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Live mortgage free but unhappy with house or buy dream home and have debt?
Options
amyk01
Posts: 9 Forumite
We are early thirties, currently no children although intend to soon, and are mortgage free with a house worth approximately £300k. I really don’t like our current house at all. The area isn’t the best, the house has a poor layout and a shared drive which isn’t great as neighbours tend to obstruct, but the house is big enough for the long term. If we were to move to my desired area, average house prices are approximately £450k, and then add on at minimum £50k for any renovations/decorations. So we would require at least an additional £200k which we don’t currently have. So the question is, do we take out a mortgage for the £200k and have this debt over our heads for potentially the next 25 years, or do we make do with the property we have and be grateful to be mortgage free and live a more stress free life? (Bearing in mind I’m really unhappy in this house and it gets me down daily). Or is there an option I haven’t considered? I know I don’t have to live in my expensive desired area and could find somewhere cheaper, but the next move is going to be the last move, and I don’t want to regret the location.
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Comments
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Be wealthy and unhappy or not so wealthy and happy?
Not a contest in my eyes.0 -
Most people manage with a mortgage (some go mad and have two!). I think you'll be fine if you get one. You can always overpay to shorten the term from 25 years- and you'll have a home that you are happier with.0
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You're early thirties. If it's affordable, I'd probably move and take on the mortgage. The option is always there to downsize again.
I'd just make sure that the house is right if you do take that option.Everything that is supposed to be in heaven is already here on earth.
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Given you've already had one "debt over our heads for potentially the next 25 years" (AKA a mortgage) and paid it off in less than 10 years, I really don't know why getting another/doing it all over again is such a big issue....0
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ReadingTim wrote: »Given you've already had one "debt over our heads for potentially the next 25 years" (AKA a mortgage) and paid it off in less than 10 years, I really don't know why getting another/doing it all over again is such a big issue....
Quite a presumption on your part that the current property was acquired with mortgage...
The 50k for renovations is quite a large amount and you will only need such amount if you are doing major works or fixing a dump, since there is no pressure to move you should be able to go with much lower figure.
Even then, just do the math if you will be able to afford the potential mortgage repayments with just one of you working, in case the other loses his/hers job. If so, I don't see any reason for stress caused by the mortgage, you are still young with plenty of work years ahead of you to worry about long term unemployment.
For me it's a non-brainer, living in a dream home trumps having pile of money in the bank every day of the year.0 -
If kids are on the horizon also look at current and potential locations with reference to schools, nearness of potential friends (esp of child, taxiing them everywhere gets weary!), local activities eg cinema, scouts, football etc:mad: :j:D:beer::eek::A:p:rotfl::cool::):(:T1
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We were in the same position nearly 2 years ago. We were mortgage free but the area declined and we were unhappy.
We had an incident which was the last straw and put the house for sale. It sold straight away and we moved to a quieter area with a mortgage.
It was the best decision we made. We used to fritter our disposable income more due to no mortgage. At least this way it is going towards the house. This house has also risen in value more than the one we sold and we were able to put down 60% deposit.
It is so quiet where we are now and and I do not dread coming home. No parking issues and no feral kids.
I always thought mortgage free was everything but when it affects your quality of life it is an issue.
Good luck!
Xx0 -
If your job or your home is making you seriously unhappy then you need to move, because you spend your time in one or the other.
£50k seems a lot for "renovation/decorations". It doesn't have to look like a show home straightaway.They are an EYESORES!!!!0 -
Are your diamond shoes also too tight?0
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