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.

My parents stayed in the house I grew up in which is now too much for them but moving would also be too much to cope with .

My in-laws moved when FIL got a serious diagnosis and lived his last years in a comfortable bungalow.

I know which route is right for me, but perhaps in a decade, not yet.

Yes, I’m nearly 50, DH early 50’s and our rambling terrace with two flights of stairs won’t be safe when we’re older. Plus I hate cleaning so I want somewhere small and easy!

Not sure what or where yet, but like PP’s, somewhere urban with good transport links sounds appealing. I do love the countryside though, but I don’t want to be isolated.

Yes but in order to pay the mortgage off!

We have no plans to downsize either. Late 60’s. Feel you need the room more as you become grandparents etc.

Yes (although Dh struggles with the idea!). We are late 50s but will probably downsize in the next 6 or 7 years. Probably just to a 3 bed semi as will still want space for visitors. Although we might consider a 2 bed flat, and then buy an apartment abroad. We want to stay in our town as we like it here and have friends. I do not want the upkeep , heating bills, or cleaning of our 4 bed house as we get older.

We're 54 and 3 kids all left home. Just got our 4 bed home as we wanted to use it. Great amenities, mortgage almost paid off and 80% equity. We've worked and sacrificed over the years and own another property that family member lives in. We'd consider selling both in a few years and move to the Hebrides, currently central Scotland. May need to finance care for MIL soon but plan to continue work for a few years then look at a move elsewhere.

Yes, @MissyB1, lower bills are appealing to us as well…although I suspect that certain things like water consumption will decrease drastically when our teenagers move out. It’s already noticeable when DD’s at uni. 😂

I don't think most people do.

My in-laws should, but won't. They don't have any visitors and struggle with the size of house and garden, but MIL wants a new house but can't afford anything she wants, and FIL doesn't want to move at all.

Societally, we have a real shortage of family-sized houses because older people aren't moving out. There's a load of retirement homes near me that are never filling up, because nobody wants to move out to them. It must be difficult to go back to a flat with a potential shared garden, though; once you've had a house and a garden...

We intend to emigrate, I think; but if we're still here, I think we'd move and give the house to DS. That'd be harder if we have another child, though.

We will definitely downsize as our house is quite large and costs a small fortune to run, we also have some land and stables at home which in time won’t be utilised. We are around the 50 age range, will probably stay another 5 years or so at which point our children will hopefully be on their own way with life. The money from the sale will also help fund a very nice retirement lifestyle as we are likely to bank a minimum of £200k

We are both 40.

Plan is to pay off the mortgage on our 4 bed detached home by the time we are 60 having enjoyed the benefits of a large home and garden for 25 years.

Downsize and live off the equity (plus gift our only child a decent deposit to buy their own house).

Having had grandparents live until they are in their 90s I definitely do not want to have a large house and gardens to upkeep nor be stranded with no local amenities and therefore become housebound except when someone can take me out. We want a 2 bed bungalow (one room for us and one for guests) with a garden pod for hobbies/gym/office within very short walking distance/mobility scootering of GP, shops, cafes, clubs.

Yes completely agree on the upkeep and cost of a house and garden in retirement. My current house is 5 beds across 3 floors and I can’t see myself needing that once the kids have moved out.

A 2 or even 3 bed flat would have ample room for visiting grandkids (if I ever have any) and no stairs. I’d like to be as independent as possible for as long as possible so having something smaller and on one level seems like a no brainer. Plus I’d want to sort through all the accumulated stuff in the house and share it out among the kids when I’m alive rather than leaving for them to deal once I’ve gone.

My mum is still in our 5 bed childhood home and I wish she would let me help her move somewhere smaller but she’s feels like it’s an overwhelming task as there’s so much stuff.

Personally I think it’s selfish for older people to occupy massive family homes when there is such a shortage in this country.

We downsized when I was 58, paid off our mortgage and spent a hefty chunk of the equity renovating a smaller house. We have future proofed it so hopefully it shouldn’t need anything major doing to it in our lifetime.
Best decision we made!

My Dad and SM started looking at flats in their early 80’s, which was far too late. Both had mobility problems by then and their house/garden was far too much for them. Sadly SM died before they’d made a decision, but my Dad has since moved into supported living in town and he loves it. Despite his limited mobility, he can walk out to the shops, doctor’s surgery, library, etc. with his rollator (Zimmer frame with wheels!) and he only has his flat to take care of.

Sorting through the house was an absolute nightmare though (I did most of it!) and I’ve learned from the experience-I’m not waiting to downsize until I’m elderly, I’ll move somewhere smaller while I’m relatively fit and then if I need supported living later on, it’ll be much easier.

We did discuss it when youngest DC was away at Uni and we were rattling around in the house. However, said DC is now living back at home , trying to save up to get on the property ladder so we're glad of the space.
Having discussed it though, we're not sure where we'd move too. We like our village (been here 30+ years). It has a couple of shops, a train station and a daytime bus service, so even if we couldn't drive, we'd be reasonably well served.
If we needed to live on 1 floor, then we could, with minor renovations. So at the moment, downsizing is off the agenda - unless something happens to one of us.
We're both early 60's and mortgage was paid off a few years ago.

It's hard to move at 80, packing up etc. if you're going to do it, it needs to be earlier really, but the reality is many people, me included, really enjoy their larger homes in early retirement. The idea of a flat or close neighbours is very unattractive. I think I will only move if I lose DH as I would struggle to look after the house and garden alone.
I like PP's idea of 80% time in Europe but that's not an option post Brexit!

My house is that small that the next one down is barbie dream house!

I briefly thought about upsizing but I am mortgage free so I just don’t want a mortgage again.

I'm 46 and still trying to upsize!

No.

We moved a couple of years ago (when in our mid-50's) with the specific intention of staying here for good. No mortgage to worry about and although I have now early retired, OH is only working 2-days a week before finishing completely later this year (or next).
4-Bed det newbuild with lots of internal space and fully workable (wide doorways, separate bathrooms, dressing room etc) should we decide to put in a lift (or stair lift) in the future. Generous sized garden (good for a new house) which we are landscaping to suit us in later life (easy care shrubs & trees, wide paths, level access into house etc).

If one of us pops off then of course the other may decide to go for something smaller, more manageable and with no memories but we will look at that if/when it happens.

We're 40s. As things stand, no, no plans to downsize and I can't imagine wanting to do so. I love our garden more and more, we're in a good location, house big enough for visitors but not too big to manage, and baring any disasters we'll be able to afford help with cleaning/gardening if we become incapable of it ourselves. I wouldn't ever rule out moving depending on where our children settle though.

Never. I love my home and intend to stay here forever.

That’s a really good point about shortage of family sized homes. We live on an estate where all the houses are either 4 or 5 bedrooms, some people have added even more! But at least half the houses are occupied by just two adults! Some of the owners are now in their 80s. The Estate was built 30 years ago and a lot of the original buyers are still here, and of course their kids have long since grown up and left.

We wouldn't want to but it is something we have spoken about if we need to when we are older. Downsize and release some funds to live on. We are lucky we have decent pensions so hopefully we won't need to but never say never

I adore my home, it's a 200 year old cottage. But the only bathroom is up a steep set of stairs, it also needs constant attention, always something that needs fixing. Bit of a labour of love. Whilst it's fine now, I can foresee a time we may have to move, in which case we'll probably downsize to a smaller bungalow (I have knee issues already).

I imagine it also depends on whether you’re a home and garden sort of person. I’m definitely on the lazy side when it comes to my home, I enjoy cooking and a limited amount of gardening, but that’s it. Otherwise I prefer to be out and about. So a small place with minimal maintenance would be ideal for me.

My in-laws, OTOH, love maintaining and decorating their house, they’ve always got a project on the go.

I’m mid fifties and have been mortgage free for about 6 years. I used to think We would downsize as our house is quite large but I love the amount of space we have and being detached, downsizing would mean moving to a bungalow (not my aesthetic unless a 193O’s style) and they tend to have even bigger gardens which I certainly don’t want in my old age, also it wouldn’t release much money as bungalows are equally as expensive, a flat doesn’t appeal at all either after the privacy and quiet of a detached house so I will just make sure I put enough away to have a regular cleaner and gardner for when I’m too old to manage, probably far cheaper than moving and having to renovate another property.