Downsizing. Has anyone done this and any regrets?

There are two separate issues

1) Should you downsize?

2) If you do, do you buy a smaller house or an apartment?

And on top of that, there is a third question.

3) If you do, when is the right time to downsize?
 
You have to be prepared that in the event of purchasing a top floor apartment a lift can breakdown. It does happen. Also if you were changing a gas boiler it can be tricky to access the roof, unless it is a two or three story building in which case a cherry picker will be required. Getting windows cleaned can be tricky etc. I think in general management fees have escalated to very high levels in the last 2 to 3 years. I think this is another reason that landlords are selling up in droves. The whole management agent gouging of apartment owners is for another thread. 2000€ plus per annum is not uncommon now. If you can afford a smaller house/bungalow it would be a better option. Perhaps rent a room to a lodger or have a young relative stay over when you are visiting Spain.
 
Whatever about the downsizing issue, I would encourage everybody to consider the decluttering issue, for their own comfort and peace of mind, and that of their next of kin. I say that as somebody who helped to clear my deceased parents' family home recently. It wasn't actually too cluttered but it was still a lot of hard work and stress for several family members. In the past few years I've also helped two people, who were moving, to declutter and pack their stuff up. All three experiences were eye openers and have encouraged me to look more critically at the stuff that I have accumulated over the years and to get rid of (sell, donate, recycle, bin) stuff that I really don't need.
 
My parents in law would tell you they moved for a few reasons.
Equity release.
Future proofing their care - wheelchair, bathroom accessibility.
Less costs, heat, insurance.
Easier to clean.
My wife is an only child so they did not want her to have to go through a whole houseload of stuff when they passed.
They auctioned and donated most of their stuff and now their house is brilliant, really warm, inviting and they have a guest bedroom for friends.
 
If you're not going to declutter, an apartment isn't for you. However I wouldn't dismiss apartment living, there are a lot of advantages for older people - no external maintenance, they're usually easier to heat, often have nice views, and also the point mentioned earlier about it because easier to lock up if you are going away for a while. There is a big difference between a well-run apartment block with an active management company who will clamp down on anti-social behaviour, and what many of us might have experienced when we were younger or on our holidays in costa-del-whereever.

Personally I think decluttering is a good way to make a bit of a break with a previous life and start a new one. 70 is not so old any more, and fingers crossed you have plenty of life left to lead. I took a bit of a Marie Kondo approach to previous house moves, and threw away (nearly) everything I was keeping "just in case" and kept only the things that brought me happiness.
 
There is a lot of misinformation about management fees, in most cases it's residents that are on the OMC and they set the budget, there are a large number of unavoidable costs and most mgt cos are under rather than overfunded as becomes apparent when something goes wrong and needs development wide intervention. The management agent gets a fee that's it, accusing them of gouging is ill informed imo
 
I lived in a really well run apartment complex in Blackrock for over a decade when I was younger, most of the inhabitants were local downsizers, no anti social behaviour, a very pro active and we'll run management Co and very happy residents. I'd be happy to move back to similar when the time comes.
 
My parents downsized in early 60’s, same area as OP, large detached house to large apartment in a small development.

Pros: Future proofing, accessibility, security, able to lock up and go away for months on end, easy to maintain, brand new and highly unlikely to need major repairs in their lifetime, free up cash to increase lifestyle in retirement, makes life significantly easier for next of kin upon death.

Cons: Loss of control over entire living space (sharing communal areas etc.), issues with neighbours (nothing really bad bit just dealing will hassle you wouldn’t have with a detached property), large management fees, no garden (although lovely communal garden and lots of parks nearby).

On balance it has been a good move and I think it will prove wise as they get older. I have had elderly grandparents who decided not to make any adjustments to their living situation and sadly things became dysfunctional in their final years and by then it was too late to do anything. I’m not saying it’s the right choice for everyone at all - in fact my takeaway from seeing the process up close is that there are plenty of cons as well as pros. Even though I think it was a good move, it’s probably 60/40 in favour of downsizing.

Big issue as I see it (and this has been mentioned by others) is the derth of suitable properties for those wishing to downsize from large houses to a more manageable unit, be that an apartment or a smaller house while staying in their local area. It would take a major shift in thinking to start building units that really give people a viable alternative.
 
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Downsized from large house in Dublin to village in Wexford almost 20 years ago. From 2 storey house to detached bungalow. Best decision ever. Hubby’s arthritic knees greatly improved, gave away all furniture and accumulated stuff to Freecycle. So glad to be here during Covid, walk to beach every day. Life is much simpler, and much better for that. I would highly recommend it. Getting rid of 30 years of accumulated stuff is like taking a huge weight off shoulders. We don’t need loads of furniture or Knick knacks. Best of luck with your search for a simpler life.
 
What is missing from this discussion is the model of 'over 55's' retirement complex that is popular in USA and other countries. I believe there was an attempt at Clonmannon in Co Wicklow that was not a success.
 
Interesting thread. We're in our early 40s, and absolutely love our house, yet myself and my wife already have decided to sell it once the kids are reared, and move to an apartment in the nearby area.

While the age will vary from person to person, at some point living in a large house with all its maintenance, cleaning, gardening and the like, is going to be too much. We want to be in control of the decision of when we move out, rather than having it made for us.

We'll be on the lookout for somewhere suitable, perhaps for a few years beforehand, to ensure we find the right place.
 

Completely. People just see 2k in Management fees and think you get nothing for it. The agent fee per apartment works out at about 150 per year in our development and for that they look after co-ordinating all services, running tenders for contracts, sourcing quotes, resolving issues getting maintenance people in and overseeing the work, governance and fire safety requirements etc. Good value to me, and I am happy to pay it for less hassle myself.

The rest of the fees all go on tangible itemised services - for example annual charges for bins work out about 80-100 per apartment. Again good value to me and I don't have the hassle of paying the bill or invoice. Cleaning of common areas, 70 per apartment per year. Garden maintenance the same. CCTV, common area electricity, buildings insurance, security gates, water pumps, lift maintenance, on call charges etc. You get services which are itemised for your money and if you think they are too high you can raise it at the AGM. It's not gouging by managing agents for the most part, though I am sure there are exceptions. The fees don't go the agent, they go on the services (apart from the 150 per year)
 
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I have very close relatives who did what you are considering in the early 2000s in the same area - they were both in their 80's at the time and the decision was based on it being easier to do together, while they both could.

They found a detached 1.5 storey in need of refurbishment in the area and had it refurbished before they moved in. He died a couple of years later and she is still very happy to be in a house which meets her needs and in which she is not "rattling around".

The housekeeper and gardeners who they had in the old house still look after her.
 
My parents chose not to downsize or declutter, now in their 80's it has caused no end of problems and stress. Live in South Dublin too. The house is just not safe or suitable, particularly for someone with dementia. Now, nursing homes are the only viable option as they left it too late. The family home will probably end up an empty for years which is all too common, look as if it is stuck in probate - its not, its just that owners are in nursing homes. I do believe the stress of the house has damaged their health - it has had to be continuously adapted every time there is a drop in their health.

My husbands parents downsized to a self contained bungalow with garden, designed for older people. They pre-planned it all it all in their early 70's - decluttered, passed items on to family and purchased suitable furniture. Now also in their 80's they have by far a much better life with far less stress. The property is also close to where their original property was, near all amenities and friends. There has been no need to panic when one of them is in hospital - sort out rooms, move beds, throw out stuff to make it safer, get tradesmen in... Their home was already suitable.

It is just very unfortunate that there are no properties like this for older people in South Dublin. An apartment does not suit people in later life.

I know 100% which option I will aim for. I do not want to be stuck in Vincent's because my own house is not suitable and be sent to convalesce somewhere, where I do not want to be (not many nice options for that either, nice places are full). Health problems come with little warning.
 
Whenever this topic comes up for discussion I always pop up arguing in favour of downsizing but having read a lot of thoughtful comments here I appreciate that it is not suitable for everyone.

My parents did it in their 60s and it with the benefit of hindsight it was an excellent decision. They moved from a detached 5-bed family home to a large 3-bed appt in the same area. My in-laws refused to even consider it and now they are living in a cluttered and increasingly delpaidated suburban home in Dublin that they can no longer maintain. To be honest, visiting them is not much fun. They both have difficulty moving about and large parts of the home are unused and unheated so in reality they have downsized in a way but they certainly don't see it like that.

There are perhaps some other considerations that my not have been mentioned.

Modern properties are generally much more energy efficient and are consequently cheaper to heat. As you get older you will probably spend more time indoors so for me, living in a smaller but more energy efficient home is very appealing especially during a northern European winter.

The make-up of suburban streets changes over time as younger families move in and older residents move out or pass on. At some point you might end up being the oldest person on your road with little in common with your much younger neighbours.

If you live somewhere that requires a car to access basic services then you ought to consider what you will do if you can no longer drive.
 
An addition requirement for extra heating is as a result of medical issues for example side effect of tablets as well as reduced mobility, weightloss and increasing frailty.
 
If you are considering an apartment, and therefore not adverse to having close neighbours, would there be any scope for splitting your house into two different residences and renting one out? You would then have full choice of who you had sharing the part of the house you don't live in, eg would you have any adult grandchildren who may like to move out but can't justify huge rents? They could also act as caretaker if you go away. Probably a lot of disruption to do the work but it could give you the chance to try out living in Spain. I am sure a good architect could design a refit so that it would be possible to restore the home back to a single family home in the future. I have seen a couple of houses that sold near me in the last couple of years where there were set ups like this and when sold they all reverted to a young family home.
 
hazelgreen said:
What is missing from this discussion is the model of 'over 55's' retirement complex that is popular in USA and other countries. I believe there was an attempt at Clonmannon in Co Wicklow that was not a success.
Click to expand...

I believe there's still legal actions ongoing around Clonmannon, but in fairness it was in the middle of nowhere. There are sheltered housing developments around, sometimes attached to nursing homes, but my impression is they're generally very small cottages or apartments aimed at single people, widows etc. There's definitely a shortage of options for people who do want to downsize.

I live on a road where about 75% of the semi-d houses are owned by retirees, that's a lot of empty bedrooms. But the estate is very well located, walking distance to shops, pubs etc and most of the local apartment developments are on the edge of the town so it's understandable people wouldn't want to move. And any apartment developments that are in good locations are astronomically expensive. Meanwhile all the 30 somethings are buying on the edge of town and driving their kids to schools in the town centre.

It's also an emotive issue, any time there's talk of the govt providing incentives for down-sizers there's a lot of hand-waving about "forcing the elderly out of their homes", when realistically it's mainly aimed at people in their 60s who would not appreciate being described as elderly.
 
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