Need sensible advise

steve866

How secure are your job(s)?
how old are your kids?
What % of your take home pay will your new mortgage be?

Bluebell1000

We made a decision to move when almost mortgage free 5 years ago. We've saved to bring it down as far as possible and I think we'll be back to mortgage free on our home in a couple of years (we kept our old house which still has a mortgage though). We ended up downsizing the house to get a massive garden. Our ideal would be a 4 bed detached with the same size inside as our old house and the garden in our current house, and I think we are in a position where we could afford to do that, if we moved. But we are definitely not moving until retirement! I am prioritising retiring early, which means that we can't take on another mortgage now (currently early 40s), but also we want to be able to enjoy spending a bit more on holidays now our children are old enough to appreciate them. We might extend downstairs though (I've always wanted room for a pool table)....

What's right for one person isn't necessarily right for another but that's our decision making process.

gwynlas

If you decide to move start looking at all options, bedrooms do not all need to be upstairs you  can use reception rooms or convert integrated garages. Think of utility shower rooms, en suites, adult space for you and husband. We recently converted stand aone garage into annex with en suite.

theoretica

It may be the case in your part of the world, but £150k extra just for another bedroom seems steep to me, and that the rest of the house might be increasing in proportion.  Great, if that is what you choose.  But are there properties that would be a compromise on size or something and a lower step up in price?

Also, what would not paying the mortgage mean for you as a family.  What would the teenagers be giving up?  If they are insulated from your financial worries they may not see the benefits of making an effort to stay where they are.

jimpwarsop

It depends on the age of your kids. 

As for arguments about bedrooms YOU are in charge so you decide.

Also, should you give your kids their little one apiece den, what will drive them to move out ?

One of our teenagers had to cope in a box room(couple of years), until his elder sibling disappeared to university.

The elder one  did return briefly but the box room proved too small (shame).

Of course three years later they are both living elsewhere, so now we have two spare bedrooms.

You might be stuck with three teenagers growing into adults in your (free ?) accommodation, while house prices continue to rise, or you could end up in a four/five bedroom house with a mortgage - just the two of you.

rexmedorum

jimpwarsop said:

...

As for arguments about bedrooms YOU are in charge so you decide.

...

Sure but the 2 sharing are never going to like it. 

dimbo61

Look at your options !
Can you get a 2 storey side extension built with extra bedroom and ensuite or 2 bedrooms with a Jack and Jill bathroom ?

Look for a 4/5 bed house with at least 2 bathrooms upstairs and downstairs wc+sink and maybe shower !

onylon

The bigger house is likely to be a good long term investment which you can cash out when you retire and downsize. If you can get a good rate on the mortgage and it's not overstretching you then it is probably the right move financially. 

I think you need to talk to your teens about it. Stress how expensive, difficult and time consuming it is to move so that they know the stakes. One or more might intend to move out imminently and tell you not to do it! If they want to move then make it clear that there is lots of manual labor involved and they would be expected to help. It could be a good opportunity for you and your partner to teach the kids some DIY skills.

lookstraightahead

Time flies by so quickly they will be adults soon and hopefully be grateful for any space as all. 

Bonniepurple

We were in the fortunate position of being mortgage free for a while, however the house was not suiting our changed needs.  We loved it, but the layout meant there was a lot of unusable space and we couldn’t make it work.  At the same time I took on more hours at work.  With the equity from our old house plus a 140k mortgage we were able to buy a 4 bed which we can adapt as our needs change.  I’m 40.  The current mortgage term will take me up to 69,  but hopefully we’ll shorten that over the years.

My kids are early teens, but I suspect that they won’t be able to move out properly until their twenties.  I’d rather that they had space to be able to “come home” if they need to, than feel they are stuck because there’s no space.