WWYD? Move, rent for a bit, stay?

[KnobChops]

DH and I are now able to pay off our mortgage. We’re in our late 40s. The house is in a good area, near a sought after primary. It’s on a nice road but there are better roads. We would want to do some expensive work (loft conversion, kitchen knock through, new kitchen, garage replaced) if we were going to stay long term. Some of those things will need doing in the next year or so. The cost will not be fully recouped in a sale as it would take the house above the comps in the road. The neighbours on one side are nice but completely hogging the shared drive with their DIY and car projects, they are also hoarders and I can see their house slowly deteriorating, no way will they ever move. They’re starting to really get on my nerves although things are cordial.

The plan was to move to somewhere bigger In a better location with no building work needed and no shared drive and take out a new mortgage for another 15 years. My job is secure, DH a bit less so but we can afford the mortgage on one wage if necessary.

We had a valuation yesterday, the market is hot here at the moment, this may not last. Estate agent says it will sell fast. The price is good.

We’re restricted to a few areas as DC is in critical years of school.

Problem is I can’t see any houses we like at the moment.

Would you / have you:

a) sell and move into a rental for a bit until we find something we love
b) stay out until we find something we love then put ours on for sale (this will assume the market stays hot post covid and with brexit etc)
c) stay and pay for some of the work and then look to sell in 5-10 years

Thank you.

[Takingontheworld]

A) i think. Neighbours is the clincher here

[KnobChops]

@Takingontheworld yes that’s my thinking. It’s sad in a way because it’s a nice house. Although not the home we anticipated staying in forever.

[JoJoSM2]

I wouldn’t leave it for 10 years as by late 50’s with grown up DC, I’d be looking to downsize rather than move up the ladder.

So I’d rather move now so the whole family can enjoy the bigger property for years. I’d probably compromise on the new house needing a bit of work to improve your chances of finding somewhere.

DH and I did rent for s bit waiting for the right house to come up and being chain free put us in a great position without which we wouldn’t have got the house we did. However, that was pre-children and I’d dread doing it with more stuff and kids.

[zombiepara]

If you can comfortably afford it, I'd look at renting.

If you'll get a great price and a "safe" (safe as they can be, and if not safe then one where other people will want to buy).. then go to rented.

It frees you up from a chain and makes you more attractive to sellers when you do find that house you want!

[RoseMartha]

I would move now but compromise a bit on what to buy. I wouldn't go into rented.

By the time you have a buyer something more suitable might be on the market anyway. It changes everyday.

[WoolyMammoth55]

Yes I'd put it up for sale now and keep an open mind if you're going to rent or not. View lots because some lovely houses are badly presented online (and that's often when you get a deal!)

Knowing that you can go into rented if needed makes you attractive as a vendor too. But if your area is restricted by school catchment then viewing all the possibles, even if the listing is bad, shouldn't take too long.

Best of luck!

[KnobChops]

Thanks everyone, sell it is!

[Annasgirl]

A.

We did this in the 2008 crash and bought an amazing forever home in 2011 - at the bottom of the market here.

[Porridgeoat]

Sell and rent short term if you can’t see anything to buy