Stay in current property or move?

ShandyAndy_2

We have a larger than average 2 bed mid terrace in a rural village, the location is perfect, have 2 children and have been contemplating moving or making the loft a dormer conversion with en suite wet room, was more keen on moving to a bigger property but more than likely in a not as nice area of the village, since lockdown I think I have realised just how lucky we are to have so many walks on our doorstep and a shop 5 mins walk away, I am now keen to stop here and get the loft done next year, we can afford a lot bigger mortgage since I changed jobs for a substantial pay rise so I always feel I could have a bigger property, but would we actually be any happier?, in this current property we could pay the mortgage off early and enjoy an earlier retirement?.

Sometimes I think it would be nice to have a bigger garden and a detached/semi but then I think do I need all the stress of moving?

I also think if we moved to a bigger property it’s more cleaning/decorating/gardening and less time enjoying life.

Am I mad for now wanting to stay in our first home after so badly wanting to move? Or do I now realise what’s important in life?

I think lockdown has put my life into perspective.

need_an_answer

You really don't need a bunch of internet strangers to tell you whether to move or not....you seem quite reasoned so go with your decision not ours.

When you say lockdown has put your life in perspective what do you actually mean by this....

tommyedinburgh

Lockdown won't last for ever, you will likely want to move again once this is all over.

strawb_shortcake

We are in a similar position, our house isn't perfect but it does have a major wow factor which we would pay an absolute fortune for in a more perfect house. Currently we can be mortgage free by 50, which is great but I also don't think this is our forever home. 
We also have a massive garden and it's not always a blessing, usually a chore if I'm honest. 
We could afford a bigger mortgage but in time we'd be more dependent on two wages rather than the one. Besides which the current climate has shown us how precarious some peoples finances are, I'm not in any rush to push myself into that position when we don't know what the future holds. 
If you and your family are happy in your home and you can make it work better for you I'd stay put and enjoy the financial comfort.

ShandyAndy_2

need_an_answer said:

You really don't need a bunch of internet strangers to tell you whether to move or not....you seem quite reasoned so go with your decision not ours.

When you say lockdown has put your life in perspective what do you actually mean by this....

I just wanted peoples opinions and I know there will be many opinions, I don’t want to move more than half a mile away from here, I am central to all amenities in the village so my scope is very small, I guess we can afford a bigger house so it’s always in my mind but also loads of reasons to do my loft and stay.

Perspective in that some people can’t access all the local countryside and local shop like us, I don’t have to use the car and bustle in the supermarkets or use the car to escape to the countryside. 

ShandyAndy_2

tommyedinburgh said:

Lockdown won't last for ever, you will likely want to move again once this is all over.

Possibly but the relative security of a very low mortgage and the location of our property has its benefits with the chance of another recession coming. 

ShandyAndy_2

annabanana82 said:

We are in a similar position, our house isn't perfect but it does have a major wow factor which we would pay an absolute fortune for in a more perfect house. Currently we can be mortgage free by 50, which is great but I also don't think this is our forever home. 
We also have a massive garden and it's not always a blessing, usually a chore if I'm honest. 
We could afford a bigger mortgage but in time we'd be more dependent on two wages rather than the one. Besides which the current climate has shown us how precarious some peoples finances are, I'm not in any rush to push myself into that position when we don't know what the future holds. 
If you and your family are happy in your home and you can make it work better for you I'd stay put and enjoy the financial comfort.

Mortgage free sounds great, I’m happy with our garden, I’m not really that into gardening just like it to be tidy, kids would love a big garden but we have lots of open space around us, yes I like financial security, my family is known for being very shrewd. 

ShandyAndy_2

It appears most new build properties are no bigger than mine too overall, just a different layout with a bigger mortgage, I suppose terraced houses aren’t fashionable that’s why they’re cheaper. 

steampowered

There's no rush to move, so you can take your time and rethink your house plans once lockdown is over.

Since you have spare cash, it's time to think about your longer term financial position for retirement. Before looking at another property, you also need to think long and hard about your financial position with regards to retirement.

Do you have a decent pension in place? If not, topping up your pension is likely to be a far more lucrative and tax efficient use of your money than paying off the mortgage early. Especially if you are a higher rate tax payer, double especially if your new salary is a bit above £50k and you have a child benefit tax charge.

[Deleted User]

I wouldnt be happy living my life out in a terraced house. Just me, but that would never have been what my life aim would achieve. 

But thats my aspirations - not everyone is the same, only you can decide if stopping where you are suits you 

eidand

look, if you're happy with your location and can extend your house, I would definitely stay put. You might even like your neighbours. Basically, if you don't have to and are happy .... why change?