Do we stay, or do we go?

Munchkin08

Husband and I are in a quandary and really don’t know what to do for the best, and would love some advice.
Bought our house 6 years ago, ticked all boxes and we absolutely love it.
Needed this location due to a school, which as our child has now gone to Uni we don’t need this location.
We are fairly close to our large town centre, with all amenities on our doorstep.
When we bought we maxed out on what we could afford.
Since then my Husband has had several promotions and is earning more than double what he was 6 years ago.
We are in a semi, in a very desirable street.
We have a very nice life, with lots of holidays, trips and meals etc.
We’ve been talking about potentially moving, As we have got around £200k equity, and can afford much more on a mortgage.
But, we love our house.
It has all the space and more that we need
It’s a nice area
But, it’s not detached, it’s on a busy street, our neighbours can be a bit annoying (tons of family round all the time, until all hours) but we are very happy here.
We both think we need to invest in a larger house, in a quieter area (village), so that we don’t just waste money, and make more for the future.
We’ve been looking at houses and for the extra £250k We’d be looking at adding to a mortgage, we have been very disappointed.
So should we just stay put?
Should we keep looking?
Or what should we invest in?

Thank you!

Zero_Sum

I really wish people stopped viewing the family home as an investment. Its your home. And if you're happy & has more than enough space, why move?
Put the excess money into a pension fund & enjoy being able to afford a few holidays a year.

Also dont forget, a bigger house means more housework & upkeep.

unholyangel

Does your current home meet your current needs? If so, why fix what isn't broken? Having money to buy something bigger doesn't mean you have to. You could invest, save, pay into pensions etc or even treat yourself to luxuries.

theoretica

It reads to me like you are considering spending a lot of money on something you don't really want but feel you 'should' want. Maybe see a financial advisor and find a different form of investment.

onwards&upwards

1. I’m really happy with where I live and my current lifestyle.

2. Should I move and put myself in more debt?

You see the issue here, right?

Savvy_Sue

Munchkin08 wrote: »

Since then my Husband has had several promotions and is earning more than double what he was 6 years ago.

You never know what's just around the corner, and the longer you live the more likely it is to be a nasty surprise. Do you both want your DH to be under the pressure to keep servicing a larger mortgage indefinitely? Remember too that room for room detached houses cost more to run than semis.

Munchkin08 wrote: »

We both think we need to invest in a larger house, in a quieter area (village), so that we don’t just waste money, and make more for the future.

Would you want to live in a village? I know I'd hate it. Give me decent transport links, shops, people ...



The one thing you can never change about a house is its location. Neighbours come and go, and even in a village, in a detached house, yours may be less than desirable. If your location is otherwise perfect, hang on where you are...

Fire_Fox

At what age do you envisage yourselves retiring?
What income would you like after retirement?
Does your current pension provision allow for this?
Do you envisage yourselves moving again after you retire or as you age?

A larger house costs more to run: you would not be investing the extra spent on mortgage interest or on household bills just wasting that.

jamesperrett

If you have a child at university you should probably start thinking about what you are going to do for retirement and putting more money towards that.

martinbuckley

Munchkin08 wrote: »

We both think we need to invest in a larger house, in a quieter area (village), so that we don’t just waste money, and make more for the future.

As in "when you are dead, or too old to enjoy it"?

Davesnave

In our village , many 'mature' residents arrived when they wanted a change of pace and lifestyle after their urban nest became empty. Mostly, they've integrated well and become valuable members of the community, often giving their spare time and expertise to local causes and interest groups. In turn, they've enjoyed the peace and pleasures of the countryside, low crime and, quite often, a better or more interesting house than they might have afforded in the city.

Despite the dismal post above, the great majority of incomers here survive well into their 80s and enjoy it greatly. There's a good community spirit, now missing in many urban locations.

However, not everyone who comes here in later life adapts and values what's on offer. There are those who depart a few years after taking up residence, because what they imagined life would be like didn't match up to the realities of day to day living. There's little convenience here and the dark days of winter can be tough on those who are not on good terms with nature, beyond the comfort of seeing it via "Springwatch." A detached house with big garden is all very well, but it doesn't tend itself. Oh, and don't expect the car to remain pristine for long in our mud and pothole-strewn lanes!

So, moving to the rural idyll is more about you than the property you might own. Villages vary too; those like ours that give a good bang for your buck will be more remote, while those closer to urban centres may well be more expensive to buy in than suburbia.

It's by no means a straightforward decision.

Kayalana99

Munchkin08 wrote: »

We’ve been looking at houses and for the extra £250k We’d be looking at adding to a mortgage, we have been very disappointed.
So should we just stay put?
Should we keep looking?
Or what should we invest in?

Thank you!

Nothing wrong with keeping your options open but you've answered your own question.

If you are going to move away from this house you love, it should be with something else you fall in love with.

Keep looking perhaps, but don't make the jump unless you find something that makes you not need to ask this question.