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Upsize or Invest
DanielStallion
Posts: 9 Forumite
Hello all,
I'm 43 and going through anxiety about financial future. Lots of folks I work with that are 15+ years older are using 'downsizing' as a lever for forced early retirement.
I have a nice house, but the sort of thing you would downsize to, not from. I have no other long term assets.
I've been lucky enough to do well at work and could buy a much bigger / more expensive place. The sort of thing you downsize from! When I add up the cost of buying, selling and all other associated stuff (bigger, longer mortgage) I stop in my tracks. It seems insane. That said, I can't think of a better way of investing to at least try to have an asset to cash in when I'm inevitably forced out of my current employer / industry - that tends to ditch anyone over 50.
Any advice on upsizing to build a long term asset vs other tactics appreciated.
I'm 43 and going through anxiety about financial future. Lots of folks I work with that are 15+ years older are using 'downsizing' as a lever for forced early retirement.
I have a nice house, but the sort of thing you would downsize to, not from. I have no other long term assets.
I've been lucky enough to do well at work and could buy a much bigger / more expensive place. The sort of thing you downsize from! When I add up the cost of buying, selling and all other associated stuff (bigger, longer mortgage) I stop in my tracks. It seems insane. That said, I can't think of a better way of investing to at least try to have an asset to cash in when I'm inevitably forced out of my current employer / industry - that tends to ditch anyone over 50.
Any advice on upsizing to build a long term asset vs other tactics appreciated.
0
Comments
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DanielStallion wrote: »Hello all,
I'm 43 and going through anxiety about financial future. Lots of folks I work with that are 15+ years older are using 'downsizing' as a lever for forced early retirement.
I have a nice house, but the sort of thing you would downsize to, not from. I have no other long term assets.
I've been lucky enough to do well at work and could buy a much bigger / more expensive place. The sort of thing you downsize from! When I add up the cost of buying, selling and all other associated stuff (bigger, longer mortgage) I stop in my tracks. It seems insane. That said, I can't think of a better way of investing to at least try to have an asset to cash in when I'm inevitably forced out of my current employer / industry - that tends to ditch anyone over 50.
Any advice on upsizing to build a long term asset vs other tactics appreciated.
What about "ordinary" investments eg the stock market? What's your pension provision?0 -
Your home is your home. It is not an investment.
It might do well as an investment - but that's not its primary purpose, and you really shouldn't be thinking about it in those terms.
Even if you do think of it as an investment... diversification. (And I don't mean "BtL", because that's not diversifying the asset class - you're still talking about residential property.)
By all means buy a bigger/"better" home if you want a bigger/"better" home. But there are a myriad of other investments out there which are likely to be more reliable, and which carry other advantages.
https://forums.moneysavingexpert.com/forumdisplay.php?f=170
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