Downsizing in Ireland: Navigating apartments, bridging finance, and family views

Joan seeks advice on downsizing her large family home to a local two-bed apartment

Getting in while an apartment development is underway allows plenty of time for research.

Hi Majella
I live alone in quite a large house, our family home in Cork City. While I am quite active, still playing golf and bridge, the house and garden is just too much for me at this point. I have previously looked at getting something smaller but there is very little on the market. I saw one house which was nice, but it was a bit further out and I would be surrounded by young families, and I don’t want to be the old lady living on her own. I’ve always thought a nice two-bed apartment — so my family can visit — could be the answer. Up to now there wasn’t much choice, but I see an apartment development is getting underway a short distance away. I also saw that one of the banks will start offering bridging finance next year aimed at downsizers. If you use bridging does that mean that you can buy without selling your own property first? Are there any risks with bridging? The whole thing is on my mind now because my children will be here for Christmas and I know it will come up again. Like my friends they have different ideas about it, and I just find it all a bit much sometimes. Any advice would be appreciated Majella.
Thank you, Joan

Dear Joan,
It’s the time of year when people naturally reflect on their lifestyle, and for many, downsizing and rightsizing is a topical conversation. You’re certainly not alone in thinking about whether your current home still fits your life. Many people reach a point where their family home, while full of memories, no longer suits the way they live today.