tour" facility and I can't help but wander around the house in my little online fantasy world!

Not sure what I want out of this post - just trying to rein in the dreams and face the reality that in later retirement we'll need a smaller more manageable property, not a vast money pit!

OP posts:

HaroldTheStallion · 15/02/2023 11:04

That house is beautiful but large houses are such a pain to keep clean, let alone maintain, redecorate, etc. Buy a small modern house in a great location and use the rest of your money on luxury travel, meals out, fancy car, etc!

DoorstoManual · 15/02/2023 11:08

Too many floor tiles for a NI winter. HTH.😂

DoorstoManual · 15/02/2023 11:09

Also that is their furniture, imagine it empty. Also HTH.😂

bussteward · 15/02/2023 11:10

the ones I would have loved our kids to have grown up in
I think this is key: the fantasy is “if only we had the money then that we have now”. It’s what could have been. Plus you’re planning for a big change in era: empty nest, retirement. It’s natural to have an element of mourning the past, I think – the change really emphasises that the childhood years have gone. I’d explore all this in therapy, set up a “fantasy house” account to save all the lovely ones to, and a separate “sensible house” one for reality. Plus write a list of all the benefits of downsizing: comfortable retirement, earlier retirement, less cleaning, less maintenance, opportunity to declutter, etc.

DoorstoManual · 15/02/2023 11:10

Tiny garden. HT…….you know the rest.😂

strawberry2017 · 15/02/2023 11:10

Think of the heating bill!

Talipesmum · 15/02/2023 11:12

Don’t think about it as downsizing - think about it as future proofing. So - how much money do you want to set aside after the sale? What would the house be like as you get older or have mobility issues? Can you get to places without driving if that becomes an issue? Etc.

stopringingme · 15/02/2023 11:14

Nice and bright.

But too many tiles and stairs.

Be a chore to keep clean too at a time when you should be enjoying life.

Littleloveydovey · 15/02/2023 11:14

Do you really want to move so far away from your kids? It makes seeing them often difficult and of course more difficult to build relationships with any grandkids if they arrive.

Thistooshallpsss · 15/02/2023 11:15

Don’t assume all your children will have secure homes and lives away from you in five years time it’s incredibly hard for young people to even find somewhere to rent these days

LadyGardenersQuestionTime · 15/02/2023 11:16

I keep looking at houses near the PIL, where I can get a house at least as big as my current too-big house for half the money. It's madness (and I really don't want to be any closer to PIL or BIL). But I know what you mean.

BarrelOfOtters · 15/02/2023 11:18

IN mid 50s once the kids moved out we upsized, so are now in a house that is way bigger than we need (though annoyingly the garden is too small) and great location.

Our income had gone up, we'd paid off the mortgage on the smaller house, knew we could pay the mortgage off on this one off before we are 60.

I really like it - it's lovely having the space, the parking is great, we can both work from home and not annoy each other. We've got space and bathrooms for visitors. It'll be great for grandkids when/if they happen.

It's more house to clean and heat...obviously, and repairs are dearer. We need to replace the drive but are putting it off as it will be £££s. But no regrets.

And if we need to move when we are old we will - probably to something small and super modern - but it doesn't feel like that time yet.

Spendonsend · 15/02/2023 11:23

I know what you mean. Our current home is exactly the home i needed when my children were 0-7. I bought it when the youngest was 7. I just couldnt envisage what tweens and teens would need. So we have tiny bedrooms which we cant fit wardrobes in as 'all they do is sleep in them and they dont have many clothed' and a nice communal play space that the teens dont enter. Plus a storage space for scooters they no longer use etc. Im sure when we move on to the next stage I will be focused on big bedrooms and the children will never come to stay.

ArseInTheCoOpWindow · 15/02/2023 11:59

That’s a lovely house. Those patio doors at the back look shite though. Hardly in keeping with its lovely Georgian architecture.

Bleakhouser · 15/02/2023 12:54

I’m exactly the same, I keep looking at 4/5 bedroom detached houses on propertypal and there is only 2 of us 😂

Partyandbullshit · 15/02/2023 13:00

What do you want from your retirement?

Are you a homebody? Will your DC be home at every opportunity? Will they need housing after graduation? Do you enjoy gardening? Do you like pottering about the house? Do you want to travel and join clubs and be out and about?

Think also about your wills and what you’ll leave to your children. And, if/ when one of you predeceases the other.

Think practically. By the time you’re 70, you won’t have anywhere near the levels of energy you have now, at 55. 10 years will pass in a flash, what with weddings, grandchildren, etc

gogohmm · 15/02/2023 13:00

My advice is to consider whether you can future proof any property - could you live on one floor if needed, could a stair lift be fitted and are the doors suitable for a wheelchair? How far are your from services if you can't drive? We bought a couple of years ago and ensured all 3 were met, and we are close to essential daily services (suitable for a mobility scooter) that means if disability occurs we do not need to move. It's happened to family members, I didn't want it happening to me.

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