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Downsize to purchase retirement home?

ChilledRuby

Hi all, I'm looking for your feedback on downsizing to buy forever retirement home in the country. 10yrs away from retirement, but can work from home.

Put every penny we had towards overpaying mortgage for last 15years. Now we are mortgage free, €550k equity. 1 kid in secondary school 2nd Yr. 4 years left. Commute from new country home would be 1hr each way to school and wife's work. Country House is €275k and requires €200k refurb, but is in a unique location with amazing views. We love it!

Is the commute worth it from retirement house to school/work? Petrol is so expensive and going up.

Is it worth selling up to buy a 2bed apartment €270k close to school, wife's work for the 4 years till kid is finished school? Then sell it or rent it. In a good area.

Can then do the essentials on retirement home, till we sell the apartment?

Do we just wait and hope we find something as nice in 4years when kid is finished school?

Would love to know what you think?

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Accepted answers

pavb2

From your original post it sounds like you’d do it in a heartbeat but it’s the impact on others that require that bit more consideration unfortunately you won’t know the full effect until you do it.

There are solutions to living in a refurb again for me this would be preferable than the commute.

All comments

pavb2

Just my observations feel free to ignore as you will.

The cost of petrol would be the lesser of two issues for me, two hours commute per day might be ok at first but after a year or so might become a bit of a grind. The question is could your wife find work by the new house or work from home if she needed or wanted to and would changing the child's school affect their education though a few years down the line after finishing school this is less of an issue.

Based on this the first option would be to go for the nuclear option sell up and buy the place in the country wife finds work locally and child changes school.

Second option staying put for a few years means you would hopefully increase equity in your house but would a similar property still be available? I personally wouldn't have the patience for this and the fear of regret, not seizing the day would be too strong for me.

The third option is a bit of a halfway house you would effectively split your time between two locations and have some travelling, you would incur fees in buying an apartment, the equity on the apartment when you sell would be less than if you kept your house and do you want the problems of being a landlord.

Personally if I really wanted the house I would choose Option 1 there's a bit of a trade off but its short term pain for long term gain.

I definitely wouldn't go for option 3 as you'll need a lot of energy, time and resources for the refurb, this seems a bit complicated involves commuting and is a big lifestyle change without fully achieving what you want. The phrase trying to ride two horses at the same time comes to mind.

Ultimately whatever the decision you can't allow yourself to get too stressed you've got to hold the thought that you're mortgage free and this is a nice problem to have. Good luck.

ChilledRuby

Hey pavb2, many thanks for the input. It's a tricky one for us. Kid is already anxious about school, and moving her won't help the situation. Between that and living in a refurb is pulling one way and heart and business head says do it. Fortune favours the brave, but life gets in the way sometimes.

pavb2

There are solutions to living in a refurb again for me this would be preferable than the commute.

Ninesell

Does your child want to move to this area? Are there future opportunities and amenities in this area for them?

Have you lived in a countryside location like this before?

ChilledRuby

Hi Ninesell. Child doesn't want to move, but what child would. We moved 7 years ago and they weren't happy, but they got over it. Plenty of things to do at new location. Should that determine my permanent future retirement location?

Never lived in the countryside before, but love going there for weekend trips. Much prefer the quiet life to the buzz of a city.

Widdensushi

https://www.boards.ie/discussion/comment/121923235#Comment_121923235

Sounds good for you, not so good for kids and wife giving two hours a day travelling for school/work not a mind any other activities,or am I reading something wrong, why not wait to move when it suits your wife and kids also?

mykrodot

Hi OP

just a few things, if you haven't fully lived in the countryside before just be careful. Living permanently in a place is very different to the buzz of weekend visits. Its reality. It changes your perception and it can take a long time to get your head around the permanency of it. It no longer has that "escape away for a weekend" buzz when its every single day.

Also be careful you don't isolate yourself too far away from shops, activities, people. Even if you love your own company and the peace and quiet it will be a lot more quiet when you retire. You also change a lot between your 50's and 60's (I'm assuming you're mid fifties now).

I am living in Kerry but was born, bred and schooled in Dublin city. One of my daughters is in Limerick with 3 small kids, one in South Kerry. I bought a year ago in West Kerry, an hour from both of them. BUT I made sure I bought in a small town, lots of people around, yet still peaceful and quiet. I can walk to shops. I am 15 mins from both Killarney and Tralee and 4 mins from Faranfore airport and mainline train to Dublin! I hike and swim a lot and am very active. I lived in Meath before and found it very hard to make friends, in Kerry its much easier.

Kids find it a lot harder to move than adults, especially as teenagers , it could be an issue that can cause a lot of grief. Hopefully not. I moved from Dubin to Meath when mine were 13 and 8 and they still talk about it, they hated it!

Finally I would advise against buying a big property, you definitely need less space and stuff as you retire. So many of my family and friends would love to downsize. But you sound like you have taken this into account from your thread title! Best of luck, just don't isolate yourself too much, you might find it a bit quiet in 10 years time.

Ninesell

https://www.boards.ie/discussion/comment/121923235#Comment_121923235

Just probing questions! You still have a few years of secondary school to go with a child who has some anxiety around school already. This could have a big impact on the family. Children are staying home for longer due to economic reasons too, college life and beyond. Are you obligated to provide a home in their preferred area? No, but you also want to have them reach their full potential. Where is their best opportunity for them to do this?

As someone who has lived in both locations, and had a significant commute at one stage, the maintenance on large country sites, distances to services and settling into communities are factors to consider for all in the family. Winter can be long!

[Deleted User]

The appeal of living in the countryside can be very alluring, however that appeal can wear off very quickly if one is accustomised to all the amenities of city living.

The main thing lots of people dont take into account is healthcare, as we age, we need the security of having timely access to a hospital should it be needed.

OP how far is your nearest hospital from your proposed countryside residence?

mykrodot

https://www.boards.ie/discussion/comment/121923606#Comment_121923606

yes these were things I made sure I factored in to my move. I'm 15 mins from Kerry General hospital. I'm fit as a flea but don't take it for granted. 10 years ago I wouldn't have given this as much thought as I do now age 62. I can also walk 3 mins to 2 shops and a pub! Neighbours around within shouting distance yet peace and quiet and amazing walks from my front door. Winter is a completely different beast in rural areas, be prepared. Very quiet.

One of the hardest things was getting a local GP, it took 18 months. I've lived in Dublin and in rural locations, each has pros and cons but do your research.

Furze99

Just remember that your child may need to be back with you in their 20s & 30s and perhaps with a partner. That's the new norm for many families. Downsizing might not be a given.

ChilledRuby

Thanks all for the feedback. It's great to hear different perspectives from others who have gone through the same process. We are all very happy where we are, but the beauty and relaxing atmosphere of the country is calling and a retirement dream. Maybe it will have to wait a few years, and keep the practical head on for a while. Thanks again.

n.d.os

Before the pandemic, I used to commute to Dublin from Wexford five days a week, but now I work from home one day and only travel three. The five-day commute is quite taxing, and nowadays, most employers wouldn’t expect such a commitment. For adults, an hour’s drive to and from work seems reasonable, but it’s a different story for children going to school; it’s not fair to subject them to that. A five-day school commute is exhausting, and it’s likely to lead to burnout. Financially, there’s no long-term saving either, as a house in the countryside may end up costing as much as one in the city.

When considering fuel costs, opting for an electric vehicle could be more economical in the long run, especially for longer commutes. Petrol expenses for significant distances can be wasteful, and I’ve noticed an increase in electric vehicles on my own commutes, which are ideal for such journeys.

Having experienced life in both Dublin and the countryside, I can say that each has its merits. The countryside offers spacious homes and is delightful in the summer, while the city provides more activities for dreary days and a richer social life for children. However, country living seems more suited to young couples and retirees who can fully enjoy its tranquility. For families with school-going children and active lifestyles, the convenience of city life can be more appealing, as not all amenities are readily available in rural areas.

Del2005

What is your child's plan after school? Going to college is going to be expensive if they can find somewhere to rent otherwise it'll be a tough commute to a college they don't want to attend.

ChilledRuby

College is 30min drive/bus ride from house now and would also be the same from country house, just from the other direction.