No point in moving - good idea?

redrabbit29

I bought my first house about 18 months ago. It's a 2 bed split maisonette and it cost me £133K, mortgage was £121k I think.

It's a 25 year mortgage and I'm on a fixed 5 year plan paying £710 a month.

My thoughts are:

- never to move, just pay off mortgage, eventually doing overpayments. At present there is 23 years left, but maybe I could get this down to about 17 or 18 or similar

- be mortgage free at 45ish years old - currently I am late 20s

Don't see myself having kids so thinking this may work.

Am I missing something obvious or is this a fairly reasonable plan? Then when 45, I can save loads and do what I want which is live a lot of my life abroad - in Italy, maybe even get a place there.

Thanks,
RR

black_taxi_2

I bought my small 1 bedroom flat,with intension to sell after 5,I'm still there after 18,prob be my retirement flat now.

moving up means finding an extra 100k(I'd rather use it for,restaurants,cafes,short city breaks)not getting into debt to pay for it

positives

1.only 1 year till MF
2.i whack central heating full on winter
3.im good location
4.ive already started to work less hours,have a life

negatives

I won't hav my dream flat,but life is about hard choices.


Your 25,I wish Internet and this site was around when I was 25

g/l

SG27

I would to stay in my 2 bed cottage for ever but we want kids at some point so would be too small unfortunately.

I think you've got a great plan. Moving in feed alone could be up to £10,000. Plus the extra money you need to find/borrow for the more expensive house.

JustAnotherSaver

I don't see anything wrong with the idea?

I've stayed at home until my early 30s to get together a big enough deposit which will allow me to buy a house that i don't feel the need to move away from.

Our IFA has insisted that we will move again because that's what people do, but to be fair - he doesn't really know me & doesn't know what i'm like. Hopefully the house purchase goes through & if it does, the only thing i can see moving us from that house is awful neighbours & i mean really unbearable. It's a 3bed semi in a good location. If i got something else it'd probably be another 3 bed semi, or even detached, but is it worth all the hassle of moving? & the cost? Probably not.

So like you, i intend to never move.

snookey

We bought a big house first so we would be able to have a family then when grown we can downsize. Mind you it was cheap at the time .

black_taxi_2

why buy if awful neighbours

Tahlullah

When I bought my first 2 up 2 down cottage, I was so happy, I had no intentions of ever moving.

Then, I realised it was too small for my needs, so moved to a beautiful semi on the edge of the woods. But I has the oddest neighbours, so reluctantly moved before we got to the point of neighbour disputes.

Bought where I am now, and have no plans of moving again until I become too ill or frail and so need residential / nursing care.

My point is that you never know what is round the corner. You can have the best of intentions, but sometimes life gets in the way.

Good luck on your journey. Just remember to enjoy it on the way.