WWYD in my position?(45 Posts)
Am looking for some advice as to whether moving is a good or bad idea and wonder whether anyone has been in this position and either regretted it or were glad they did it.
I am starting a job tomorrow. I've probably got about 10/12 years working left in me if I'm lucky enough!
I don't have a mortgage but the house is terraced (nowhere to park car etc - nightmare some days). It is big enough for us although needs some money spent on it - nothing major. Mainly decor.
I have inherited some money (not a huge, huge amount but very nice) and could afford a bigger, detached, house with drive. Obviously, by using the money for the new house, I won't be able to treat myself or have that comfort blanket in the bank.
I know that years ago, property was the best thing to invest in. I can remember people stretching themselves to buy houses for £28,000 that are now worth £200 plus and appreciate that that is not the case now.
So, WWYD mumsnetters? Stay put and have nice holidays, car, help DC, redecorate, new furniture or move to a 'better' property?
Could you compromise on a 3-bed semi with a drive?
Keep some in the bank for rainy days?
Thanks for replying. Yes of course I could but the amount would be almost the same. The one I like is linked by a garage. Bit misleading to have put detached.
Yes Edith. I don't think anyone would give me a mortgage!
So I would sell the house I'm in now and use almost all the money I have. I would like to keep something for a rainy day but it doesn't have to be much.
If you're looking to retire in not too distant future, I'm not sure that moving to a detached house is the best option- moving costs + higher maintenance costs (e.g. heating, council tax etc) so you might find yourself wanting to downsize in a few years to afford retirement.
If you like your area and neighbours, I'd stay put. I'd use a bit of the money to update the house but invest most of it into a pension.
Thanks JoJo. I'm not trying to convince anyone honestly! I am in an old house, new house would be newer (possibly easier to heat?). There isn't much difference to the council tax - I think mine is too high but that's another thread! The house next door is empty atm so who will come there is anyone's guess and the area won't change much.
How old is the detached house OP? I've not done this, but someone I know has. The detached house they bought was pretty new and they said it was much cheaper to run because it was so much more energy efficient, despite being much bigger. If there's not much difference in the council tax it that could be useful in your retirement. Would you consider renting out a room in the bigger house, or perhaps hosting foreign students? Friends I know have done this in retirement to continue having an income and some company. That would certainly be easier in the larger house. Playing devils advocate there would be more house to maintain, repair, decorate, etc; this might become more of an issue as you get older. But if I was in your shoes I think I'd jump at the opportunity of that bigger, detached house!
I've found my person @Wildwood6! I find old houses like money pits tbh. There always seems to be something to do here.
Hosting foreign students has given me food for thought.
Sorry Wild, I didn't answer your question. There are a few in the running. Some 15 years old, one is 7 years old. My house is 1930's I think.
I don't know why I didn't mention it but I live here with my DC's. Another option would be to stay in this house and downsize from here (but still have my drive and nice garden) when at least one of them moves out.
could make it nice on a budget I think but getting tired of ploughing money into a house all the time.
@Guardsman18 aren't they just? I love old houses, but I've had to undo a century's worth of botched DIY more often than I care to remember!
Yes, my friend who takes in foreign students really enjoys it- they are often only with her for a few months, so she gets her house back at regular intervals, and the students she's had have been lovely, interesting people from all over the world. Ok, you don't earn a fortune but its a nice addition to a pension. Its been a really positive experience for her.
You need to get an estate agent (or 3) to give you an accurate valuation. i.e. what can I get for this, relatively quick sale (as the one you like is already on the market).
That (less costs/fees) plus your inheritance, I'd not want to move if it meant not keeping prob 20% back (and don't forget to factor in stamp duty.
We moved from a 2bed semi to a 4bed detached 15ish yrs ago. The small house we sold has gone up in value by about 15%. The new house by about 10%. That might just be our area.
Factor in increased Gas/Electric, CTax, House Insurance, more expensive to decorate/carpet as more, pos bigger rooms and longer to clean for the same reason.
I guess it's got a garden, that lawn grows faster than you imagine (from a non-gardener to now a "grow spuds/veg" mucky thumbed one!)
You also need to consider your future income from your pension, too.
Having said all that, I couldn't fit me, DH and 2 cats back into a small 2bed.
If you're thinking of moving "big" now to then downsizing again, it must be really hard to do. Don't forget as well there will be all the extra costs and charges/stamp duty to pay again.
Do some serious number crunching.
If you do move house, it might still make more financial sense to do yours up first to get the max amount of money for it.
@flouncyfanny (great name). I'm not comfortable talking £ but you just seem to be more financially savvy than I am. I can tell you in a PM if that's ok with you?
JoJoSM2 - I have to do some serious decluttering and tidying up to sell but to do it how I want it to look would be more money and I still can't park my car iyswim!
That's fine, if you're happy. I was just giving you rough (but non-specific) guestimate.
Thanks. I'm happy to put figures on here as it's an anonymous forum but I find sometimes that it all goes off on a tangent about how I have the money, how am I mortgage free.
If I'm wrong the please correct me. I'm genuinely looking for advice not anything else .
Don't put figures on or explain ins-and-outs, really no need.
But having been in similar situation, those were my initial thoughts/gentle advice.
I think I am the mistress of thread killers I tell you!
Lots of questions:
You mention a new job, have you been working previously? Are you concerned about the new job security? Do you think you need to keep hold of your nest egg in case new job doesn't work out?
How old are DCs? Are they likely to be moving out soon? Are they likely to be in a position to contribute soon?
Do you plan on staying in the area after retirement?
How lovely would it be to be able to park right by your front door all the time?
Will the new job enable you to save some money to pay for holidays? If you're working then you're obviously limited to the number of holidays you can have. Are you hoping for a couple of weeks in the sun or are you planning big trips and flying business class?
There are probably loads more questions needed, but the answers to the above questions might help you figure out what's best for you.
Thank you AKA. With the money I have I could go on holiday but my dc's don't want the same things. I would be going alone. I have asked one or two friends but they can't/don't want to.
I will be in this area yes as my DC's are here and DM.
I don't think any job has security these days really. i live quite frugally atm. It's just this money pit I'm in!
@flouncyfanny. I gathered that and was hoping to do some number crunching with you!
I think I'd move as being able to park makes life a lot easier and presumably even more so when you are older. It takes a stress out of the day.
Lots of my friends host foreign students to boost income, it works really well and is flexible.
Also as your kids get older/ get partners / may have kids having a larger family base is lovely. The numbers of family multiply really quickly.
I like that way of thinking @Allthebubbles. I wouldn't move again after this one. I don't want a massive house, just one that isn't a money pit and as you say, parking on my drive would be such a bonus when I'm older I'd like it now tbh!
I'm just concerned that due to one thing or another (I don't feel master of my own ship atm although I should be/can be) that I am staying here to appease other people to my detriment. I will also have money in the bank and nothing to do with it!
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