Do we stay, or do we go?

fred246

I think large houses are for bringing up families in. Once they have left you can think of downsizing. So I can't see why you'd want a bigger house. If you have a child at Uni where will they live afterwards. Where would you live if you had grandchildren? You might need to move to be nearer them. I retired early as that was important to me. That extra money would fund early retirement if desired. The only reason I can see to move is to escape noise. I don't really think large houses cost that much extra to run. Maybe a bit on council tax. You just close the doors to the rooms you don't use and turn the heating off. Moving in itself is expensive and then you often have to change furniture etc.

Pollycat

Munchkin08 wrote: »

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!

Do you need a detached house? Do you need extra space? Especially when you say you have all the space you need in the house you currently have?

Does the neighbours' comings-and-goings really irritate you?
Do you think it will get worse as you age?

If you move to a village and one or both are unable to drive in the future how will you cope with (probably) limited public transport?

By 'don't just waste money' are you referring to the money you currently spend on holidays, trips and meals?
If you do, do you really consider that money wasted?

Who are you looking to 'make more money' for?

I'm pretty sure that in your position, I'd continue to live in the house I love, with all the amenities on my doorstep, and enjoy the holidays, trips and meals.

But if you both think you need to invest in a larger house, go for it.

Kantankrus_Mare

I personally would carry on enjoying the good life that you have built for yourself. You could always invest some of the "spare" money you have and then if in the future you really get the urge to move and are no longer happy where you are, then you will have the funds.

pollypenny

Why buy a bigger house just when your family is shrinking? You might have to downsize in ten years or so.

My only preference would be for a detached house, but never in a rural area which could easily become the back of beyond if you can no longer drive.

suejb2

Buy the neighbours house! You have the means to, make them a genuine serious offer.

rach_k

Why not look for a similar sized but detached house in a quieter location or just away from the main roads? You said you don't need the space but it sounds like you'd appreciate more peace. There's no need to buy something bigger just because you can.

If it's a matter of keeping up with the Joneses, get the same size house but spend some money making it really luxurious. You might get more enjoyment from that than a bog standard big house.

pjcox2005

Just to put it in perspective, it sounds like you'd be buying a house for £400k plus if I've read it right. i.e. £200k equity, additional mortgage needed for next house.


So that's £10k stamp duty, probably another £5k+ fees for solicitors, mortgage lender, removal fan and then further costs on redecorating and furniture that you'd typically take. Plus interest on the additional mortgage (each £100k likely to be a further £2k of interest per year).


So £20k plus to move from a house that you seem to love and is already big enough for your needs.


It may be that a bigger house grows more in value in the future (could drop) but I wouldn't really be making the decision based just on a feeling of trying to make more money. I'd focus it on what's priorities in life - do you have enough for retirment, do you want to get away more now kids are at uni etc.

hazyjo

I've always 'upped' but made lots on my last house and decided it wasn't the time to increase and made more of a sideways move to a much nicer location. I'm happy with my Edwardian 3 bed semi and have already added some value. I could have borrowed £130k more, but there was little point.


If you were in a small 2 bed house, or a flat, I'd say jump now.


I should have enough equity in mine to move out a bit further and release some equity.


I usually say move, but I think in this case, I'd say stay put. You will know when the time is right As above, try to invest/save some of that money you would be putting towards a bigger mortgage.

DigForVictory

Someone said something about downsizing, which I know isn't what you're planning OP, but it stayed with me.

Start in your 50s
Move in your 60s
Settle in your 70s.

I have no idea how old you are, but if you are currently happy, I wouldn't shift. (Indeed if the neighbours are that big an issue, buy their house, & take up being a landlord for a bit.)

In all sincerity if you like the house, you like the area - why on earth put yourself through the hoops of moving? (My parents are at the same address they moved into as newly weds. 50 years on, still there.)

Ergates

If you go there will be trouble.
But if you stay....