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Nice house, no money, small house, money! Wwyd?

(76 Posts)
BLACKTUESDAY1 Tue 17-Oct-17 09:30:46

Currently live in a lovely home but struggling and have no spare cash for holidays etc. Could sell and downsize to a smaller house in not so nice area but have cash to go out more and take dcs on holidays. Totally in love with my current home and sad at the thought of selling but fed up with being skint! WWYD?

heron98 Tue 17-Oct-17 09:34:28

Small house money, for sure! My sister has a huge mortgage and big house and despite earning over twice what DP and I do, she and BIL never go on holiday, can't afford luxuries.

We're on low salaries in a small house but have loads of disposable income and have a great life with no money worries.

I know which I'd prefer.

KarateKitten Tue 17-Oct-17 09:34:33

I'd keep the nice house. And find a way to make more money. Easier said than done but it can be done and that's what I would do.

midsummabreak Tue 17-Oct-17 09:34:47

Children will remember the fun and time you spent with them, not the tidy or beautiful home

scurryfunge Tue 17-Oct-17 09:36:58

We did it. Bought a tiny cottage in a much cheaper part of the country with cash from a sale in the south east. Although jobs are not as well paid we still have more cash to play with than before ( and no costly commutes).

BLACKTUESDAY1 Tue 17-Oct-17 09:37:32

If only there was a way to make more money.... I just can't think of one. We both work really hard. I do feel dcs are getting older and we should be doing more and making memories but the thought of packing up and leaving here makes me want to cry!! It is only bricks and mortar though.....

Bluntness100 Tue 17-Oct-17 09:41:38

It’s difficult, because critical question is will you be happy in the new home? Or constantly wishing you were in thr current one and comparing it. I’d say downsize only if you find one you love.

The reason is, even a couple of holidays and fun days out a year, it’s still in no way comparable to spending the rest of your time miserable in your home.

So if you find something you love, do it, but if you don’t love it don’t, or you’ll spend 300 days a year when you’re not doing fun stuff being miserable.

BLACKTUESDAY1 Tue 17-Oct-17 10:25:25

That's the thing. All houses I have seen in our new budget aren't great. I know I wouldn't love the new house. But the financial pressure would be so much less. The plan is to sell and buy outright so it would be a house worth half of our current one. Due to our situation we couldn't get a smaller mortgage as we wouldn't be eligible now.

BikeRunSki Tue 17-Oct-17 10:29:37

Small house money, every time.
We chose this; it has allowed us to weather 1 redundancy and 2 maternity leaves, and enjoy more holidays and activutues than we would have done otherwise.

Bluntness100 Tue 17-Oct-17 10:30:27

It’s difficult but if you are struggling financially it also impacts your quality of life on a day to day basis. I don’t know if struggling means to pay thr bills, or if it just means holidays and high days?

It’s really which situation would make you least unhappy.

BLACKTUESDAY1 Tue 17-Oct-17 10:33:18

Thank you for all the opinions. They are really helpful. I am definitely swaying more in one direction

BLACKTUESDAY1 Tue 17-Oct-17 10:35:52

We are starting to struggle with certain expenses now and DH self employed and does get stressed trying to earn enough. It is starting to take its toll a bit especially with interest rate rises looming

MusicToMyEars800 Tue 17-Oct-17 10:40:56

Small house and money, Id rather have the smaller house and not have to worry about money, Than a big nice house and be skint.

LaurieFairyCake Tue 17-Oct-17 10:41:17

How longs your mortgage got left?

You’ve got enough equity to sell and buy somewhere outright? Can you remortgage your current place, buy somewhere very cheap and rent it out?

I wouldn’t sell my home if I loved it, but it depends what sort of person you are. If my home is lovely and there’s plenty of space I’d prefer to be there - there are so many lovely home based things to do - gardening/crafts/doing bigger projects/having sports days in the garden/pet ownership

Do you have a separate part - a garage you can convert to a room with bathroom to rent out?

Bluntness100 Tue 17-Oct-17 10:49:30

I think if you’re struggling on a day to day basis and stressed prob the sensible option is to move.💐

notangelinajolie Tue 17-Oct-17 10:49:37

Nice house, no money. Kid don't need holidays and material things - there are plenty of fun things you can all do as a family that don't cost money. They grow up fast and have left home before you have time to blink. And in my experience the more you give them the more they want/expect. Keep your house for your retirement pot and sell it when you are ready - that way you won't worrying about money if either of you can't work. If you can't wait that long - hold onto it at least until the kids go to uni or when they want a home of their own and you can help them with a depost.

JoJoSM2 Tue 17-Oct-17 10:51:45

Interest rates will only go up. Will you be able to even afford the repayments?

Also, just because a house is small doesn’t mean it’s horrible and impossible to love.

RandomUsernameHere Tue 17-Oct-17 10:59:10

Is either of you due a pay rise in the near future? Even an incremental pay rise could make a big difference.

millifiori Tue 17-Oct-17 11:04:24

You could make a small home gorgeous too. I'd get a smaller house in a safe but cheaper area and make it beautiful. And make a big bucket list of things you all want to do: holidays and experiences and start doing them.

Our house is big (not massive) but it is really really shabby. Whenever I get a bit of extra money that could be put towards doing it up, we go on holiday or buy tickets to shows and festivals or try a michelin starred restaurant. In a year's time my endowment matures and we've paid off the mortgage. I know I should spend it on new carpets and windows but chances are we'll blow it on a once-in-a-lifetime holiday.

I'd rather have experiences than stuff any day. But that's just personal preference. Some people prefer a beautiful home. Choose what would make you most happy.

5rivers7hills Tue 17-Oct-17 11:21:55

If you can sell and buy outright that will be a HUGE weight off your mind. You can make a small house nice - and it is easier and cheaper to make nice as not so much to furnish/decorate etc!

another20 Tue 17-Oct-17 11:42:36

I think that we are in for a period of interest rate rises, economic stagnation/uncertainty and property price falls.

I might well be wrong - but if you feel that your personal circumstances couldn't weather that perfect storm I would move.

As the first point children will love living in a happy house where parents can spend quality time with them not being stressed over money and not having to work 24/7. Holidays and trips thereafter are a bonus.

It is expensive moving tho - would this next move be long term?

BLACKTUESDAY1 Tue 17-Oct-17 11:58:32

Yes definitely long term. I would be happy with a smaller house it's just looking at ones we can afford the area is often not good or the house needs ££ spent to make it habitable. We really would struggle with a large rate rise. DH struggles with work sometimes too in the winter so that's a constant worry. Being mortgage free would certainly be a massive weight lifted

butterfly56 Tue 17-Oct-17 12:05:02

Take the opportunity to be mortgage free you won't regret it.
Both of you will feel better about it and a lot less stress all round.

MissDuke Tue 17-Oct-17 12:05:47

If you are moving to enable you to have holidays then I would think again - you would be hone for 50 weeks of the year and on holiday for 2 (ish) - its a no brainer than being happy for the 50 weeks is more important.

However if its actually that you cannot afford the mortgage at present then that is different - you need to move.

Only you know which it is.

glitterbiscuits Tue 17-Oct-17 12:10:43

If you are just about managing now then bide your time to get the best smaller place you can.

If you work full time very little time is actually in the house.

How old are your DC? We didn’t take ours away until the youngest was 5, eldest was 11. At least they can remember every holiday that they had.

And holidays can be really educational! Plus spare money as your children get older for music lessons, school trips, brand name trainers for when they are teenagers is really helpful

I would love a bigger house, we are bursting at the proverbial seams. But I don’t want to compromise on being able to afford the little every day treats like a M and S sandwich or cinema ticket for me or bigger things like sending my child on a school residential trip abroad

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