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?
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.
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!
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 .
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!
Honestly. You only live once. Buy a house you love.youre in it every day.
I lived in a house with no drive. I wouldn't do it again. Having your own drive is really worth it.
It sounds like you've made your mind up but I'd be concerned at spending all of the money on a house, particularly now with Brexit looming and the economy, including house prices, likely to tank. How secure is your income and pension? How much help financially would you like to give your children? I would want to set aside £20K to replace cars, large appliances and have savings for house maintenance. Those are the things I'd be thinking of. I would stay until retirement (invest the lump sum) and then take stock after that. A drive isn't worth putting all your eggs in one basket.
I would definitely move.
How old are your children?
If you're going back to work then how much better off will you be per month? You say you won't have a mortgage - will your wages enable you to take holidays?
A bigger and more expensive house will go up in value by more (in real terms) than the house you're in, so moving is a way of saving.
I think it's well worthwhile spending a bit of money on getting the place looking good - decluttered, fresh paint, everything fixed - but I wouldn't invest in a new kitchen or bathroom or anything expensive.
A detached house would be fantastic - you wouldn't have to rely on having good neighbours, which presumably you do have to at the moment.
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.
That sounds really tough. I think you should do whatever it takes to feel in control of your own life again.
What would be the children's attitude to a move? Would they stay in the same school?
Have a look at a new build as it will be super efficient and you may get a deal on stamp duty etc.
I would do it though .. I've always had a drive and hate the thought of not having somewhere to park when I come home 😬
I agree with the comments about having a place to park.
But one thing which I haven't seen mentioned (or I might have missed) is your retirement plans. If you moved, would you have enough income in retirement to live on. If so, I would move. If not, then it might be worth considering saving your money and using it during your retirement to live on so you don't have to worry about bills and things.
Thank you so much for all the constructive advice.
I'll try and answer as best I can. One DS 19, one 14. Nineteen year old is not quite independent yet. Fourteen year old would still be at the same school.
That's a good idea about a new build although a lot of them are on 'strange' estates - half built, near Asda whereas the two i'm looking at are overlooking the sea and other one very pretty small cul de sac.
As for retirement, I don't know. It does worry me sometimes but I (probably naiively - sp?) it'll all be ok!
I have just been to look at new builds. Didn't go to sales office as I had just walked the dog and look as if I couldn't afford a tent!
Has anyone else ever lived on what looks like a building site? Not sure I found it that appealing tbh. They might buy my house off me though?
The chance to live in a house overlooking the sea is not one that I would turn down - balm for the soul, OP. As Bluntness says, you only live once so take the leap.
And I too have lived in a property without parking; it was a constant headache. The misery of driving round and round to try and get within half a mile of my front door after finishing a late shift - never again.
Go and get your drive, OP and wave farewell to your money pit.
Thanks @chanson. I'm feeling really positive about this move. Not sure about the one overlooking the sea now as the 3rd bedroom is smaller than the one in this house.
However, I have found one that has water views - uninterrupted no less - which is within my price range. Same council tax band, water etc. There isn't a picture of the garden though which is a bit worrying.
Could you try Google Maps/Streetview to take a bird's eye view? Does it mention a garden in the description? We had a lovely big garden in the last house we sold and yet the estate agent only included a photo of a side sliver of it in the draft details
Your new positivity is great news - enjoy the house hunt and the luxury of being in such a good financial position. It's a buyer's market at the moment so your timing is great in that sense.
Yes I could but it's not far away from me so I can go and have a look soon.
I'm so pleased I have this job - I have been really lucky - but I want to do things NOW! Feel like a toddler. I am working Monday to Thursday so the serious stuff starts on Friday morning.
I do have someone picking up a sofa tomorrow that's not needed after work. That's a start anyway.
Just in case anyone thinks I'm a spoiled brat - I'm not honest. Not sure why I feel the need to put this on here, but I do. I've had a crappy 10 years where I felt I couldn't do anything, having to stay in a house that has cost me a lot of money that needn't have really.
Op, you don't need to make any decisions now. Consider all your options.
New builds: usually smaller rooms, come with a high price tag (think new car) and drops in value the day you move in, often lots of families on new builds, do you want to live surrounded by small (noisy) children?
1970s houses: often poorly built, featureless, are 50+ years old so will need upgrading (windows, roof, electrics etc), usually bigger.
Thanks for your reply @Soon. Where does that leave me then? I have ruled out new builds. I couldn't live on a building site.
I'm looking at 10 year old houses that are easier to heat etc? I have always loved old houses and have had so much work done on them, I would be scared to look at how much it has cost me over the years.
I think I just want to buy cushions and curtains now, not have major work done if that makes sense
Whatever age of house you buy, I am sure you will make it beautiful and no longer having a money pit will be a massive weight off your shoulders. I am sure no one thinks for a moment that you are spoilt - you sound lovely!
Thank you. I'm feeling the weight lifting already!
Life is odd isn't? I've been given this money so I could just stay at home no, go on holiday, have enough to buy a new car, afford for my dog to be looked after whilst I'm away ... No, not me - I've been offered a lovely job which is perfect for me!
Thank you for the flowers x
For anyone still reading, DM and I went for a drive this morning. I have ruled out about 5 houses.
However, the one near the sea is back in the running! I didn't want to have any work to do but the garage could be converted into another bedroom I think, I hope! ...
Great update, OP - the house sounds very promising. Let us know how you get on with Operation Escape The Money Pit
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