Downsizing in my retirement

Not sure why you feel you would be isolated in the country. We moved from London last year to a large village in Kent and the people here are FAR more friendly. We have a station with half- hourly trains to town - probably not as convenient or cheap as you are used to, but it works for us. The last train back at night is long after theatres have closed. But I can understand that if you are not used to the country it could be a daunting move.

There’s me wondering how lowly a guesthouse or B&B would need to be for me to be able to afford it in my more senior years!

I have lived in my bungalow alone for 32 years after coming back from twelve year travelling abroad when it was let. I did all my renovations and decorating until I was 82. I did not change the kitchen and has the same units as when it was built. Because my mother went to a new build after my father died. But as she got older and shrunken was unable to use the wall cabinets. All this modern obsession with new kitchens doesn’t make one a better cook. I would sooner spend my money on holidays. Which I did until health prevented me.
If I had moved I would have lost all my friendly neighbours and would miss the garden which I have developed over the years.
I have had two friends who went to live with sons in grannyannexes and regretted it. They ended up in care homes put there by their sons..
after spending a week in a care home for rehabilitation after an operation I have decided that as long as I can afford help that would be the last place I would go.
Finally it is said that after bereavement the next most stressful experience is moving house.

We sold our family home in 2007 and moved to a rental on the seafront in Folkestone. We have moved 3 times to smaller properties. The money from our house sale we invested and although not so much income from it now We use our income for a 3 month rental in the winter in Spain and another 6 weeks in Sept Oct. Pre covid and Brexit! We have never regretted renting and maybe we will look at retirement rental when we get older but we live in a lovely modern flat with views of France and no maintenance worries.

My father paid a very reasonable price for a new McCarthy and Stone flat in a convenient area. It is smart and well maintained, and the manager is excellent and keeps a good eye on the residents. They have company and activities organised. The price is not extortionate (£250 a month for maintenance) and for that the residents get hassle free living in a very pleasant flat, with a lovely garden. I have just sold it with little problem, other than of course, elderly people are not moving at the moment due to covid. To my mind it was worth it for the peace of mind of knowing that my father was safe and comfortable, with company.

I would never rent, you have no security. A friend of mine who rented a property for years was suddenly given notice as the owner who worked abroad lost his job and wanted his house back. She moved and within 4 months of being in the new property the owner died and the family wanted the house as part of the inheritance and she had to move again. Such an upheavel in a short space of time.

There is the option of releasing equity in your property. You could have enough for repairs and your holidays without moving. I am only raising this as somethings you could consider, albeit with good legal advice.

4allweknow, how does the equity release work? I have always wondered x

PJN1952
It’s not always the case with care homes, though. My mother was in a very good dementia-only care home for several years. She was self funded, and I would guess that probably half the residents were not, but all the rooms were the same - a good size, light and airy, with en-suite bathrooms.
However it was purpose-built for dementia, and was run by Abbeyfield.

Might add that at a more expensive home we looked at for her, in a converted hotel, the room they proposed to offer her, as a self-funder, was small and poky, evidently untouched from the original hotel room, and located down a maze of narrow corridors meaning she’d endlessly have been lost. It was quite unsuitable.
Needless to say that home was quickly crossed off the list.

Living in london you would have enough money to buy brand new small house outside of London. I would not wish to rent after being a home owner all my life.

Susysue

4allweknow, how does the equity release work? I have always wondered x

It's like a mortgage so there is a charge against your property. However the interest rolls up with the loan and is of course compounded. A good adviser can help you to work out how much you need, if necessary, based on your age. It is repaid to the loan company upon sale but could be transferred to another property. Interest rates are low at the moment and can be fixed for the duration of the loan.

Rose30 , thanks for explanation x

I downsized 5 years ago from a large bungalow that cost a fortune to heat to a 2 bedroomed semi. It was the best thing I ever did. I extended the kitchen adding a utility room and downstairs loo and had plenty of money to decorate and improve it to my liking. It is now virtually maintenance free, my neighbours are lovely and I am just around the corner from my daughter and grandchildren. I would never rent as I like the security of owning my home.