I maybe need talking through/out of this idea

whitesatin

I am Scottish but have lived in England (Hertfordshire) for more than 40 years. I have grown up children and youngish grandchildren living within 20 mins drive of where me and my husband now live. We have provided childcare for almost ten years but the youngest grandchild will be going to school in two years so, at most, we will only really be needed in the school holidays. I still have family and friends living on the west coast of Scotland, an area I still love very much (despite the weather). Anyway, we have always intended to move from this house (probably worth £500k, give or take the market), and move somewhere cheaper but still within a couple of hours of family down here so I can still provide help. Recently I have hankered after buying a little place in Scotland, a flat, maybe two bedrooms, and could buy one for around £100k. The decision is, what is the best way to do/finance this project before I turn 70 in three years time? Should we stay put in this house, use a bit of savings and try to borrow a bit to buy up north, or move a couple of hours away to somewhere cheaper and use the equity to buy a flat outright up there. Or, is the whole idea just a silly one.....maybe I'm too old and too sentimental and would rarely, for any reason, actually use the new flat? I do realise that this looks like "first world problems" but is it really too much to follow a little dream at my age with what is, after all, money I have invested over the past 50 years? Does anyone have any experience of doing this? I would welcome any constructive comments, thanks.

Comms69

Well selling and splitting the money between two purchases would probably be the most sensible thing. Is your current home one you could comfortably downsize?

bouicca21

How often would you use a place in Scotland - it's not exactly an easy trek to do each weekend.

quantumlobster

bouicca21 wrote: »

How often would you use a place in Scotland - it's not exactly an easy trek to do each weekend.

Oh, I dunno. Gatwick to Prestwick is easy enough, and the flight's only an hour and a half.

davidmcn

quantumlobster wrote: »

Oh, I dunno. Gatwick to Prestwick is easy enough, and the flight's only an hour and a half.

Or given the OP is in Hertfordshire, from Luton or Stansted to Glasgow (I don't think Prestwick currently has any routes to London).

But depends where on "the west coast" they're talking about as that could be several hours' further drive.

Pixie5740

quantumlobster wrote: »

Oh, I dunno. Gatwick to Prestwick is easy enough, and the flight's only an hour and a half.

Not these days it's not. You can't fly direct from Prestwick to any other airport in the UK any more.

https://www.glasgowprestwick.com/passengers/flights-and-destinations/whats-on-at-our-destination/

Pixie5740

It's not a silly idea but you really need to think about how often you'll use the place in Scotland. Would it work out cheaper to rent a holiday cottage/flat as and when you need one? Would you be happy living a couple of hours from where you live now or would you feel as if you are living in no-man's land, close but not close enough?

What about making the move to Scotland more permanent and booking accommodation down in Hertfordshire as and when you need it?

ProDave

Why not move back here? you would have a pot of money left in the bank after buying a nice house up here. And you will still be 2 hours away from down south (by air) for regular visits.

Does it have to be West? I know the scenery is best there, but around the Moray Firth (where I am) is a lot drier, and being close to Inverness Airport with Daily flights to Luton would have you back south as often as you like.

And the West coast is a day trip from here on a nice day.

tacpot12

Selling your existing house and using the money to buy two smaller places, or buy one place and use the rest to rent somewhere during the school holidays would seem the most sensible options, but if you know that you will want a car wherever you are, you might find the costs of driving the car up and down or flying & then renting a car makes it very expensive.

At your age, this might be the last move you make. I think I would rent somewhere as needed, say for the first 12 months, to see how many times you stay over and for how long, and what the travel costs you. This should help you decide whether it makes sense to buy a second property or just to use the cash to make sure you can travel to see your children and grandchildren whenever you want to.

I do think it is an entirely reasonable aspiration to move to somewhere you would like to live having spent so long looking after your children and grandchildren. Eventually the grandchildren will be old enough to travel on their own to see you and travelling to Scotland will be more interesting for them than popping across town.

whitesatin

Comms69 wrote: »

Well selling and splitting the money between two purchases would probably be the most sensible thing. Is your current home one you could comfortably downsize?

Yes, it's a 3 bedroom detached 1950s house, on a sizeable plot with scope to extend. We have lived here 8 years and know that the garden will be too big for us once the grandchildren are a bit older.

whitesatin

bouicca21 wrote: »

How often would you use a place in Scotland - it's not exactly an easy trek to do each weekend.

As I would only be required here in the holidays really, I could envisage a good few extended stays there each year. I have this idea that I could see old friends and family regularly. Neither of us like the sun and don't mind the rain and cold, so it could work out for us. We generally stay in the UK for our holidays these days. I already go up two or three times a year, it's not that far really, from London to Glasgow then a local train.