It's time to make a major decision (advice needed if possible)

tea-bag

Option 2 and take it easy, That is my plan I am selling up and using equity and selling another property I own outright to buy a house do it up as our LAST house go part time at work and live a bit. I am also 40 and in the same boat with 3 kids one off to uni others only have a few years left.

I am also looking into buying a little holiday home in Spain as prices are so good at the moment.

At my work I can go seasonal so can take 4 weeks off at a time so work for 16 weeks 4 weeks in Spain. Work - Spain.

Or option 3

Do up both places sell them move to a much cheaper area and retire! or part time again.

Also you never know what is around the corner MORTGUE FREE IS THE WAY FOWARD

princeofpounds

For a moment, forget that you own a share in the new property, and you have the choice of ANY property on the market (because ultimately, you do)...

Which one would you actually want to live in for the rest of your life, considering the cost?

If it is not the current property, then is the new property (suitably refurbished) the sort of thing you would trade up to, again considering the cost? It may be a step too far or too short.

That will tell you a lot about whether to pursue the purchase and refurbishment or not.

If you don't want to go for the new place, then don't spend time and energy doing stuff that will only add the value you put into it. You won't get that time back in your life. Pursue the stuff that can move the needle with minimal time and capital (particularly outline planning permission for the extension, making sure it is weatherproof and has basica utilities all functioning. Then sell it as a project. You should capture most of the value.

Whether you buy out the other 50% before doing this depends on stamp duty, capital gains, and what your 'partner' in the property wants to do.

witm8

Thanks for the thoughts that people have replied with.

After sitting down and really thinking things through last night – both me and the wife really don’t have all that much (if any) interest in becoming landlords. We’re also not really prepared to give 20% away to a property management company so that they do all the work for us.

The money that we’ll be saving per month by being mortgage free – or at least only having a tiny one, we can do so much else with.

Yeah, long term (after retirement in 25 years) it would be nice to have a regular income, but who knows what’s around the corner. Let’s live for today, and the next 5 years and enjoy ourselves when we are still fit and healthy.

My mother retired after working her fingers to the bone all her life, she didn’t spend extravagantly, but saved hard for the future, put money in various accounts, bonds, endowments etc…..Retired at the end of November 2013, and died March 2014. She had all of 3 ½ months to ‘enjoy’ her retirement and everything that she worked her whole life for.

You can’t take it to the grave, so enjoy it whilst you can!

nubbins

Great choice and great explanation and sorry to hear about your mum. You are right anything can happen and if you feel this is the best thing for you to do go for it and live life to the full.
Good luck.