Downsizing. Has anyone done this and any regrets?

Blackrock1 said:
If they are reading them they should understand the reason for the price increases, calling management fees extortionate and gouging is lazy and usually ill informed.
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I have read them and formed an opinion, you do not know the apartment in question, have not read them and I am the ill informed one.
Lazy!
 
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HollyBud said:
I have read them and formed an opinion, you do not know the apartment in question, have not read them and I am the ill informed one.
Lazy!
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You should then be in a position to illustrate where the gouging is happening, what cost specifically do you think is being gouged? if you believe the OMC isnt being run for your benefit why dont you put yourself forward as a director, you should be able to quickly bring the fees back down 30% if its that straightforward,

Lazy indeed.
 
You obviously have a connection to a management company. I don't have time to join one or be badgered by you.
I am in the process of selling the apartment to the Council where the Tax Payer can foot the bill.
My original point is I would not advise people to downsize and have a huge bill yearly when they maybe in a position to buy a house.
 
I have the same connection that you have to an OMC, i am a member of one, i dont have any connection to a management agent if thats what you mean. So you are too busy to do anything about perceived gouging but not too busy to complain about it, appears to be a common disorder

Your original point i would again suggest is somewhat misleading, the 'huge' bill you refer to is mostly for services that you receive, so waste disposal, lighting of common areas, contribution to a sinking fund to maintain lifts for example. If you are suggesting that owning a house is a lower cost endeavor im not sure that stacks up.
 
Blackrock1 said:
If you are suggesting that owning a house is a lower cost endeavor im not sure that stacks up.
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Good point, many don't consider the ongoing costs of maintaining a house in the same manner as service fees. For some heading into their twilight years, having someone else take care of these services and maintenance can make life a lot easier and eliminates the (albeit low) risk of exploitation by rogue trades.
 
Management fees only cover the maintenance of the external property, nothing internal

Also covered is Waste collection, cost for a house €240 approx.

Block Insurance (not contents) €150 approx.

Other things like maintenance of common areas, electricity costs of common areas, Lift repairs etc. are not an issue for houses.

What is there to maintenance the exterior of a house? New windows every 20 to 30 years and a lick of paint. Possible a leak in the roof.

Obviously there are other things and if you want to live in an apartment and money is no issue then fair enough.



As previously said, for an investor who can write off half as an expense and don’t want to maintenance the external then it may make sense but as a private residence, for me I would take these fee into consideration when choosing a house V apartment. They are not insignificant .

There are other reasons I would not live in an apartment but that’s is for another day.
 
Some complexes have common garden \ green areas. So the general landscaping type work is covered by management fee.

Whereas looking after own garden may become challenging for someone older to do themselves.

During lockdowns the small green area in the complex I was in at the time was a little oasis.

Important to be in a ground floor \ complex with a lift in case of mobility issues - but maintenance of lift is significant part of management fee usually. Catch 22.
 
I would also add in high tech fire safety systems and regular maintenance / checks, CCTV and security gates - all of which would be likely of value to an older person living alone to give peace of mind if nothing else. Many may have systems at home like Ring door bell cameras but if you are not technically minded they can be a non runner especially if you change over your broadband provider or whatever.
 
Yes apartment complexs are certainly a safer environment especially if one is on their own
 
Stairs isn't much of an issue when you can get a stair lift or lift installed. Cheaper than putting in a bathroom downstairs.
 

As others have stated I've not found cost to maintain a house, even a rental which gets a hard life, to substantially more than service fees. In my limited experience they are usually less.

You have the same problem with rogue trades in an apartment. That's an issue trades in general. Anyone I know with an apartment still needed tradesmen like plumbing and electricians etc.
 
I think it will depend very much on the location and property. I don't think you can make a sweeping generalization which is better.

When I looked to downsize the parent house, there was premium for a local bungalow that sucked up any saving. There were no apartment blocks with older people. There was no point moving out of the area and away from local support wasn't a runner. In the end the resistance to change from parent and a sibling killed off idea. Same with building a granny flat and moving my own family in.
 
Had the same issue with trying to reduce maintenance of large garden. Not willing to change it. So I stopped trying.
 
Lucius Lamb said:
New book deals with some issues discussed here https://www.amazon.com/Gentle-Art-Swedish-Death-Cleaning/dp/1501173243
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Death cleaning. That some term.

I'm on my 3rd or 4th house clearing. I am becoming very ruthless. I'm looking at my own home need to do the same there.
 
HollyBud said:
Other things like maintenance of common areas, electricity costs of common areas, Lift repairs etc. are not an issue for houses.
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In houses all the elements like roofs, walls, windows, guttering, garden, fencing, gates, drive and pathways, externals sheds, etc. etc. all require ongoing maintenance and eventual replacement. Some of those are big ticket items that don't happen often, others are regular incidental spends that people don't consider.

Yes management fees can be higher, but lots of people spend a couple of grand a year or more maintaining items that would be covered by a management fee in an apartment complex.
 
Can't say I've ever replace a roof, paths, or driveway, in any of the houses I've owned. Maintained yes, replaced no.

I've never worked it over say a 10, 20yr period for my own home. But I have worked it out for rentals, and for me its less than service fees. Though I have used a agent to handle maintenance so its not like I do it myself.
 
To get back to the OP's question I guess there is no right answer because it really depends on what makes you happy.

I am pretty much determined to downsize sooner rather than later because I believe that it will be the right thing to do for me and my wife based on what we hope to do when I stop working. I don't particularly enjoy gardening but I do like access to some outside space, so whether that is private or shared does not really matter to me. Furthermore, I do not want to be dependent on a car to do my shopping or local socialising. I would also hope to spend reasonably long stretches of the winter living in more pleasant climes so I want a property that I can safely leave vacant for these periods. So a relatively modern energy efficient townhouse or large appartment would suit me. We have moved four times since we had children and I have learned that I really do not need as much stuff as I thought I did when I was younger . When we renovated the house we are currently living in we intentionally reduced the amount of potential storage space because we knew that if you have it you'd fill it. Now we try to live by a one-in, one-out rule whereby to justify a purchase of anything non-essential we have to sell or recycle the old one. I guess that this makes me a perfect downsizing candidate because I do not tend to form strong emotional attachements to belongings.

I have a plan for when my kids are gone and downsizing is a big part of this. However, I can understand why this lifestyle change would not suit everyone. If you have to force an elderly parent (or parents) to do this then it is perhaps not the right solution despite the practical advantages. A financial advisor friend once told me that in his experience if you had not downsized by your late 60s then you were unlikely to ever do so because intertia creeps in when as you get older.
 
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