£25,000 in Savings or new Double Glazing and £15,000 in Savings?

David28

I and my wife are in our 70's and own our 35 year old house outright.

Our combined pension income is about £20,000a year and we have £25,000 in savings.

The present windows are wooden framed and double glazed and are getting a bit tatty and will last another year or 2 but could do with getting replaced shortly

The question is do we keep £25,000 in savings or splash out now on new uPVC windows costing approx £10,000 or wait until they need replacing?

Plus we usually spend £6,000 on holidays but of course this year we haven't and I cannot see us spending that amount in the near future.

My wife wants to keep the money to leave to our 2 children I, on the other hand say they will get the money anyway but in a new improved house.

What would you do, keep the savings or spend it?

declan199210

David28 said:

I and my wife are in our 70's and own our 35 year old house outright.

Our combined pension income is about £20,000a year and we have £25,000 in savings.

The present windows are wooden framed and double glazed and are getting a bit tatty and will last another year or 2 but could do with getting replaced shortly

The question is do we keep £25,000 in savings or splash out now on new uPVC windows costing approx £10,000 or wait until they need replacing?

Plus we usually spend £6,000 on holidays but of course this year we haven't and I cannot see us spending that amount in the near future.

My wife wants to keep the money to leave to our 2 children I, on the other hand say they will get the money anyway but in a new improved house.

What would you do, keep the savings or spend it?

First thing I would be doing is getting a new quote for windows.

try checkatrade and things like that. Get a few more quotes as it’s not chump change your spending.

i would personally go with the windows as if they are necessary and has got to be done, it’s better now before winter and you might save a few bob on your heating in the long run.

your family will inherit your house when you both pass anyway. So it’s your money to spend while your still kicking 

soulsaver

Make your house comfortable - you (they'll) get the money back in its value anyway.
Get the patio done and a new shed, too... lol

enthusiasticsaver

I would make your home comfortable. You may be losing heat through them too. We are retired in our early 60s now and have used a lot of our savings to make our home nice.as you say you have saved on holidays this year anyway. 

Bravepants

First of all, check whether you are eligible for a grant: https://www.gov.uk/green-deal-energy-saving-measures

Also, could you perhaps do some of the windows one year and the rest the next, or later year?

David28

Bravepants said:

First of all, check whether you are eligible for a grant: https://www.gov.uk/green-deal-energy-saving-measures

Also, could you perhaps do some of the windows one year and the rest the next, or later year?

No grants available, too much money in the bank
Why would I do that?
That would mean being disrupted twice.

Black_Cat2

I would get the windows seeing that's what will benefit you both the most.  That would depend on their condition though, when you say tatty....are they drafty?

Leaving an inheritance to your kids would be the equity in your house (at the very minimum) and tbh you're only in your 70's so should expect a few more living years yet!  More time to save some cash if that's your wish 🐈

David28 said:

Bravepants said:

First of all, check whether you are eligible for a grant: https://www.gov.uk/green-deal-energy-saving-measures

Also, could you perhaps do some of the windows one year and the rest the next, or later year?

No grants available, too much money in the bank
Why would I do that?
That would mean being disrupted twice.

Bravepants makes a good suggestion. By splitting you can get the best of both worlds keeping you and your wife happy. If you don't like disruption (shouldn't take long to fit them anyway) then go out in the garden or something whilst they are there? 

conradmum

Speaking as someone with elderly parents, spend your money on the windows. I would guess your comfort in your senior years is more important to your children than an extra £5000 inheritance.

bowlhead99

conradmum said:

Speaking as someone with elderly parents, spend your money on the windows. I would guess your comfort in your senior years is more important to your children than an extra £5000 inheritance.

Yes, and don't underestimate the benefit you'll feel of doing it now rather than waiting the next couple of years before the old ones really need replacing. 

My last house we spent a bit of time and effort tarting it up before sale, and thought to ourselves - hmm we could have been enjoying this rather than living in something tired looking for the last few years!  In two years time you'll be thinking, we could have had the benefit of these over the last two summers and winters, and we didn't need the money in the bank because we skipped a holiday that year anyway...

soulsaver

Avoids painting the old windows, too...

Albermarle

Perhaps worth mentioning that the replacement window market is extremely busy post lockdown, as are many similar 'white van' activities.
There are shortages of some materials and labour . So do not be too surprised if there are some delays getting it done, and that there are less of the usual discounts around.