Getting the last home

Buy a house and if needs be a stair lift or a bedroom/potential bedroom/en suite downstairs. We live in a 3 storey townhouse and we will never move, we have the potential to live on the ground floor.

I'd go for Option 2 and get most of the work done by other people. You could end up with something fabulous.

I bought an older bungalow and did it up. I did downsize and had spare money to do so. The survey didn't flag up any issues and the kitchen and bathroom were in excellent condition and to my liking. I did it when I was 60 so not a young thing but not elderly. Just be careful what you buy.

I have mobility problems and was in a bungalow, but for various reasons I needed to move. I moved to a 3 bed semi new build and installed a stairlift.

Rusbun my parents faced exactly the dilemma you face over 40 years ago;wanting to move, in their case from a big family home to a bungalow - in the Epsom area, only to find that because they are so few they command higher prices than they are worth.

In their case they ended moving away from the area to the Sussex coast where they were able to buy a good quality bungalow with a nice garden and lived there very happily for 25 years

Not much help for you, although moving elsewhere is another option.

We have an interest only mortgage, which we took out 2 years ago when we had an extension build. and when we sell, either to down size or go into care, the house will be sold, the mortgage will be repaid and what is left will be what is available for another house or to fund a place in care. It is quite straight forward and such a mortgage has no repercussions related to care.

The other thing to do is take out equity release. Here you borrow money against the value in your house, but instead of paying the interest on the loan, you let the interest mount up, compound interest and it is paid with the capital when the house is sold.

I have just noticed that you are both in your early 60s, so steer clear of equity release, mortgage interest unpaid and compounded over possibly 20 years or more could completely wipe out your capital, leaving nothing for your family to inherit.

My personal preference would be for a Retirement Interest Only Mortgage (RIO), which is what we have done, but you do need to think very carefully as to whether you can afford the interest rate. We have a 5 year fixed rate, but the cost of it could double when the 5 years expire, which we will be able to afford, but may sell before then.

I downsized a few years ago when I was your age. So glad I did it then.
Please don’t leave it much longer. You are young enough now to deal with the upheaval Your decision to move to a bungalow is the right one. I downsized to a smaller 4 bed house. I can easily manage the stairs now, but if needed, I will have a chairlift installed, although climbing stairs is a form of exercise. When I moved, I was helping out with the grandchildren on a regular basis, and needed the 4 bedrooms. But I chose a house with a small, easily managed garden.
I am really pleased with my decision. At times I feel the house is too big for one. On the other hand the costs involved in selling and buying again, will outweigh the costs in heating etc.
So, this will be my “last home”.

I dont know your area at all.
And I may not be the best person to ask.

My opinion.
What Wenmore and Luckygirl13 say.

You said yourself
We prefer recently built due to the energy and repair costs

I would say
I dont know the cost of stairlifts.
I dont know about alternative accomodation ideas in your area.
I dont know if prices will fall. Nor the future mortgage finance costs.

Unfortunately bungalows in good repair and with everything done are very few and far between, Friends of ours are currently looking for exactly that due to mobility problems for the husband , they currently have a 4 bedroom house ( which is like a show home) on a estate that was built 20 years ago and would like a 2/3 bed bungalow and be mortgage free, they can not find anywhere half decent in their price range despite looking at 20/30 bungalows in the last 12 months. They all seem to need refurbishing, bathroom in various colours with tiles in patterns that will give you a migraine, 70s kitchens , ceilings with polystyrene tiles, you name they have seen it. I was lucky when we found ours most of those things had been done but 6 years on I do need to start replacing some carpets and updating if I don't want to be one of those people who move in and never touch it again because I don't have the energy of cash to do it.

How about
1) Downsize to a 2 bed bungalow
2) Use lump sum from modest pension and hire someone to do up say kitchen and bathroom
3) Buy a cheap well insulated garden office room for DH to use whenever he works from home.

I would add that our housing needs can change a great deal between early60's and early 80's.
I was 62 when I downsized from the family house, I was t hen living by myself and moved to an inner-terrace, 1930's house. Loved this house and over next few years had one big job carried out every year whilst I was working. When I moved in I actually told my AC I would be here until I left in a coffin. Even had extension into roof to provide bedroom space for visiting g.children. By the time I retired at age of 70 that house was everything I wanted it to be and I looked forward to living out the rest of my life happily there.
BUT....as the years rolled by, found my needs really changed and by the time I was 78 I would view the stairs each evening as if they were 'everest' A stair lift was NOT the answer, fine for getting me up and down - but not for taking larger items in either direction. The small garden which I had cherished became too much for me and I had to employ a gardener (not cheap). ANd on occasiins I did not feel well, I found that I felt very isolatd upstairs in my bedroom, not able to make myself anything to eat without going down stairs (*and if I stayed downstairs, missed my bed and nowhere to have a bath or shower.
I turned 78 whe I moved to aflat - found thiis absolutely brilliant. First floor, so often u,se the stgairs, but have lift if I am not feeling too good or have something bulky or heavy. Also such a feeling of security. My kitchen is directly opposite to my bedroom, so easy to make that vital cup of tea etc.
Even with this I noticed gthat my requirements changed from when I first started flat hunting (I was then 74) and only wanted a ground floor, garden flat. When I was looking some four years later, I most definiotely did not want an- really wanted the extra security of being a little higher.

Just saying that any move may not be to your final home.

A retirement flat in Epsom?
Failing that with family who started in that area, they moved out to Crawley, Dorking, East Grinstead etc, and commuted back. Epsom Downs is well placed for M25 junction

Thank you Franbern, you so brilliantly described everything I suspect and fear. I also had the experience of being trapped upstairs when I had my bunions done on both feet and was unable to walk, also lived by myself. This is why I am trying to choose carefully. We are living in a flat now, and our experience really put us off going into another one. There is a lot of stress in communal living. Maybe 15 years later we will feel differently, who knows?

Chardy

A retirement flat in Epsom?
Failing that with family who started in that area, they moved out to Crawley, Dorking, East Grinstead etc, and commuted back. Epsom Downs is well placed for M25 junction

Thank you.
We are not ready for a retirement flat yet. And since living in a flat for the last 10 years we have had nothing but stress from the neighbours.
Crawley is cheap but under a flight path from Gatwick. We lived on a flightpath before.
Dorking has no bungalows to speak of.
East Grinstead is too far to commute, as DH sometimes has to work in London.
Hopeless!

Rusbun you have all my sympathy.

Have you considered a park home? I see there are some in that area. They don't tend to rise in value like other real estate, but it could suit your needs.

CanadianGran

Have you considered a park home? I see there are some in that area. They don't tend to rise in value like other real estate, but it could suit your needs.

Yes, we have. But you need to pay cash in full, they are not mortgageable - which is achievable on the cheaper ones. BUT they are small, no garage, you can't erect a shed for DH tools, there is no garden and they are packed very tightly. Also, they depreciate with time as you don't own the land for which you pay land rent. It will suit someone on a tight budget or with limited options I suppose

Friends sold a lovely 4 bed detached home with great private garden, in top condition, in the Midlands- to move nearer their ACs north of London- could just about buy a 2 bed bungalow.

Wonder if it would be cheaper to buy 'normal house' but with space for 1 bedroom and 1 suitable shower-room WC downstairs, and forget about the upstairs!

Fleurpepper

Friends sold a lovely 4 bed detached home with great private garden, in top condition, in the Midlands- to move nearer their ACs north of London- could just about buy a 2 bed bungalow.

Wonder if it would be cheaper to buy 'normal house' but with space for 1 bedroom and 1 suitable shower-room WC downstairs, and forget about the upstairs!

It crossed our mind. But we need 2 bedrooms downstairs, so keeping an eye on a chalet bungalow that might have that. An office upstairs would be a bonus

We live in a desirable village for families and with easy commuting into London. Our house has 4 bedrooms and now our son has moved out we would love to downsize but the properties in the village and our nearest towns are sold at premium prices. Bungalows sell within days of going on the market and are then redeveloped into two or three storey homes. We now view this house as our final home. Should my husband die before me I know I can never look after the house and garden without help but I don’t know where I could move to that gives me the privacy and independence that I need.

nandad

We live in a desirable village for families and with easy commuting into London. Our house has 4 bedrooms and now our son has moved out we would love to downsize but the properties in the village and our nearest towns are sold at premium prices. Bungalows sell within days of going on the market and are then redeveloped into two or three storey homes. We now view this house as our final home. Should my husband die before me I know I can never look after the house and garden without help but I don’t know where I could move to that gives me the privacy and independence that I need.

It is disgraceful of the planning officers to allow to convert bungalows into multi-storey houses given the shortage of bungalows. You have just demonstrated how it slows down the housing market flow. They expect retirees just move into flats, which a lot of them find traumatic. Then they find themselves restricted to the walls of their flat, beyond which they are not allowed to do anything. I have watched exactly those neighbours in our block, all in their 70-s and 80-s struggling with the new way of living and with understanding why they just can't change the communal garden how they want it - some want more seclusion, others want to cut the trees to let more sun in, and everybody wants something else that others don't like. Not to mention declining eyesight and parking abilities together with damaged vehicles. What a nightmare!

Do wonder why some of flats seem to have so many undesirable neighbours, whilst others ( like where I live) have none.
There are 25 flats in my block (23 are 2 bedroomed, 2 with 3 bedrooms). Although no age limits on who lives here, all (but one) are well into their retirement years ranging up to a hundred yeard old.

We have no communal garden, but are five minutes away from a gorgeous park kept by volunteers. All (but one) are owner occupied. We run our own voluntary Committee. Everyone gets on with everyone else extremely well. Some friendly enough to go on holiday with their neighbours, others, more private, but no problems. If a problem does come up, it is quickly sorted out by that Committee, but they ae very rare to occur.

On the flip side, we all care about each other. Someone not too well, no problem about getting shopping done for them or prescriptions collected, etc. etc.

Prior to living here, I was, for sixteen years in a small cul-de-sac in a house, did know my two immediate neghbours, but not the rest. Here, in no time at all, I got to know the people in all the other 24 flats. A flat on the market and empty required its boiler to have a service, No problem for the probate owner needing to travel many miles to be here for that - request to committee and one of us opened up the flat for BG Engineer, sat until they had done their work, and then locked it up again.

Last year a fairly new flat owner here put up (on their balcony) exactly the type of awning I had been looking for to have on my quite large patio balcony. They invited me in to have a close look, gave me all the details as to where to buy it, etc. And, when I thanked them, but said I would not follow through as it needed to be self-assembled, the gentleman there immediately offered to do it for me. An offer I accepted with gratitude.

So, I honestly do not understand what people mean about problems with neighbours in flats.

A new build house might be the answer as they are now built to specifications to allow the disabled to live there, especially if you need a stair lift in later years.

We are in a similar position, in our 70s although both fit at the moment. Our house is for sale.
DH is keen to move but I’m not. Going along with it for an easy life as can’t live w him when he’s unhappy.
DH keen on bungalow mainly from what I can gather so he doesn’t have to clean upstairs windows. Have suggested a window cleaner but he says they don’t clean them properly. Do you see what I’m up against ?
My thoughts are that
a) Bungalows don’t have stairs and landing that need painting.
b) More like to have a larger plot /garden.
c) Tend to be expensive or in dire need of modernisation.
My conclusion is to buy a house and get a stairlift when we need it!

Is. Sorry for the lengthy rant 🤣