Downsizing in my retirement

Of friends' stories about renting, the one that upset me most was when she told me 'We're up for this flat, but there are several other couples up for it too'. It sounded like a job interview. In my renting days, you went after a place, and if you were there first and were financially acceptable, you got the place.

In my 20s, it didn't matter where I lived as long as I could get to work. Now retired, I need to be near... all sorts of things.

I don't want to prise Rowsie out of London. Many Londoners will never be prised out of London but some Londoners seem unaware of the opportunity they have as owners of homes in London do make a different choice and perhaps enjoy a better life outside of London.

@Chardy I had this, I was shocked to be 'rejected' by the Diocese at a church rental in favour of a couple, who very rudely interrupted my viewing as they were early and knocked at the door. In hindsight I was glad not to have got it, I don't think I'd have coped with the huge garden.

A very interesting post, thank you. I had no idea that the Mccarthy and stone flats were not very good at reselling. Personally, I think I would find it hard to not own my own house and also not to have a garden, albeit a smaller one than present one, as I love being outside pottering. But having read some of the posts, renting does seem to have its merits. Good luck x

My poor friend has just lost her unethical and sneaky buyer to a Mccarthy and stone flat.

I've been looking at retirement options for my aunt and it's a minefield, I also researched it for myself. I aim to have home helps/carers when the time comes, when I can't be bothered to cook for myself I'll go for assisted living at the local Abbeyfield if I still have my health. We're lucky we also have a local nursing home.

Rowsie I wouldn't advise spending money on up grading your house. it can put people off if you chose fittings that they don't like but have to pay for. It would sensible to de-clutter if you have lots of stuff because many people can't see past it.

Don’t rent ! Buy smaller.

I would emphasise that as well. At least you know you will not be at the mercy of a landlord or landlady who could decide to sell and you have to start looking all over again. An owner may not maintain the property very well either.

If you intend to be away a lot somewhere you can lock up, not having to worry about asking neighbours to water your garden etc would be ideal.

I would also advise doing it sooner rather than later but choose somewhere suitable, near amenities, where you would be happy if you can no longer travel.

My house definitely needs a new bathroom, kitchen and general decorating
Do you have a functioning kitchen and bathroom? Could you enlist your family to come and help you to paint throughout?
That might be all it needs, leaving money for travel.

If you wish to sell up you can get a declutter to help you pack the things you wish to retain, ditch the things you don't and prepare the house for viewing. You can find them on this site

www.apdo.co.uk/

If you got ready this way you would have lots of time to think about why you want to downsize and what is important to you. As well as other options such as taking a medical or nursing student lodger etc.

If you don't want the maintenance do not hop in to McCarty and Stone as other have said it takes years for relatives to sell the flat off for less than you paid whilst they are paying service charges.

You would benefit from exploring the Housing Learning Information Network as they have all sorts of up to date articles and information. Somewhere on the site there was a post code finder so you could find specialist housing.

www.housinglin.org.uk/

I downsized to a nartowboat when I was 66. Four years later I now have a garden mooring.

I personally would move out of London to a smaller bungalow or newer property where maintenance isn't really an issue. I can envisage problems if you rent, particularly with regards to landlords and having to move when you don't want to. Also, assuming your mortgage is paid off and that you get a good price for your London home, you should have money to keep in the bank to live off and travel or spend rather than having to spend cash/income on rental payments.

My parents did this. They took a cottage owned by a massive landowner (Lord someone). It was really lovely and was first and foremost secure as the estate was not going to be broken up any time soon.

Security of tenure is the main thing in my opinion.

On care homes my dear late Mum was in a Manchester private care home for 3 years until she died in 2013. The owner told me that with half and half council/private paid residents the ones who paid (like my mum) were subsidising the council paid ones. The fun bits like magicians & music sessions were for all residents but it was the private payers who paid for all the stars. It doesn’t seem fair but it is how the system worked. So get your family to do their homework on the funding of any home you may be put in.

Understand perfectly. A cosy flat would sound much better and easier for you, and the holidays def sound good. But like others, I'd say to be aware of the lack of security while renting. I too know a couple who have been settled in rented properties three times over the last 12 years and had to move each time (with 3 months notice) because the owners wanted to sell, or to let one of their own relatives move in there.

We were forced to sell a flat and buy a house for two reasons.

The first were new neighbours who made our life hell.

The second that by selling a flat in Copenhagen and moving to a country town, we could live far more cheaply in our retirement and have more money to travel.

I would advise anyone thinking of renting to avoid a flat or a terrace house because you do not know your neighbours before you live in a place for a while.

If you are unfortunate as we were with new neighbours believing that they did not need to show any consideration at all, then you may well come to regret rented property.

One of my friends who was widowed 3 years ago has recently sold her semi in Manchester and purchased a small but adequate Park Home in Yorkshire where one of her colleagues moved to about 10 years ago,she has spent some money making it modern but cosy ,is 10 minutes from Ripon ,so far she loves it,and has all the money from her house sale to enjoy travelling to escape our winters when she is able due to the pandemic,her children don't want or need any inheritance they just want her to enjoy her life which at 66 she fully intends to do.

I wouldn't advise anyone to move at the moment. Yes the housing market is on fire. Having waited over a year to sell mine I find that I am going to upsize slightly simply to move to the country. Best and final offers are the order of the day and it is horrendous. After the last year I find I don't miss easy transport/Access to theatre, cinemas and restaurants and shopping. I reviewed what I have most enjoyed doing and what I have missed most and I am moving back to my favourite part of the country after 20 years.
The rental market is just as bad with people offering over the asking price and you have to be ready to view at a moment's notice when something decent comes up.
I have looked into equity release in order to fund furnishings and improvements. The interest rates are low and at our time of life it really makes little
difference if your capital is in income paying investments or in your property when you can borrow against it. It is very reassuring!

PJN1952

On care homes my dear late Mum was in a Manchester private care home for 3 years until she died in 2013. The owner told me that with half and half council/private paid residents the ones who paid (like my mum) were subsidising the council paid ones. The fun bits like magicians & music sessions were for all residents but it was the private payers who paid for all the stars. It doesn’t seem fair but it is how the system worked. So get your family to do their homework on the funding of any home you may be put in.

I think thats one way of looking at it....Every single care home i have ever visited, purpose built and all, had got good rooms and less good rooms....the less good ones are smaller, noisier, maybe further from the lift or stairs, the view isn't so good, no direct access to the garden and so on. These rooms don't command such big prices, and, as such, tend to be the ones used by social services as they will be within their funding limit. It can be the case that such rooms are within an agreement that says they they will always be avaialable for social services use. its these rooms that are never empty and therefore are the basis of the home's regular income..they are what keeps the home ticking over....so yes the "nice things" may be paid for out of the extra money charged for the nicer rooms, but without the council funded residents in the cheaper rooms, the home couldn't exist for anybody.

My mil just moved out of her seven bedroom Victorian pile which she had lived in for over 50 years. I thought the move would kill her. She now lives in a new build in the suburbs with a view of fields and she LOVES it. She’s 88.

I sold up in London, retired to France for nine years, then returned to live in Surrey in a retirement one bedroom flat.
The development is owned by a not for profit housing association. Unlike the apartments built by McCarthy and Stone, it has a separate, well designed kitchen with a window.
I love it here, five minutes from the railway station and High Street, in a quiet cul de sac, very well run and managed, service charge £196 pcm.
But for that I no longer have to mow lawns endlessly, nor worry about outside window cleaning or buildings insurance.
I feel very secure here too, as we have an entry phone.
The cost, at £95,000 is pretty incredible for this area, and I decided to extend the lease and add value to it as well.
My life is made easier than ever, I love the cosy warmth of my home in winter, and no-one bothers me.
It feels very private.
And as for culture, I was just reading at midnight about the concerts in The Royal Albert Hall, came across my absolute favourite The Armed Man: a Mass for Peace. It was the following afternoon, conducted by the composer to celebrate his birthday.
Public transport saw to it that I was able to make it on time after immediately securing a seat online.
Needless to say, it was absolutely superb. Carl Jenkins in his seventies, conducting the whole concert in addition to my favourite piece, what a delight!
And Surrey, with its woods and waterways, feels to me like the ideal combination of town and country, with London on my doorstep. I feel very blessed here.

I sold my old house in France after my husband died, then my brother died in the UK so I sold his house too, and moved back and bought a retirement flat (for over 55's ..not a care home ...although sadly it resembles one as more and more older people needing carers are moving in (probably because it is cheapear than a care home !) I am not especially happy with it BUT the reason I bought it was, like you, I intended to do a lot of travelling (except, obviously ALL the planned trips were cancelled !) I bought by the sea on the outskirts of a big city with access to transport etc. First it was wonderful, big concert halls, theatres, cinemas, activities locally, voluntary work, a social club round the corner, another club on the seafront, walking, the beach, but of course in the last year it has been awful .......I chose a city because there are plenty of excellent University hospitals doctors, banks, shops (those sadly that are left !) restaurants, coffee shops, always something to do or just to sit and watch ....so yes, I would downsize BUT before I bought my flat outright (well, it is very expensive with charges from the Management company !!!! and ground rent (illegal now, I understand) I looked at rentin (Churchills, etc etc) but at over £1,000 plus a month, I asked what would happen in the money ran out ...........and the answer was 'YOu would be asked to find alternative accommodation !!!!!!!!!!!!!!!} in other words you would be thrown out onto the mercy of the local authority and we know what that would mean .....a carboard box on the streets.......if your money ran out !!!

My friends mother was in a McCarthy and Stone when she died. They had a hell of a job selling it and had to pay Council Tax and Maintenance charges. I think about 3p was left, in the end.
What about some sort of conversion ? Split the house into two and rent the top floor? That way the Post doesn’t have to move.
Yes it will be hideously disruptive but every option is going to be the same.
We have recently moved from our beautiful period six bed home in its own grounds, to a cardboard modern box. Having neighbours is novel. However we were determined to move, before we got to the stage where someone moved us.

Katie59

An aunt of mine bought a new retirement apartment, McCarthy and Stone I think, secure, convenient, communal lounge, suited her well, service charges were high of course, also I did hear that resale value was not good.
I’m sure I would not want the hassle of having to maintain an old house in my later years.

The trouble with those places is that when you sell, you have to pay a seller's commission to the 'owners' of the site. My mother in law died and selling her property meant paying commission not only the estate agent but also 2% to Beechcroft (who had been most unhelpful). The annual maintenance was enormous too.

My only caution about renting is that landlords can sell up and leave you needing to find other accommodation, with all the expense and worry that may accompany that. If you bear that in mind then renting from a good landlord can be a good option.

I think you are very brave deciding to do this but understand things change and different priorities happen. I have been renting for 10 months after a failed relationship forced me in to it, was his house. Renting is fine but beware of having a landlord that doesn't listen to you. Mine has only done the minimum of repairs and those that I have asked to be done, cooker hood doesn't work, bathroom ceiling and floor needing repair and bathroom tap loose, do not get done and its likely that they never will as its been a struggle getting basic repairs done as it doesn't appear maintenance featured highly when they lived here. I have chosen now to go to live with my daughter and her fiance after gifting them money as a deposit, I am hoping to build an annexe off their home. They are thrilled with me living with them as we get on great, lets hope that lasts. Best of luck with your decision.

I moved into what appeared to be a lovely small development of flats. Only to discover that I had the neighbour from hell above me. When I went out into the enclosed communal garden another neighbour had 2 dogs that she would let out to 'do their business' but rarely clean up after them. I decided to move to a bungalow, best decision I made and luckily lovely neighbours too.