Probably a stupid questions but should we downsize?

getmore4less

davilown wrote: »

I'll be honest I like both the areas, but my OH is keen to move due to 'not liking' the bungalow still after 2 years.

That eliminates the stay option.

Moving is expensive but at 40 you probably have 2 moves, one to the forever property and then to the can't get up stairs final move.

Mortgage,CC and loan £2,000 a month.

House is not the only issue, there is an element of living on credit that would be best resolved at the same time.

You could be freeing up cash flow so can look at options like boosting the pension to retire early or just spending more on other discretionary spending.

Depending on the rates you may be better off getting a bigger mortgage and clearing the loan/CC and then overpay.

I would also put together a 10year budget that avoids future credit.


I would make a proper list of what you want/need from your next property so you don't end up with another place you don't like in 2 years

DO you still want to host the kids and any family they have, that might need more bedrooms or spaces that can be used for sleeping(study/bed).

Do you want a bigger or smaller garden?

Parking, if family visit will it be on property or road?

etc.

If there are decent detached place but more traditional house then that what I would be going for.

Should be good for 20y+ if picked right.

It may be there might be something suitable for longer if you can find somewhere that has downstairs sleeping options that could see you through to the end.

getmore4less

Rightmove search puts your £350k 3 bed Semi in the Southbourne area


for sale 13/23 SSTC in the 325-375 range
(note that some are marked as semi/det but not)

looking at the same draw area we get the following numbers for
3bed semi 3b+ det
price.3bsem..3b+ det
0-300 05/07 01/01
0-325 10/11 02/02
0-350 18/22 05/04
0-375 21/26 08/05
0-400 24/31 17/13

For a narrow area they are decent selling rates
Looks like to go detached you will need to up the budget and fewer choices.

The problem we had when looking was to get the ground floor space you needed to go to more bedrooms or older house with big bedrooms.

pickledonionspaceraider

I would go for mortgage free any day of the week. You dont need to be paying for space that you dont need any more

Unless you really feel you must be detached then option 2.

But definitely I would go mortgage free, then have more holidays, and plough more into retirement funds

Smodlet

ethank wrote: »

Would never leave a detached house for anything other than detached now.

Neither would anyone in their right mind, were they not forced to do so, imho, ethank. No offence, davilown, I hope. We are not all the same and what is right for you (and your OH) is not necessarily what is right for me and mine, or for anyone else.

Were I in your position, I would want to sit OH down and try to find out exactly what their objections are to your current home/its location. I would not entirely rule out CBT (:D) as where you live sounds like my idea of heaven. (That last bit was not seriously meant)

[Deleted User]

If it were me i'd be looking at moving. Lets face it, you don't need such a big property now its just the two of you and think what you could do with all that extra disposable income, nice places you could visit, holidays, etc. No point waiting until your 80 and can barely move, enjoy it while you can.

I would however think that you may regret going from detached to semi-detached.

Crashy_Time

https://www.rightmove.co.uk/property-for-sale/property-61695144.html

The asking price on this has been cut by 110k,

https://www.rightmove.co.uk/property-for-sale/property-61695144.html

.. and for your area there are plenty of 40,50 and 60k price reductions on asking prices, why do you think yours is worth 600k?

Crashy_Time

The reductions on asking price in this area are quite something, and sales volumes are at their lowest since 1995..

https://www.plumplot.co.uk/South-East-property-transactions.html

davilown

getmore4less wrote: »

That eliminates the stay option.

Moving is expensive but at 40 you probably have 2 moves, one to the forever property and then to the can't get up stairs final move.




House is not the only issue, there is an element of living on credit that would be best resolved at the same time.

You could be freeing up cash flow so can look at options like boosting the pension to retire early or just spending more on other discretionary spending.

Depending on the rates you may be better off getting a bigger mortgage and clearing the loan/CC and then overpay.

I would also put together a 10year budget that avoids future credit.


I would make a proper list of what you want/need from your next property so you don't end up with another place you don't like in 2 years

DO you still want to host the kids and any family they have, that might need more bedrooms or spaces that can be used for sleeping(study/bed).

Do you want a bigger or smaller garden?

Parking, if family visit will it be on property or road?

etc.

If there are decent detached place but more traditional house then that what I would be going for.

Should be good for 20y+ if picked right.

It may be there might be something suitable for longer if you can find somewhere that has downstairs sleeping options that could see you through to the end.

The Cc was to finish off the final renovation/extension works that went over budget (our fault - we like log burners and wood floors!)

davilown

Smodlet wrote: »

Neither would anyone in their right mind, were they not forced to do so, imho, ethank. No offence, davilown, I hope. We are not all the same and what is right for you (and your OH) is not necessarily what is right for me and mine, or for anyone else.

Were I in your position, I would want to sit OH down and try to find out exactly what their objections are to your current home/its location. I would not entirely rule out CBT (:D) as where you live sounds like my idea of heaven. (That last bit was not seriously meant)

It is a lovely village with everything you need but so is the other one, just by the sea rather than the hills

davilown

Crashy_Time wrote: »

https://www.rightmove.co.uk/property-for-sale/property-61695144.html

The asking price on this has been cut by 110k,

https://www.rightmove.co.uk/property-for-sale/property-61695144.html

.. and for your area there are plenty of 40,50 and 60k price reductions on asking prices, why do you think yours is worth 600k?

Completely different area, not a comparison. There are however, lots of over priced houses where currently live and may move too.

Estimate is based on a very similar property that sold for £632k last month