Downsizing in my retirement

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.

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.

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.

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.

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

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/

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.

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.

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.

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

@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.

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.

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.

Varian there's something to be said for city living particularly, dare I say it, as we get a bit older. Stop trying to prise Rowsie out of London!

I'm within walking distance/short bus ride from museums, galleries, theatres, etc. It's just so easy to get there and back and is one less thing to worry about.

Many a time in the theatre you see rows of empty seats, then at an opportune moment or the interval a whole group of people appear, obviously their coach had got lost or some other problem. And people leave early to get the last train back to the suburbs/shires.

And if you want to go to an exhibition you can often just turn up on the day, no stressing about trains or is the weather going to be OK.

Just a quick point. If you sell up and have no or limited assets, you will be unlikely to go into a council run nursing home-they are very few and far between these days. It is true that funding is capped and your choice of homes would be limited though! Get some independent financial advice and your Power of Attorney sorted out and enjoy the rest of your life as you see fit!

You would not need to live in an isolated country location Rowsie. There are many small country towns where you could buy a lovely house within walking distance of shops and other facilities and on a bus route,

How often do you go to London museums , art galleries and theatres? Surely this could still be possible if you moved a hundred miles from London to a place with good transport connections?

London rents are very high. As a single pensioner, would your pension cover this and leave enough for holidays?
I think maintenance costs on my house are much less than rent would be and would definitely not consider selling up and renting.

Thank you Varian. I do have family in London but they no longer need childcare. The reason I want to stay in London is that I love everything about London and can't imagine not being able to get a bus/train into London for the museums, art galleries and theatres. I love the countryside but I don't want to live there permanently and as I don't drive anymore I feel I might be isolated there.

In October 2019 research revealed that London house prices were 353% higher than he UK average.

secretldn.com/london-house-prices/

If you have no real need to stay in London, you could sell your London house, buy something far more suitable in an attractive location elsewhere and have a huge amount of money in the bank to do whatever you want.

Unless you must stay close to family to help with childcare or whatever, why would anyone in your position Rowsie not want to move to somewhere much more pleasant and enjoy life in a nicer environment?

I,m in a similar position,living alone in a big house that needs maintenance.At 70 I would love to rent and not have to worry about pointing and painting and all the other ailments a victorian house develops but I have no chance of social housing and I would'nt feel secure in private rented property.
This week I have bit the bullet and my house is on the market but finding another is hell! The market is crazy ,houses are selling in days but until you have a buyer or have cash you can't even view. As this will be my last house I need to be sure it,s the right one so don't want to be rushed but wonder how long a buyer will wait.

Thanks for doing this. It was the first time I had started a forum topic and really didn't know what I was doing! Pleased with all the advice though!

McCarthy and Stone seem like extortionists to me and build in the most unattractive locations - at least hereabouts.

Their latest available complex here is sandwiched between a huge 24/7 supermarket and car park and an extremely busy road and roundabout. No green space in between.

The one before that was sandwiched between another extremely busy road and a car repair workshop. The one currently under construction (POA) is on yet another busy road overlooking the service area of a hotel.

I’m wondering if the company have a monopoly on brownfield sites in ugly, noisy, polluted environments. Again, no green space.

The one I first mentioned has two bedroomed flats from £453,500 plus service charge (unspecified on the website, you have to get a brochure) or monthly rent from £3560 pcm including service charge. I’m not kidding. From £42750 a year.

Apartments in this complex have been marketed for a couple of years but still only 65% sold. Covid may be part of the reason but I suspect price is too. At these rates, I’m assuming it’s seen as a half way house between independence and a care home but you’re likely to have little money left for care fees after a few years at these rates.

You can buy luxury apartments in the town centre overlooking a beautiful park for 350K and the average rent for a two bedroomed apartment is £1200 a month.

Can anyone make a case for McCarthy and Stone prices? I accept that new properties come at a premium, that buyers are freeing themselves from having to worry about maintenance costs on their previous home and there will be an on site manager and a ready-made community but these still sound like extortionate prices for living in unattractive surroundings. £42750 per year to have buses and lorries thundering past my door all day. No thanks.

Yes, Foxie, I’ve heard of a number of cases where it proved very difficult to sell such flats, particularly McC&S, which eventually went for rather less than had been paid. It has been a major problem in cases where the person has finally needed to go into a care home and hefty service charges have still needed to be paid, even for 2 years after the person had moved out. Not to mention funds from the sale being unavailable.

There are several blocks of ‘over 55s only’ flats (though not McC&S) not far from us. I often pass them and sometimes notice signs saying ‘for sale or rent’. I think they are fairly popular since there are very frequent buses more or less on the doorstep and they’re a stone’s throw from the hospital.

If circumstances/income permitted I think I’d choose to rent rather than buy,

Mine is not a retirement flat. But it is a building with just five flats and all residents are very nice as it happens plus it’s near town centre but in a cul de sac. I hit lucky !

I'd be wary of buying a dedicated retirement flat. My MIL moved into a McCarthy and Stone flat when it was first built, there was quite a lively group of retirees there but of course they all aged and either went into care homes or died. It proved very difficult to sell the flats as M&Stone were building new blocks and buyers preferred those. There is an over supply as the builders tend to sell the leaseholds on to management companies once they are occupied and build some more down the road! When my MIL came to live with us it took over two years to sell her flat. it sold at 75% of the value that she had paid 14 years earlier and she had had to pay over £5k a year in service charges until the flat was sold. It would be better to rent.