Are we mad to sell up our lovely home?

[hearthat]

We have a large 4 bed semi, 3 double beds, one single. Huge kitchen, loads of storage, 2 large reception rooms, flat south facing garden etc. We’ve been here 27 years and brought our children up here very happily.

Children have now flown the nest and realistically the house will be a bit big for just me and DH. It’s 50 years old so we are looking at the possibility of a new roof which we have had quotes for around £13k. The gardens could do with new fencing and block boundary walls built etc - all a lot of work for a house that will be a bit big.

House has been valued for £325k. I will not downsize for less than a 3 bed and ideally that would need to be detached.

We would like something newer built, smaller and a bit more cosy / warmer in the winter. Newer Houses near us and nearer to shops etc are around £315k for 3 bed detached. So by the time we sell and pay fees we are no better off financially - effectively swapping to a smaller house for no gain.

I worry about fitting in our furniture- one house we saw that was 14 years old you could barely fit chests of drawers in by the time the beds were in. It was on for £310k and it was a semi. Higher prices as it had a garage (ours doesn’t) and it’s round the corner from shops and a nice pub etc.

So conflicted about whether we are doing the right thing. I’d like to be closer to amenities but it feels like we are making a financially silly decision to have a smaller house for no financial gain.

Has anyone done the same later in life? How did it work out?

I'd stay where you are. The only reason I'd move would be if the heating costs were really high and/or you needed accommodation on one level.

Honestly stay where you are until you see that now / soon is the time to move into a flat or bungalow.

ETA: and it’s a good idea to make this move 15-20 years before you NEED to.

If I were you I would stay put until you get to the point where you properly downsize into a 2 bed bungalow. The cost of moving is prohibitive for such a small change.

Focus on improving the value of your current house. Money on essential maintenance is usually well spent. If you are retired or have more time because the kids are grown you can do many tasks yourself. There’s a lot of diy videos on YouTube for example (although I would draw the line at roofing!).

You do need to think about maintainance but if you can maintain the house stay if you like.

Its interesting a semi is fine now but to move move you would "need" detached....
Detached is more maintainance.

However the cost delta you outlined is why half the people of my street wont downsize (although yhe numbers here are more like 1.1m -> 800/900k as they want a newly renovated 3-4 bed bungalow for their quickly becoming dilapidated 2500sq ft 5 bed they have maintained since 1995....)
And expect it at half the price because last time they looked you could get a new bathroom for 3k

Yes we nearly sold our 4 bedroom house to downsize last year. Then our youngest got sepsis and is back at home learning to walk again and our oldest (26) is moving back in to save for a house deposit due to rising rents in our city. You never know what’s around the corner!

Also, look at things like solar panels or heat pumps, insulation etc. to make it “cosier”. Also adds to the value and keeps your bills down.

I think you’ve answered your own question - there’s no gain.

I’m not sure it’s really ‘downsizing’ if moving from a 4 bed to 3 bed…

You want to move somewhere with more amenities. Those houses are more expensive. Will the move improve your quality of life over the next 10 years?

It’s a side step, not downsizing!

Downsizing is imagine you getting a 1-2 bed flat or something.

I was hoping to do the same but have found that to get anything remotely similar (and smaller) would leave me worse off financially! Like you have 4 beds, 2 bath, S facing garden, large driveway, solar panels…valued at ££350k. Similar (newer) in 5mile radius are coming up at +£500k!! The only real difference is I’m semi whereas looking for detached ideally with garage.

I'd stay and spend the money sorting out your current property. If you wanted a 2 bed bungalow it might make more sense financially.

For you I don’t think it sounds worth it.

None of us know if we will need a bungalow but could you fit a stairlift in your house? Plus do you have a downstairs loo?

We would be able to just fit one in but our hall is not that big but there is no room for a shower room downstairs without major works.

Look at how adaptable your home is.

We intend to move, I’m 60 soon, no bungalow I have always hated them. What we don’t have and want is an entire second bathroom downstairs, room for a stairlift, larger drive and a large detached garage/workshop. The actual house can have similar floor space , we have the right size now but we just a better configuration for ageing and being at home more.

Personally, I wouldn’t move. It doesn’t seem worth it financially. How old are your children? Do they have their own homes or are they renting? If renting, they may come back home to save for a deposit (ask me how I know 😬).
Enjoy your big garden and kitchen.
Perhaps, reconsider in 10 years time.

Why are people surprised that a newer detached house with garage which is probably better maintained is more expensive than a semi without a garage?

i agree with one of the posters above. It’s about planning long term. I’m 50, there’s currently 3 of us living in a 4 bed, 2.5 bath house. By the time I’m 60 (DS will be mid 20s) I want to be in our “retirement /forever house” ideally a two bed bungalow. I saw my mum struggle in our large family home with large garden refusing to move, I want to be settled and get the house right for retirement whilst I can.

So op, you need to look forward 10/20 years and have a plan, it’s not just about the money

Spend the moving costs on some help in the garden, cleaner and maintenance. Moving is very expensive

@Whysnothingsimple 60 seems very young to need to be downsizing to ‘prepare for the future’ though, you will probably live another 30 years…!

You don’t say what age you are, and you don’t mention whether this house will suit you as you get older. Is there a downstairs bathroom? Is it wheelchair accessible? Are there many stairs to negotiate? Can you access services / shops without driving?

As a pp says the time to think about these things is well in advance of when you will need them.

Can you make changes to your home to make it suit your lives now?

We thought we would downsize when DCs started to leave home. Instead we extended!

In theory we have potentially 6 bedrooms (2 definitely singles). In fact we have only 2 permanent bedrooms. The others are a dressing room, office, sewing room/guest bedroom, hobby room.

2/3 DCs have left home but married and are now having DCs of their own so now we need room for more people not fewer.

Don’t put it on the market, just take some time looking at what’s out there and what you can get for your money etc.

If the kids have only gone to uni or only recently moved out, then I’d stay put.

But if they’ve been gone for 5+ years then I’d consider moving but there is no rush and I certainly wouldn’t be doing anything immediately.

It's always sensible to think about the future, my dad died over 9 years ago which left my mum rattling around in a detached bungalow that's too big for her needs, she has emptied the dining room and large sun room / conservatory because she won't use them and she and doesn't like heating them because of the cost and I can smell damp on Christmas presents etc that she stores in the dining room. She's got ornate gardens to look after that were my dad's pride and joy and we are in a difficult situation with her because she knows she needs to downsize but she's mentally fragile and very picky, she wants to live more in the centre of the town where she lives so she doesn't have to walk so far to go shopping but it's little period terraces or apartments that of course all have stairs that she doesn't want to have at 74. It's good to get the downsizing done rather than end up in the same situation with yourselves and your kids that we are with are with our mother. Dad's death was fairly sudden and it left her in a property that just wasn't suitable for her to live alone.

Pils wanted to move for years but wouldn’t because they were convinced they should be able to buy a house half the size for half the selling price.

They have finally moved into a lovely house that is cosy, easy to heat, easy to manage, with a smaller garden. They spent 15 years struggling, and feeling more and more inadequate and overwhelmed when they could have been enjoying life.

Houses need to fit your lifestyle - a big space for raising a family is great. Now what you want to pay for is comfort, ease, convenience etc. Don’t look at the costs in terms of size/rooms but as a lifestyle you’re buying.

If it helps with the decision, get a few builders to give you quotes for the repairs and upgrades your house needs because that is where the price difference lies.

I wouldn't buy a new build, I can't imagine the quality of them being decent at all right now, given the increased costs of labour and materials. Spend the money improving what you have now, £13k for a new roof is soon going to pay for itself if it's more energy efficient (cutting cost of energy bills). Plus on a house valued at £325k, the value will naturally have increased that much due to inflation in a few years time.

It’s not just the cost of moving - it’s the stress of it. People aren’t joking when they say it’s in the top three along with divorce and bereavement! I wouldn’t put myself through that again if I had doubts.

You don’t say how old you are, but you should consider that your needs at 55 - 60 and your needs at 70 plus could be very different. Consider waiting a few years and then making a more practical move.

The amenities are what interest me. I would move to be near to shops, public transport, GP, hospital etc. if you’re a long way from those now, it’s definitely worth a move

Is it a slightly better area you would be buying? My gut reaction is to say where you are. The cost and stress of moving are just too high a price to pay. You could end up with rubbish neighbours. I think you need a bigger house to entertain when your children meet partners and have children!! You could always review in another few years it’s not like you are moving up the ladder and
the price difference increases.

£5500 for stamp duty on £310k.