Options for financial future - to sell house or not to sell house

Rich1234a

Hi,

I was a bit unsure which board to post this on to.

Looking for some advice on how to best manage my finance for the future.  I've worked hard, but ideally I'd like to sell my house and move in with my partner (who is financially secure) and then live without working - and maybe volunteer for a charity or do some ad-hoc work.

I am lucky enough to have paid off my mortgage and my house is worth around £260k.

As far as I see it these are my options.  Which would make the most financial sense?

1) sell my house and invest the lot and try to live off the interest - move in with my partner.

2) keep my house rent out my house and move in with my partner.  I guess the house will continue to go up in value and I will get the rent - I am aware some of the rent will go towards the upkeep of the house, another thing is this house has been in my family for along time (despite me buying it), I did lots of renovations including recently installing a new kitchen and boiler -I feel that for this I would need to 'let go' in someway, as I know a renters would not look after the house like I would.

3) Sell my house, buy a new build and rent that out and move in with my partner.  The benefit of this is that I will have no emotional attachment to the house, the negative is that there will be a financial overhead to selling my house and buying a new house.

4) sell my house and buy a house with my partner - if the new house cost £300k for example, I would be left with around £100k, maybe with budgeting and investment I could live off this (we would ideally be mortgage free).

I guess I am trying to decide which would be the wisest financial decision.

Thanks for reading and thanks in advance for any thoughts.

Many thanks,

Rick

turnitround

What does your partner want? There are a lot of options but you do not use the word 'we'. Would your partner be happy with you moving in and not working?

Rich1234a

Thanks for your reply.  Yes, she would be happy and we have discussed the options.  It is likely I would work part time or do charity work, we both share the same outlook / values.

MultiFuelBurner

It really depends how old your are, when your state and any private/final salary pensions etc come to fruition etc.

Remember if you are investing a syphoning off the interest realistically your pot is reducing.

Lots of things than I can type here but it's not an easy decision and for me £260k wouldn't be 2nough unless I was 5 years away from retirement.

RHemmings

Rich1234a said:

1) sell my house and invest the lot and try to live off the interest - move in with my partner.

2) keep my house rent out my house and move in with my partner.  I guess the house will continue to go up in value and I will get the rent - I am aware some of the rent will go towards the upkeep of the house, another thing is this house has been in my family for along time (despite me buying it), I did lots of renovations including recently installing a new kitchen and boiler -I feel that for this I would need to 'let go' in someway, as I know a renters would not look after the house like I would.

2) Speaking as a long time renter, I would not be comfortable living in a house with this sort of emotional meaning for the landlord. I wouldn't feel at home, or comfortable. 

Some other people may appreciate that, and look after your house with pride. But, I wouldn't want to have that responsibility put on me. 

1) It's possible to live off the interest of £260,000? Erm, for another thread, but how? 

Yorkie1

Being a landlord is not for the faint-hearted, whether or not you are emotionally attached to the house. Have you researched all the commitments, possible horror stories? It's a good idea to do so before you make any final decisions.