Old age, downsizing, retirement businesses, etc.

[Laura Corin]

We currently have a large-ish house (4 bedrooms) and a very large garden (3 acres). We could probably get planning permission to convert our garage into a holiday/vacation cottage, and also possibly divide the house to provide more holiday accommodation. We have talked about this providing retirement income, stimulation, etc. as we grow older. The house is expensive to run, however, and the large garden takes a lot of work. We have a mortgage. Keeping the big house would allow both boys plus potential families to visit and stay at once. Our pockets are not deep, so getting help with the large house/garden will only be possible if we are also getting income from the property.

 

An alternative scenario is selling the current house and putting the equity into paying cash for a two-bed place: no income from holiday visitors, but much lower running expenses balancing this out - no mortgage, lower heating costs, smaller garden to manage, etc. There would be space for both boys to visit at once but only one potential family would fit. Our lives would be simpler, but we would have to make sure that we maintained stimulation through work, volunteering, hobbies, etc.

 

Neither of us have had parents or grandparents who welcomed the whole extended family to stay at once, so this is not something we really expect.

 

What would you do? I am thinking about things like stress vs. stimulation, ability to cope with a health crisis, etc.

 

Laura

[matrips]

Seeing what my older parents are going through, I would downsize while you are healthy and able to deal with the move. They should have moved ages ago, and now it's just too much for them to even think about. A retirement community would get my vote if there are any around.

[Heather in Neverland]

I would go with the smaller house as well. Here people actually give up their houses all together and buy a condo (we call it an apartment in the states but they call it a condo here) when they get older.

 

Running a business is a lot of work. I agree with staying busy when you are retired but not that busy... And busy with the choice to not be busy if you don't feel like it.

[PrincessMommy]

we are similar ages (except my husband is 8 yrs older). We live in a largish house with a basement bedroom/bath. currently we have a college-aged child sleeping there, but who knows what will be needed in the future with the older kids. However, we do plan to downsize about the time our youngest (11) graduates and goes off to college.

 

That's would I would recommend. But then it really does depend on your personalities and stamina. I have absolutely NO interest in running and holiday rental (B&B???). None. I'm becoming more and more reclusive as I age (always been rather solitary anyway). So you should take my recommendation with that understanding.

[Elinor Everywhere]

We don't have a huge house, but it is 4 bedrooms/2.5 bath. Right now I am planning on downsizing once the kids move out, but my reasons are not the same as yours - I want to live in a more urban setting, where I don't have to drive my car for every little errand. I love walking/biking for errands, or using public transportation.

 

I think we're going to sell this place, and buy a smaller place here and another small place in a cooler climate. At least, that's the plan for now. :)

[Tammyla]

I'm looking forward to downsizing. I've watched too many family members struggle to maintain and stay in a property that simply sucks the life and joy out of them. The homes and property were once wonderful homes that as they aged became a huge burden in so many ways.

[Reya]

I dunno what will happen, but if one of my kids ends up local, what we'll probably do is move into our own in-law apartment (to be built by my parents) and give the house to one of the kids. :-)

[texasmama]

We have a 3,000 sq foot house on over 4 acres. We've been here for 13 years. We are mid-forties. My secret "plan" is to have at least one of my kids and their family live with us. I'll even give up the master bedroom to them or build a smallish house adjacent on the property for us to live in and let them have the main house. My dh owns his own business so one of the kids can take it over, and we can retire, stay long-term where we have been for so long already and enjoy many lovely days with kids/grandkids. But I'm crazy like that. ;) Failing that, we will sell the darn thing and move to a retirement village and travel. :D

[Mommyfaithe]

We built our house with a add on apartment, which dh and I now live in....lol. It is connected to the main house through the kitchen. We " moved" in here because we had so many kids....and they needed room and I needed QUIET once in a while. I assume one of my kids will end up staying with their family....or we may move back into the main house before then....and have a single kid move into the in-law apartment. Either way is fine by me. If it were up to me....I would move into a town house/condo near town once the kids were all grown, And not have to worry about maintenance or shoveling snow etc..and I would love to be able to walk to a store....

 

If I were you, I would downsize now...and not worry too much about entertaining....that always works itself out.

[Laura Corin]

We stayed for a couple of weeks for a family reunion/funeral/medical emergency (in sequence) at a B&B a few years ago and had some very interesting conversations with the owners about the running of a B&B.

 

It's unrelenting work. Unless hospitality to strangers is a calling and a gift, forget it.

The average life-span of a B&B owner is 3 years. They had been at it 8; they were gone 2 years after we stayed there.

For a lot of B&Bs, there tends to be high season and you are completely tied down for that time.

 

 

 

I agree - I couldn't be a B&B owner. This would be weekly rental: the renters pick up the keys and you don't see them (barring emergencies) for the week.

 

Thanks

 

Laura

[Melinda in VT]

I agree - I couldn't be a B&B owner. This would be weekly rental: the renters pick up the keys and you don't see them (barring emergencies) for the week.

 

Thanks

 

Laura

 

But you would be amazed at what people consider emergencies. And at the emergencies that people can cause themselves and then expect you to fix.

 

I vote for downsizing.

[Audrey]

I vote for downsizing. Hospitality is a lot of work, a lot of committment, a lot of your time, and inevitably a lot of your money. Downsizing frees you up to pursue your interests without being tied to whether or not a guest is going to need you or an emergency arises or something else needs repair, etc. etc.