Are you planning to downsize when you are older?

[D20]

What age/life stage are you aiming for? We’ve always assumed at some point we will downsize (physically) when we retire. Our Mortgage will be paid off, kids will be well on their way into adulthood. Both of our neighbours are now in their 70s and in failing health but no plans to move so I wonder if we’ll end up the same.

No way! This is the only home I want 😁

Yes, we moved from a four bedroomed house in London to a one bedroomed bungalow in Scotland, when we were 60.

We're both 67 now and it was the right thing to do. One of our DC lives in the village, too.

The bungalow is sheltered housing. We do not want our DC to have to look after us if we become frail and incapable.

POAs arranged and wills written.

I've also made a folder with essential information for the DC (bank accounts etc.)

Yeah, we'll need the difference to retire on as DH is freelance and hasn't paid regularly to a pension for ages. We have paid off the mortgage.

My plan/hope is to, some point in our early 60s, downsize to a ground floor flat on or next to a main road - screw retiring to a quiet cottage, you're a long time old these days and I think you really want to be within shuffling distance of shops, libraries, cafes etc because you don't want to be stranded at home if you can no longer drive and can't walk far.

I've even wondered whether we might divide our house (which is just off a high street) into two flats, live downstairs and convert upstairs into a flat that we could rent out to cover our retirement years.

DH is terminally ill so this is all my shortterm thinking. Downsize from five bedroom house to two/three bed bungalow, and move to an area I love with family nearby, good transport links and good hospital.

Nope. DH and i have been in our 4 bedroom detached house for 13 years. We are now early 60's. We have done up the house and garden and got it exactly how we want it. We love the area and the neighbours so we have no plans to move unless we really have to.

We bought more recently and chose a house not too big (it's 3 bed) and easily accessible to the town, most day to day amenities and the bus into the city. It does have stairs but they are wide enough for a stair lift and doors are all wider as per modern building codes. If either of us becomes completely incapacitated then we would need to sell but otherwise it's suitable into 70's/80's. We also bought far cheaper than we could afford so we didn't need a mortgage enabling us to retire early (me really early)

We’d planned to 5 years ago when I retired but couldn’t find anywhere suitable, so are sticking it out for now. We’ll probably try again in the next few years.

Yes - I want to downsize to a flat in central london and spend my retirement going to the theatre, concerts and strolling round a nice park (maybe Hampstead heath).

Might not be a downsize in terms of price mind you!

We're early 60s and no. We have a large (technically 6 bedroom) house in London which we bought 13 years ago and our now grown up kids still live with us. We haven't finished doing it up yet!

We have calculated we can afford to live here when we retire since our expenses will be reduced. Mortgage already paid off.

We do see it as a lucrative investment. If we need to move either due to it being too big for us or needing more money, we can do so while staying in the area we know so well. I have no desire to leave London's attractions for an isolated rural place.

I don't see 60s as old either!

Absolutely, we're always looking for the right property though at mid 50s I feel we have plenty of time yet.

I first tried to convince my parents to downsize over 10 years ago but they insisted on remaining in their very unsuitable 4 bed detached house. Now my dad has had to move into a care home and mum says she can't face another winter alone in the house.

But every suitable bungalow/flat that I find she finds a reason why she can't move there. The list of excuses is endless so I have just about given up on her ever moving.

I also have a large house, but mortgage until I'm 68 (unless I pay it off sooner).

I am undecided about whether to keep it, or whether to downsize to a flat in Central London/by Hampstead Heath and a house in Spain or somewhere sunny.

Lots of time to decide though as my kids are still around and will be for lots of years I expect.

Yes definitely. My youngest is 13 and we plan to downsize within ten years or less and hopefully use the difference to help the kids get on the ladder. We will also look at retirement housing too, we want to travel, but will be handy when we can't anymore. As a pp said I don't want the kids to have to look after us and I want to be able to help them out a bit.

I’m 50 and considering it now tbh. This is far too much house (only 3 bed detached but also with a study that is never used) there are only so many hours in a week I want to be bothered with cleaning, the unused rooms are a waste and it costs more to heat it all.

I already have there is no way I could manage the massive garden I had before on my own. I've moved into the same size house with a much smaller easily maintained garden. I still work but will be retiring in a few years and want to make sure it's all ready by then.
I loved my garden but I don't have the strength to do it anymore.

I have never really understood the idea that you need less space when you retire!
My parents downsized aged 70, from a huge rambling farmhouse to a more manageable more modern house with new windows and good heating etc etc.

But that house still had 5 bedrooms. They use them all, hobbies, study, visitors.

Once you are spending all day at home, you need space! Plus looking after grandchildren, and having family to stay.

I love our home and garden, and want my kids to be able to come and visit, so it will be a long time before we downsize

Absolutely not, I adore the space!

Yes we will move areas and downsize / move to a bungalow or ground floor flat when I retire.

In current location for work and current lifestyle, but want a change in both at the point of retirement. If I lose my job before then we would have to do it then, but my husband would be far less keen to move area than me.

My parents are still in a 4-bed house, though it's a downsize from the house we grew up in. When our kids were younger they were staying there a lot and now my dad's involved in a music organisation they are quite often putting up young singers while it has shows on. But also my dad likes to play the piano loudly - so I don't see them moving, though I suspect they'd have to downsize if either needs longterm care.

DH is terminally ill so this is all my shortterm thinking. Downsize from five bedroom house to two/three bed bungalow, and move to an area I love with family nearby, good transport links and good hospital.
Same. I will move close to one of the DC's when they are properly settled.
Having seen my parents, as well as many friends' parents, stay in their unsuitable houses for far too long I am anxious not to do the same.
The problem with saying that you will move later if necessary is that you never do, it becomes too much of an effort or you don't realise how unsuitable the house is. Both my parents died as a result of being obstinate & having falls.

We've been talking about this recently. Mid 50s, 3 bed semi and an office, not massive by any means. Mortgage paid off.

DCs have moved out. But they are early 20s and are renting so I don't know how permanent this may be. We still need to have room for them, and for any potential grandchildren.

If we were to become infirm the office could be converted into a bedroom as it is downstairs and we also have a downstairs bathroom (as well as upstairs), so that isn't a worry. But I do like the idea of freeing up some cash to enjoy some lovely holidays whilst we can.

However DH would love to go rural, he'd be happy in a little village with a good pub. I'd like to be in a small town or city, walkable to theatre, cinema, restaurants, shops.

We'll prob stay where we are!

We are late fifties and still in our large family house and garden. We are looking to move, maybe, to a different area, but won't downsize in any real sense, as we still need a large house, and actually want a bigger garden, a couple of acres would be perfect!

Why do people think 60 is old? Or even 70? To me the age to downsize is maybe 80?? My family is very healthy and long lived though, so maybe my expectations are skewed.

Our plan is to sell our house once we hit 60, buy a small City centre flat in York or maybe on the coast and a motorhome. We will spend 80% off the time travelling in Europe, including some house sitting via one of those websites.
Thats the plan anyway

This is 100% my plan if DH goes first (and would be my dream retirement - sadly his is the total
opposite)

we DEFINITELY will. Just bought and renovated a 4 bed house which has additional 2 rooms downstairs that could be bedrooms. Put in an accessible bathroom downstairs thinking we can figure proof taking in elderly parents if we need to or boomeranging DC. But once they’re out of our responsibility will def downsize, maybe a 2-3 bed so we can host friends and family if we end up moving far away, but we won’t need this house when there’s only 2 of us and it’s a great house for a family.

also, like PP, I’m a freelancer so no real pension to speak of so we’ll need to cash!

I think by 80 most people would be very daunted by a massive declutter and move.

Yes. I currently live in a 4 bed house and plan to downsize when I'm about 70 to a 2/3 bed bungalow (or house but with a room suitable for bedroom plus shower room downstairs). Want to be able to give my kids money while I'm still around to see them enjoy it plus it will make life easier for us.