Downsizing too early in life

delmar39

ILW wrote: »

I paid my mortgage off just before 50, could have gone for bigger place etc.
Still occasional wake up with a nice warm feeling that I owe nothing to anyone and at least what I have is all mine and cannot be taken away if circumstances change.

Nice position to be in. Must take away a lot of pressure?

diable

Work out how much it would cost in fees and all associated costs to downsize and see if it's worth it as at the end of the day I don't think it may be worth it unless you are moving to Checnya.

diable

delmar39 wrote: »

Nice position to be in. Must take away a lot of pressure?

In bed or no mortgage ;o)))))

BitterAndTwisted

Selling up could cost you up to 10% of your £90K equity which you released. That doesn't look very attractive to me at first glance. Plus what would you do with the cash with interest-rates at rock-bottom?

Imelda

We have had loads of comments by friends because my DH and I want to be mortgage free by the time we have children.

Currently DH works very long hours (I used to do a similar job but left last year to return to uni) and yes, he gets paid well for it but he would miss out on being a dad. So the plan is, in 5yrs the mortgage will be paid off, we will have a couple of kids and both work part time in order to share the childcare.

Ok, so we won't have a 5 bed detached with 3 ensuites and half an acre but we will (hopefully) have a lovely, paid for home and the time to enjoy as a family.

ILW

delmar39 wrote: »

Nice position to be in. Must take away a lot of pressure?

Yes it does, but then again it was a choice.
I have friends who have bigger houses than me who still have 20 year mortgages to pay and some are pretty worried at the moment. Guess it just depends on what you feel you are most happy with.

morg_monster

Honestly I can see your thinking but it doesn't seem a great idea to go to 3 bedrooms when you might end up with 2 kids. Once they are a certain age you won't have a spare room at all, and then they tend to accumulate stuff that needs space - even above the typical stash of toys or massive board of lego; but musical instruments, telescopes, computers, desks, bookshelves, hamster cages, fish tanks, etc. Plus the fact that they just tend to GROW, being in a 3 bed house with effectively 4 adults would be a bit of a squeeze, I would think. I know lots of people do it though.

Yes, to me it does seem that you are considering downsizing too early. but if you could find a cheaper place without sacrificing too much space it might be a goer. Don't do it just cos you're bored though; that's a really bad idea. What happens when you get bored of the next house? Maybe try and channel the boredom into something more productive instead.

delmar39

diable wrote: »

In bed or no mortgage ;o)))))

Hmmm both :rotfl:

poppysarah

Where's your fertility-ometer?

If the house is too big then get a lodger and make it earn it's keep a bit more. (Weekday only ones are probably an easy option)

hazyjo

Might be nice in later years to make Bed 4 into a 'teen lounge' where they can have their own space (and friends can come round instead of them all hanging around outside libraries ).

Or maybe you'll want to convert a bedroom into a dressing room. Women do tend to have a habit of not throwing out clothes (I should know) and in say 10 years' time, it might be nice having one attached to the main bedroom (if you don't have one already).

Also, more and more people are working from home and you never know what the future brings. Might be that it becomes much more of a permanent thing where you need more than just a laptop in a room shared with others. Won't want to have guests stay over in your office...

Jx