Should we buy the house?

[Washinginthesun]

I am in turmoil!
We live in the middle of an estate and have always longed to live rurally but don’t have the budget to do this but this doesn’t stop us looking.
We long to have no neighbours (currently surrounded by music blaring, football kicking, fire burning people).
A house had come onto the market that fits the bill. Rural, no neighbours, views to die for and we can afford it. Only compromise is fairly small bedrooms.
It would mean, however, going from almost paid the mortgage off, everything on track to retire at 60 to new 25 year mortgage retiring at 67. Oh and finding an extra £1000 per month (which we can do if we stop living like kings!)
I keep swinging from one decision to the other. What would you do?

I’d go for it

Would it be possible to take a new mortgage on a 20 year term instead? Then it’s only 2 extra years to work and the small extra amount in payments might still be manageable and easier to reconcile in your head than a whole 7 years more working.

Smaller rooms and smaller garden for 1k more per month?! Nope!

Go for it you only live once!

This thread is so interesting to read as ultimately we all have very different views on what we would / should prioritise versus compromise on.

There is no right answer so I can understand your dilemma OP.
I agree with others that if this house is giving you the space and lifestyle you dream of then go for it - but only with eyes wide open about the budget.
£1000 may be easy to save based on how you describe your lifestyle - what other costs will the house incur- as PP mention it’s likely to be heating and maintenance depending on the property.
We have oil, logs to pay for and need to spend on getting trees / hedges maintained and ideally need more help with the garden. plus mileage if you drive everywhere suddenly.

Our mortgage has gone up by more than £1k due to interest rates in the time we have lived here and although we have ‘found’ it because we had to it’s not easy alongside everything else going up.
We don’t regret our decisions as we moved for family reasons as well and we love where we are but I do worry about maintenance costs and we do both need to work well beyond 60 - which feels more of a burden the closer it gets.

I have to disagree that this is always the case, for us:

• We definitely don't spend more on petrol now or more time in the car.
• Our shopping is delivered, but there's a small village shop we can get to close by so if we forget milk it's no problem.
• I'd always choose to drive dc around as I prefer to know where they are, however I do think the point about chauffeuring is fair for some.
• We've an enormous garden and pretty much just leave it. We occasionally mow but it mostly looks after itself.
• Dh or I can drive to the nearest takeaway in 10mins if we want one, though I'd not base my choice of home on availability of takeaway food.

Not saying the points are wrong, just that they aren't the same for everyone.

Oh if you are 43 go for it.
Kids are nearly done. As pp say you might be in a position to over pay. If ill health happens down the way you can sell. And your £1000 a month is being saved.
Do it

If you think you can afford it, then do it. Small bedrooms aren’t the end of the world and most people will be retiring around the same age; 7 years will pass in a blink.

My only concern would be whether it will still be rural when you hit retirement age. Or whether the rural land will be sold to a developer and you’ll end up on the edge of another estate.

Like you OP I grew up rurally and want to live rurally again, but OH doesn't so we don't. I would do it, if I were you, if you can swing it financially.

Yep, I’d do it
you’re buying a higher value house, so the extra £1k a month will be being invested in , what has traditionally been, a fairly reliable growth. You will be able to downsize if needed at or before retirement.
and our surroundings are so impactful !

OP, similar situation - we are older - and have just done the same. Yes its a commitment but we will have our dream home and for whatever time we have left (hopefully plenty) we want to be where we are happy.

https://archive.md/v3yud

in the paper today. Sort of relevant! Interesting.

I’d stay and pay off mortgage.

Believe me when you get to 60, 67 is a long way off and you might want to drop some hours, go part time. You get tireder much quicker and less inclined to be working all the time.

I would just be aware of shifting priorities. I moved and took on a bigger mortgage at 44 and cleared it in 10 years. I don't regret that as it cut my daily travelling time massively and my quality of life is much better. However, if I had been able to stick it out I would be a lot closer to the option to retire early now. My shift in priority is due to a much, much stronger desire to not have to work to 67/70 that I didn't feel at all in my 40s.

This.

You change as you age

I would buy the house or one like it. I don’t get this whole retiring early thing. What’s the point of retiring early to sit around in your house with the neighbours’ bass thumping and a small garden and living in an area you hate. Retirement isn’t all cruises and world travel. A lot of it is being off work and at home a good chunk of the day, especially if you aren’t fortunate enough to stay in good health in your 60s and 70s. I would much rather work a bit longer but spend those years living somewhere I loved.

Fwiw, I did move to the big house in the countryside with no near neighbours from a big city after years of listening to my neighbours’ parties and drug deals and it’s been fantastic. It’s given us a lovely lifestyle. Kids roam about freely in the fields and woods. I have a beautiful garden. It’s great.

Edge of a village is ripe for development. Check local planning applications carefully or you might end up back in the middle of an estate.

I’d explore the affordability of a shorter term mortgage as a first step.

Our current mortgage runs into our sixties as it stands as we had to do that to buy. But we are planning (a) overpaying as much as possible at the moment (b) remortgaging to a shorter term when our current fixed rate ends in five years, hopefully with our overpayments helping at that point and (c) using our lump sum pension payments that we will both be entitled to with our work pensions at 60 to pay off what remains at that point.

I would absolutely go for it, it is £500 each extra per month which you have stated is completely possible if you tightened your belt.

It could be extended and become the absolute house you have been searching for, when will the next opportunity within your price range come up?

I agree. Living in the country is different from town- but you will not have changed planets!
I get food deliveries - seldom bother going round a supermarket.
I have factored in the possibility that one day I might not be able to drive and have worked out that sale of car + no car expenses will pay for a lot of taxis/community transport. And I have lots of friends and family who would help.

I am intrigued by the poster who was concerned that one day you might need a stair lift and felt that this might be factored in to your thinking. I wish to assure you that stairlifts work just as well in the country as they do on town!

We were in your position, Mortgage paid off etc but had come to dislike the estate house we’d bought for the family years and moved more rurally to a beautiful cottage; it’s my heart house and it’s the best thing we ever did.

I hear so many people focus on their forever home but our move shifted our outlook to having a home that’s right for now, for our current life stage. We will most likely move again when the time is right and we need something different, I now can’t imagine staying in the same place for my entire life!

I think move as well. We moved to somewhere with beautiful views and it’s just so lovely being here.

I did have huge doubts in the run up to exchanging but I think it was just the stress of it all and it being such a big decision. I think its normal to feel worried about a move like this but it doesn’t mean there’s a good reason not to move.

Go for it!
You say you can find £1000 per month no problem .
If it was me and I felt I could afford it then it would be a no brainer .
You are a LONG time dead .

Go for it OP. It sounds like you can afford it and it sounds much nicer than where you are now.

I'd go for it. The sense of contentment of living somewhere that makes you happy is worth more than any of life's luxuries. I have friends who did this and they are just so happy. They have a massive garden and are constantly working on some project or another. They host bbqs for friends and have kids sleepovers or kids 'fun days' with slip and slides, or 'camping nights' in the garden. They have a stunning view and seem to genuinely spend time sitting looking out. They observe the local wildlife and have become knowledgeable about different types. They spend a lot of time at home now and there is something really calm and content about their home. All that said I'd hate it as I'm not a fan of rural life but if you are then do what you can to make it happen.