Upsize the house in middle age ?

Kynthia

Only you know whether these intangible benefits would be worth the additional cost and risk. Sometimes we can live life too safe and miss out on good things.

However you can spend some time working out the likehood of some risks and what the impact would be. Such as if interest rates went up to 8%, you were made redundant or you couldn't work full time for the next 18 years, etc. Then have a plan to minimise or mitigate these risks. Build up some savings, take out income protection, consider taking a lodger if you need to, etc.

aeb_2

I moved to near Exeter from the Midlands to a 'fixie up' house. We intended to run it as a business so put in every penny to buy it (pension, inheritance, etc) We hoped the business would repay he investment but didn't have a mortgage. We were mid 40's too
Then after a couple of months my OH died and I found I was pregnant. No OH for support or to do the 'fixing up', no time, no money, no life insurance.
Anyway, life goes on and I get on with it. I have no regrets about moving - it is my forever house and long term I can't see I'll ever move. If we hadn't moved I would have been better off financially but would always have yearned for this house,

I'd say go for it.

Davesnave

aeb wrote: »

I moved to near Exeter from the Midlands to a 'fixie up' house....... Anyway, life goes on and I get on with it. I have no regrets about moving - it is my forever house and long term I can't see I'll ever move. If we hadn't moved I would have been better off financially but would always have yearned for this house.

............And let's face it, Midlands? Exeter? No contest!

namecheck

This is quite a difficult one.

But - you have not said anything on the lines of..this is our dream house, we'd regret it for ever if we did not buy it, we've never seem a house we like so much etc.. so I'm not sure that it would make up for the drawbacks that other posters have mentioned.

Sometimes you have to take a chance in life but personally I do not feel that this potential move would be a sensible one.

silvercar

We did exactly this when we were 42 and the kids 16 and12. Haven't regretted it for a minute.

Our calculations were based on higher interest rates, so the falling base rate was an unexpected bonus.

If you let your offspring take the student loans then the extra you need to subsidise them on top of that is not crippling. With a bigger home, the kids always have the option of living at home and saving some money until they are disparate to flee the nest.

E-K

AEB: I'm sorry to hear you had such a tough time of it. Best of luck.

Faerie: I'm interested to know why you think I'd wind people up. You seem to have a strong opinion. Strong opinions are what I want to hear. Please let me know what it is.

I am almost 50/50 on this decision. Almost.

(Wifey really wants us to do it)

sofaspud1234

hermanmunster wrote: »

Twins going to Uni???????? have you looked at the cost of keeping them there?



... I have!!! and am jolly glad I have paid off the mortgage

I have 2 sons 1st gained a masters paid for himself. 2nd son in his final year now, cost to us so far £2500. Guess I have been lucky.

namecheck

sofaspud1234 wrote: »

I have 2 sons 1st gained a masters paid for himself. 2nd son in his final year now, cost to us so far £2500. Guess I have been lucky.

Yes - very lucky
Though potential costs with twins at uni are not the only reasons against the OP's potential move (IMO)

hermanmunster_3

sofaspud1234 wrote: »

I have 2 sons 1st gained a masters paid for himself. 2nd son in his final year now, cost to us so far £2500. Guess I have been lucky.

And I was totally funded through University!!! but DS is starting next year and can borrow the fees (£9000) and maintenance loan (about £3,500). Not eligible for anything else. Accommodation is 5-7k per year and whatever for travel / books / clothes etc. Course is 4 years so suspect I will be 20k lighter by the end of it and he will have 50k debt.