Stay in current property or move?

ShandyAndy_2

steampowered said:

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.

Good shout, I was actually looking at upping my pension before the this lockdown, would love to retire at 60.

ShandyAndy_2

Densol said:

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 

I understand that, a work colleague has a big mortgage, fancy car, latest phone etc, to me I like to have money in the bank, I don’t like money worries, he’s always skint by the end of the month and pleading poverty, in my opinion I feel richer having financial security.

ShandyAndy_2

eidand said:

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?

Neighbours are all good most of the time, some a little strange but it’s very quiet usually and sometimes I love a good chat with neighbours.

gwynlas

If you are both happy with your house then the cost of moving coukd be invested where you are, Make sure that your house does not become top heavy, might you need a ground floor extension as well if garden big enough
If you stay in current home will there be sufficient room for four adults with cars until children leave home?
It might be bertter to buy semi or detached with off road parking whilst you can service larger mortgage

Unicorn_cottage

What value would converting the loft add to your property value SHOULD you decide to move at some point in the future?

ShandyAndy_2

gwynlas said:

If you are both happy with your house then the cost of moving coukd be invested where you are, Make sure that your house does not become top heavy, might you need a ground floor extension as well if garden big enough
If you stay in current home will there be sufficient room for four adults with cars until children leave home?
It might be bertter to buy semi or detached with off road parking whilst you can service larger mortgage

Ground floor extension would be tight to be fair, although we have a lounge, dining room and kitchen, we have looked at traditional 1930s semis and apart from the hallway I wouldn’t say they’re any bigger, our kitchen and bathroom are bigger and the only difference being a tiny box room, also I do have off road parking and a garage which I purchased some years ago. I think I would have to spend mega money to get parking for 4 cars and 4 bedrooms etc

ShandyAndy_2

Unicorn_cottage said:

What value would converting the loft add to your property value SHOULD you decide to move at some point in the future?

Estate agent advised I wouldn’t lose any money adding a loft conversion 25-30k 

Thrugelmir

What will you lose in first floor space to give access to the loft space? Might be worth speaking to an architect and seeing what's feasible. Before getting over committed to the idea. We were considering modifying our ground floor layout. In the end the cost far outweighed the benefits. Be cheaper to move to achieve our goals. 

ShandyAndy_2

Thrugelmir said:

What will you lose in first floor space to give access to the loft space? Might be worth speaking to an architect and seeing what's feasible. Before getting over committed to the idea. We were considering modifying our ground floor layout. In the end the cost far outweighed the benefits. Be cheaper to move to achieve our goals. 

It would make both bedrooms same size and staircase would run over the main stairs so not a lot.