Help struggling to make this life decision.

[RosieLeaLovesTea]

Hi all

Really struggling with a major life decision. Do we move house and take on bigger mortgage to move to a ‘better area with good schools’ ? With a mortgage until we are 65.

Or do we stay where we live now?
We are really fortunate to have inherited some money. It’s enough to pay off the mortgage we have and have a decent amount left over for savings.

Or it’s enough to put 50% deposit on a new house. Detached with garage. It would be in a more rural area. I would need to buy a car. Further away from work. Good schools. But when DCs become teenagers they will need transporting to town to socialise. Bus service not good as rural.

If we stay where we are - we live in semi detached. But we have 4 bedrooms. No garage which would be useful. It’s closer to work and good public transport links which means we only need one car. Also can walk to town in 30 mins. When DCs become teenagers they could be more independent travelling on bus and doing activities.

I feel like because we have options we are at a major crossroads in life.

Interested to hear what you would do?

What are the schools like where you are, and what are your kids like?

If necessary, could you funnel some of the money you save by being mortgage free into tutoring?

It depends how bad the schools are though really - I was very bright and went to a mediocre secondary where they refused to stretch me, they insisted I should move "sideways not ahead" but their idea of that was giving me hundreds of multiplication sums to sit and do once I had finished all the work. I was the odd one out and used to end up in the library sometimes at break and lunch to try and keep myself occupied. If the work itself had been adequate to keep me interested it would probably have been fine, as I would then also have been less of a weirdo.

When I moved schools I had friends "like me", was encouraged to push myself and supported with interesting extra curriculars by the school. At sixth form they knew what they were aiming for with Oxbridge applications and 6/130 of us got in. I do think it made a massive difference to my time at school. But a mortgage to 65 is a huge huge commitment and I absolutely understand why you wouldn't want to make it if there were other suitable options.

Being mortgage free is incredible! That's what I'd go for.

I'm 64 and have been mortgage free for 4 yes. No way would I want the financial pressure of having to pay a mortgage in my sixties.

This money is a one-off, it’s not like you are suddenly earning more. I would not base a decision with long term financial implications on a fluke. Also you seem to love where you are!

Mortgage free- every time.

But... Surely there's a happy medium?

If you want more space, perhaps move somewhere nearish but with a much more modest mortgage.

Or can you build a summer house/ workshop or similar where you are?

Stay put!

Stay put but don't pay off the entire mortgage. Interest rates are at an all time low, so invest in your pensions and equity-based ISAs.

I’m not as obsessed with being mortgage free as most on MN, I think life is for living- but tbh your current house sounds more that sufficient and suitable for your life . Why would you move? Move to a rural location when your kids leave home

What are the schools like where you are now?

I would move for a better life for my kids, but as well as schools I'd also prioritise teenagers being able to have some freedom and independence and not need to be driven everywhere.

If the schools near you now are good and your kids are happy there, I'd stay put and use the money for other life improving things.

If you want to get away from your current school catchment, I'd find another area which meets more of your preferences.

Personally I value area much more than the house itself, so I'd choose a smaller house in a better area than vice versa.

Stay!

I'd stay where you are - no question.

I wouldn’t, we lived semi rurally, fantastic when my children we little, but it was an absolute pain when they were teens, absolutely nothing to do. We moved to the outskirts of a city, they are really happy so are we, much more convenient for us all.

I'm having a very similar dilemma @RosieLeaLovesTea
I could pay my mortgage off now at 38 single parent
I love my house and the area is very convenient for A roads etc
BUT there is nothing in the immediate area ( and it's a bit 'rough') and when 2yr old needs to go to school it's going to be a very long school run for me and I'm not near any family. This has never felt like my 'forever home'
The decision plays on my mind a lot but I'm going to stay put for a few years and see where life takes me and how I might feel then

No brained, stay in your current house. I live semi rural moved 5 years so from town but yes am a kids taxi. I'd stay where you are and have a nice jokisay, improve on what you've got

That was meant to say no brainer and holiday.....should check before posting

Normally I advise moving to the bigger house but your account of rural sounds dire so I'd stay. Now maybe if there were a bigger house near where you are at the moment...

Just wondering if there is an option C where you stay close to where you are now and have a slightly improved house with garage or bit more room?
Or as many have said any way to add on or improve currently home?. Unless the schools are hell holes it sounds like you are fairly happy where you are.

We considered something similar when my dc were younger. I am so glad we didn’t. We live in a small town with good transport links and it’s been great for their independence throughout their teens.

Another stay!

Teen taxi service is the very same reason I won't be moving rurally

@Champagneforeveryone

We live semi rurally, moved here when there was an hourly bus service that was progressively whittled back and eventually cancelled all together.

We have ferried DS round to Every. Single. Thing. He passed his driving test just before Christmas and I almost wept with relief.

The perks of living rurally meant there was no hanging around in parks or on street corners, so he's grown up bypassing a lot of the angsty teenage rebellion stuff. But remember the driving

I grew up in a very rural area with no public transport. It didn’t stop me being rebellious (& hideous!) I just needed to be good at planning my rebellion

Maybe you’ve got a happy, pleasant teen @Champagneforeveryone

@Rummikub

Use the extra cash to build a garage? I can’t see any pluses in moving

Yeah agreed

Never move rural with teens.

Interesting responses because we (well, I) am actually mortgage free at the moment. But we are taking on a mortgage and will be 65 when it’s paid off, in theory anyway.

It’s because for me / us personally, home is the most important thing. I mean, I wouldn’t want to have incredible holidays two weeks every year and go back to a house that I didn’t love. As it is, we can have holidays and so on but not as lavish or as frequent.

We're in a similar position @RosieLeaLovesTea

Inheritance means we are currently mortgage free with money in the bank.
Gone for option C, which is to move to a bigger house and have a small mortgage, which will enable us to save a lot each month.

Definitely wouldn't move rurally at this point, especially as it will put you further from work. Our move is only 10 mins more on foot to town (2 mins in car) and we've still got all the amenities close by.

Is there anything in particular that's drawn you to this specific house in this location?
I'd keep looking if I were you, and keep on Banking what would have been your mortgage payments.

I definitely wouldn't move more rural now.

If you want more space, garage etc could you upgrade in you current area ?