Mortgage completely paid off this year - Sell or stay ? Dilemma

TBagpuss

Think about what you really want - for instance - do you enjoy / want to be able to garden, or do you just fancy some outside space / a bit more privacy?  That could affect the type of property you look at, and whether buying somewhere that is near a park or other green space might suit you, even if it only had a small garden, rather than necessarily having a big garden yourselves. 

Off street parking is handy, and may well become more so as you get older and schlepping stuff to and from a car parked on the street becomes harder, but a 3 bed with a driveway and small garden might well be more affordable that a 4 bed with a big garden, and could allow you the best of both words - a house that ticks more of your boxes, without a massive new mortgage

Given your children's ages I would think about your longer term needs - it might make sense to look at ho much you'd pay on a new mortgage, and start putting that amount away into savings each month. That way, you are building up a bigger savings pot to use as a deposit, and you are also getting a feel for what spending that amount each month feels like. You might then be looking at moving in another 2-4 years when the older children are leaving home, and you might then be able to look at somewhere with fewer bedrooms but a bit more outside space, and might be able to find something that's not as much more expensive than the current property as it will be if you look for another 4 bed but with a bigger garden.

Another thing to consider is what your retirement plans are? Are you likely to want to stay in the same general area or might you be a bit more flexible in where you live, in which case you may be able to find somewhere where you get a bit more house for your money (although do think about access to amenities, particularly if you are looking at somewhere for your retirement and the possibility of becoming less mobile / more in need of services!)

Little_Miss_Winner

Thankyou all for your responses, its very interesting to see the differing opinions, and lovely to hear from those who have upsized and the pros and cons this has brought. 

I think, initially, I was conscious that with the mortgage ending in September, I felt like if we needed additional borrowing this would be best done as we are existing customers, so I panicked a little, now I realise that isn't the case so the pressure is off somewhat.  With only ever having applied for 1 mortgage back in 1997 I have fallen out of the loop of mortgages a little.

I have always looked on estate agents websites and know the sort of house I would be interested in, I follow current prices etc, and which houses are new and go up for sale etc. I also know houses in my area sell within a couple of days, you can't view a house unless yours is up for sale.  I wouldn't be looking to go far, just the same area as we have excellent schools, parks, shops, hospital.  That's one of the reasons I think houses are quite sort after.  My next door neighbour rents his and charges £1,100 per month! which I think is scandalous.! His is still 3 bedroom.

Your comments about future needs, and kids leaving home are all on my mind now too which I hadn't really thought of before when factoring in a move (the future needs comments) although I have said a downstairs bathroom would be a must.
But also our future needs wouldn't necessarily mean staying in this 3 storey, 4 bedroom house either. I hate going up to the loft bedroom as it is!

Anyway,
I think top of my agenda now is to sit with husband and go through all incomings/outgoing. Pension statements/insurance policies / savings accounts etc etc. then to contact an Independent financial advisor, I will ask friends and colleagues for any recommendations.  We will see where that leads us, and what advice we can gain into the best steps to take next.
If ever a move was to take place then this house would benefit from a lick of paint here and there and a couple of plastering jobs so maybe we will use the next 1 - 2 years getting everything in order (finances/houses/advice/save) and see where that takes us then.

Really appreciate all your comments

kimwp

Best of luck!

Little_Miss_Winner

Racky_Roo said:

I would also factor in the cost of moving too. EA fees, stamp duty, searches, surveys etc. It's very expensive and unbelievably stressful these days.

Could a few changes at home mean you could love it (I sound like Kirsty Allsopp) but it's amazing what a new kitchen or making over the yard could do for you, plus it'll make the house more saleable if you do choose to move later down the line.

Well yes we had thought of knocking kitchen into dining room, but its not so much just knocking it would entail a small extension to the back to make it square instead of L shaped.  But a rough guesstimate from a builder friend reckons circa 80k and my thoughts were we would still be stuck with an even smaller backyard! and it would just be easier (and probably around the same expense) ? to move into something already more suited to our needs. (without all the hassle of builders!)

Little_Miss_Winner

TBagpuss said:

Think about what you really want - for instance - do you enjoy / want to be able to garden, or do you just fancy some outside space / a bit more privacy?  That could affect the type of property you look at, and whether buying somewhere that is near a park or other green space might suit you, even if it only had a small garden, rather than necessarily having a big garden yourselves. 

Off street parking is handy, and may well become more so as you get older and schlepping stuff to and from a car parked on the street becomes harder, but a 3 bed with a driveway and small garden might well be more affordable that a 4 bed with a big garden, and could allow you the best of both words - a house that ticks more of your boxes, without a massive new mortgage

Given your children's ages I would think about your longer term needs - it might make sense to look at ho much you'd pay on a new mortgage, and start putting that amount away into savings each month. That way, you are building up a bigger savings pot to use as a deposit, and you are also getting a feel for what spending that amount each month feels like. You might then be looking at moving in another 2-4 years when the older children are leaving home, and you might then be able to look at somewhere with fewer bedrooms but a bit more outside space, and might be able to find something that's not as much more expensive than the current property as it will be if you look for another 4 bed but with a bigger garden.

Another thing to consider is what your retirement plans are? Are you likely to want to stay in the same general area or might you be a bit more flexible in where you live, in which case you may be able to find somewhere where you get a bit more house for your money (although do think about access to amenities, particularly if you are looking at somewhere for your retirement and the possibility of becoming less mobile / more in need of services!)

Thanks @TBagpuss  I think our posts crossed, we have a park across the road which the kids have been in zillions of times, its more having a garden to sit out in, Bbqs etc (i know the English summer is notorious) but its not even having that option at the moment. Things change, the backyard was fine when kids were little and was ideal for sandpits and scooters etc, but they are grown now and have boyfriends/ girlfriends so in effect 3 little babies are now 6 adults. Plus us. We do have a table and chairs and that's about it - cant swing a cat! and we're facing a wall. Not looking for massive lawns but just a bit of decking/greenery would be nice.

I think long term we would stay in the same area as has excellent public transports, trams, buses and trains are all within a mile/less.  So ideal area - always has been, we love it here. Both Born and Bred. Also have friends & family around the neighbouring areas.   Off street parking would also be a lovely bonus for reasons you mention above.

I am not ruling a move out - but I think from the advice given by all is to sort finances and savings out and seek Independent financial advice and then see what our options are

Amixo3032

OH DALLIN nationwide is vile 

Little_Miss_Winner

Amixo3032 said:

OH DALLIN nationwide is vile 

Been with them 25 years, never had a problem

LadyWithAPlan

Pensions, your forecasts and SOA  would definitely your first place for me to get up to date on. So once you are clear on where you are now and what your retirement is looking like already then you can start dreaming  and decide if the bigger house is worth the smaller pension.