Dizzy Posted October 19, 2011 Report Share Posted October 19, 2011 Good idea or bad idea? If you qualified by having too much living space in your home or a few empty bedrooms would you downsize if there were incentives such as no stamp duty ? See below. http://latestnews.virginmedia.com/news/uk/2011/10/19/third_of_homes_under_occupied Quote Link to comment Share on other sites More sharing options...
Rex Mac Posted October 19, 2011 Report Share Posted October 19, 2011 I really cannot see this idea getting off the ground. I suppose it all depends on what you class as too much living space. If you mean more bedrooms than needed then I suppose I fall into that category with two unused bedrooms. I currently have plans to turn one into a digital recording studio and the other into a general playroom/office. Once that is completed I guess everyone can call me a selfish so and so with no consideration for others. And what's more I'd probably agree with them Quote Link to comment Share on other sites More sharing options...
asperity Posted October 19, 2011 Report Share Posted October 19, 2011 Really it is nobody's business but the homeowner's how large his property is. For the record I don't have any spare rooms. :wink: :wink: Quote Link to comment Share on other sites More sharing options...
Cleopatra Posted October 19, 2011 Report Share Posted October 19, 2011 Yes. What's the point of having empty rooms collecting dust? If one does not have frequent guests staying for periods of time (such as family members) then I would downsize. Saves work and maintainance and perhaps have a bit of spare cash in my pocket from the sale of the bigger house. Having said that, we need to extend here and also sell our apartments in Cairo and Alex and buy bigger ones with more rooms to accomodate our expanding family. Quote Link to comment Share on other sites More sharing options...
Rex Mac Posted October 19, 2011 Report Share Posted October 19, 2011 Here's one aspect I just thought of. My Mother downsized and moved into a returement flat in Appleton about 12 years ago and enjoyed a few nice holidays and special treats in the years she had available. She is now in full time care and the proceeds from the sale of the flat will probably take care of the fees for no more than five years or so. Had she remained in her house then the fees would have covered her care for longer. Once the capital has gone then the nursing home will collect the fees from social services. I suppose we also need to consider this type of scenario in balance with the housing needs before we can decide if it is a good idea or not. Quote Link to comment Share on other sites More sharing options...
harry hayes Posted October 19, 2011 Report Share Posted October 19, 2011 Home is home. You are comfortable in it and the house is full of memories. The garden is full of plants you planted. You know all the neighbours and they know you. Your life, shops, church etc are central to your daily life. Why change - you could well be exchanging a perfectly good home for one that for a while will be a half prison. To use a garden analogy, young plants easily transplant; older ones are more difficult. And as for selling your home to pay for care, when the feckless get it free...... Selfish - perhaps so, but in truth that is human nature. Might I add, that my own parents downsized to a flat in Lymm, an action they lived for a short while to regret. Happy days Quote Link to comment Share on other sites More sharing options...
Bill Posted October 19, 2011 Report Share Posted October 19, 2011 We chose to downsized seven years ago from a four-bed house to a more compact bungalow in a quieter area. Good move as far as I’m concerned although the bungalow despite being smaller was more expensive that the house so just when II thought I’d finished with things like mortgages, I ended up with another. The trick is to make the change before circumstances force you into it and that way the new place becomes your new home rather than it being a house that you move to in the last years of life. Bill Quote Link to comment Share on other sites More sharing options...
observer Posted October 19, 2011 Report Share Posted October 19, 2011 Downsizeing doesn't necessarilly bring in a high level of return, and you still finish up with "an asset" that you can't spend on three cruises per year. So the only way to realise the asset, is to downsize into rented; get the cash in the bank and try spending it asap, before inflation erodes it and/or you kick the bucket. The other problem is, houses arn't selling that easily, as most young folk who want to start a family, to fill all those spare bedrooms, simply can't afford the mortgage in the first place. Quote Link to comment Share on other sites More sharing options...
algy Posted October 19, 2011 Report Share Posted October 19, 2011 Downsizeing doesn't necessarilly bring in a high level of return, and you still finish up with "an asset" that you can't spend on three cruises per year. So the only way to realise the asset, is to downsize into rented; get the cash in the bank and try spending it asap, before inflation erodes it and/or you kick the bucket. The other problem is, houses arn't selling that easily, as most young folk who want to start a family, to fill all those spare bedrooms, simply can't afford the mortgage in the first place. We downsized into a two bedroomed bungalow when we were 50 and both our children married and left home, the second bedroom was ideal when our grandchildren came to stay, I consider that we made the right move at the right time in our lives as we were young enough and had enough finances, energy and interest to carry out the work required to bring it to the standard we required, the thought of having to move now we are over 70 would be enough to drive us both into an early grave. So my advice is move in your middle years don't leave it too late in life. Quote Link to comment Share on other sites More sharing options...
Wireboy Posted October 19, 2011 Report Share Posted October 19, 2011 My children are still young and won't be moving out for at least 10 years but the thought of downsizeing does not appeal to me. I have worked my butt off for my house. Spent many a money and time making it how I want. My house is part of me and I could not live any where else smaller. The thought of putting all this time and money into somewhere else in my 50's? No thanks. My father in law downsized and he went from keeping his mind occupied with garden/DIY into a bungalow and he lost the get up and go and struggled to keep himself occupied. I remember my Grandma many years ago having a lodger in her spare bedroom. Maybe that could be an option for people with room. Quote Link to comment Share on other sites More sharing options...
observer Posted October 19, 2011 Report Share Posted October 19, 2011 Understandable - but, the house will be there when your pushing up daisies! :unsure: Quote Link to comment Share on other sites More sharing options...
asperity Posted October 19, 2011 Report Share Posted October 19, 2011 When I'm pushing up daisies what happens to my house will be of no concern or interest of mine. The solicitors may get some enjoyment out of it however BWAHAHAHAHAHA :grin: Quote Link to comment Share on other sites More sharing options...
observer Posted October 20, 2011 Report Share Posted October 20, 2011 But that's your hard earned money, that you won't have spent! No pocket in shrouds etc! Quote Link to comment Share on other sites More sharing options...
asperity Posted October 20, 2011 Report Share Posted October 20, 2011 Am I bothered? Quote Link to comment Share on other sites More sharing options...
observer Posted October 20, 2011 Report Share Posted October 20, 2011 Apparently not! Quote Link to comment Share on other sites More sharing options...
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