Ok would you do this ?

Bella79

Hi all

Were currently in a 4 bed detached house with a small morg of 55k , We have been thinking recently with how everything is going up gas elec etc (were 29&35) of downsizing to a smaller home.
We only have once child and hubby is self emplyed he doesnt earn a lot bt gets to spend loads of time with daughter which is great we just about pay bills do our shopping odd little treat and maybe a takeout once a week
Were thinking of selling to buy somewhere outright no morg on it to give us more spare cash to go on holidays and enjoy life ! , Howere the house we would buy is a ex pit house good area but i would be giving up things like downstairs toilet , ensuite and jst the genral amount of space it would also be a semi
Just wanted oother ppls opinions on this please would you do it ?
Thankyou
x

forgot to say we would have to borrow a small amount over 5 year to get the house how we wanted it inside wher as the one were in at mometn is a new build so ok inside and out

suzanandboys

If you can afford to stay where you are I'd stay, i got so clautophobic in our two up two down house ( semi) with just 1 child, have you also factored in all the selling and moving costs

Were the same as you 4 bed detached and my geeky husband has just produce a spread sheet of how much each appliance is costing us to run per month and if we would save money replacing hem, no surprise the tumbledryer is costing us £11 per month so i will be line drying as much as possible, and I've just invested in a remoska as our ovan was the next big cost, and this winter we will be wareing a jumper rather than sitting in a nice warm house in a t-shirt.

good luck with your decision

shirlgirl2004

We're in a 4 bed detached too and although I would go smaller I wouldn't go to a semi again. Realitically going to a semi is what would make the biggest difference. Also IMO with the housing market going down the drop on your home's value will be larger than on a smaller home. I'd go for trying to pay off your current mortgage. However small your overpayments were they would make a difference.

zekepes

I agree, I would say if it is financially possible and really try and not waste energy. You haven't mentioned whether you work or how old you daughter is - I am assuming you don't work and you child is pre-school. I'm just thinking that in a few short years you could find yourself better off (maybe when you child goes to school and you are earning even just a few extra hundred a month) and kick yourself for giving up all that lovely space.

Bella79

HI
Yeah my lo is pre school but i do have my own income its just cos my hubby doesnt earn loads ....were ok u know dont really worry about greocery shopping or clothing daughter its just we could be naother £500 a month better off !! i think im just been greedy ! lol but id be able to take lo on a few hols a year and give her a really good life without the morg , and if hubby does have a few slow months we wont have to worry so much

Bella79

plus if we moved the house we buy is closer to my family etc

Barneysmom

I'd move.. In fact we will in a few years time.
Quality of life and all that. We've got a 4-bed and will buty a 2 bed in a couple of years. We owe £50k on our mrtgage but I want to buy a little chalet by the sea or a camper van, and we'd have extra money to go away weekends, if we weren't spending loads heating/maintaining this old thing.

Go for it, if it's what your heart wants.

tiamai_d

I'd move... but I would look for a house with 3 bedrooms (just in case), a space downstairs where a WC could be installed later on and space for a dining table.

Losing a 4th bedroom and an ensuite would be simple less rooms to clean and a good swap for being morgage free.

You could always save some of that £500 a month and in a few years move to a larger house or extend a semi to get an ensuite once again.

Why not start looking at some houses that would let you be morgage free and see what happens?

TBH, you sound kinda like you do want to move!

Bella79

thanks guys for all your thoughts , ~Yeah i do wanna move but i dont wanna be makin a big mistake either !
I suppose we will take the plunge jst a bit scary thats all lol

Barneysmom

Sometimes you've just got to go for it! It'll work out fine, there's love in your home, the people are the important things.
People always adapt, it takes time but you'll get used to it.

seven-day-weekend

It would be worth it to me to have no mortgage or a tiny mortgage. It's such a relief not to have to worry about it.

This is the main reason we kept the three-bedroom terrace house we bought in 1976. Apart from a cellar it has virtually no storage, a small kitchen with no room to extend, one downstairs bathroom with no extra space upstairs even for a toilet, and is difficult because of the layout to get any furniture in unless it is flatpacked.

However, it has tons of original features and more importantly, we have always been able to afford to live in it, even when my husband only had IB as income and I was a lollipop lady and before that when he was a student and I was a SAHM. We finished paying for it in our early 40s.

So although I would have liked an upstairs shower room and more storage, it was more important to us to have something easily affordable.

Although we now live in Spain, we still have this house as our bolt-hole, our son lives in it with two lodgers.

I would think about what is really important to you and take it from there.