WWYD move or stay?

[Buxx]

I have an idea and I don't know if it's crazy or not. Would really appreciate outside perspectives on this.

I'm due to inherit a house from DF in Devon that is currently used as a holiday home. Its a 2 bed cottage. Needs a bit of work doing but is liveable.

I have 2 DCs, one 5 and one 3 (boy and girl). Eldest is in private school.

We have two full pensions coming in already so have a 'passive income' we could live off quite comfortably.

Currently living in rented 3 bed in SE and have huge debts to pay off with minimal savings. I have a well paid job working from home that I could do anywhere. DH works away in the week.

DF said yesterday as the house will be mine eventually I can go and live in it and just pay household bills. So no mortgage or rent to pay. His health is declining and I think he finds it a burden to keep it up.

Our original plan was to pay down the debts build up the deposit and buy in SE. Pensions would pay mortgage and bills and we would work just to cover school fees. But this new idea has got my brain working overtime!

School fees in Devon would be much cheaper that where we are. We could live without the worry of paying a mortgage/rent and have a much more comfortable life.

My main concerns are:

2 bed house for a family of 4 with boy/girl mix. There maybe a potential to extend long term.

Moving to Devon where I have never lived before and never being able to move back again.

Pros I can see are:

Moving when youngest starts school so both going to new school together.

Beaches/outdoor lifestyle maybe get a dog

Less stress on the money front.

Is this doable and what would you do?

How rural is the area you'd be moving to
Are there actually schools close by if you go into the independent sector there
What's the area like when the tourie

I think this time when your dc are so little is the perfect time to do it. By the time they’re older and need their own space you will be in a position to buy a different house or extend. The only thing I wonder is whether it’s worth having some kind of rental yourself to stay in the property market. I wouldn’t want to be 100% relying on inheriting.

I wouldn’t hesitate!

School fees may be less (and they might well not!) but are the schools any good?

Go for it!!

But I'd absoloutley use state school and plough the private school fees into the "massive debt".

Also, would you then be very distant from your father whose health is failing? How long would you spend visiting/caring for him?

Moving to Devon where I have never lived before

I've lived in Devon. As a young child it was idyllic, beaches, lots of open countryside, and friends with ponies.

However as I grew it lost a lot of its charm. Many area depend on tourists, and when it was low season the place I lived became a shell of it's summer self. Getting around independently was difficult due to ineffective public transport, and the weekly shop involved an hours round trip.

I understand how tempting this must sound, given the huge debts but I would look at taking the eldest out of private school to help alleviate this.

What are the local private schools like down in Devon?

Can you use the money you currently spend on rent towards your debts? How big is a huge debt?

What happens if DF goes into a care home? Will this property need to be sold to cover the costs?

Why would you never br able to move back again? You save the money you currently spend on rent to pay off your debts, and when that's clear you keep it as savings.

It doesn't sound like you can comfortably pay for a second lot of private fees where you are so what's the plan in a few years?

I'd move and I'd look at not putting them in private school until older given your cash flow issues to date

Due to inherit isn't the same as inherited.
Does he have other assets to fully cover nursing care. Do you have siblings. Have you seen the will?

How remote is the cottage and how important is it to you to have friends because you might struggle to make many as an adult having moved to a new area.

I have 4 thoughts....
1- How will this impact upon DH and his trip to where ever when he is working away? Are you adding hundreds of miles to his journey?
2- How will you deal with Inheritance Tax that i think is around 40% and could suddenly threaten your home when your father dies?
3- School fees may well be a lot less in Devon but are they conveniently located for this new home? Would you be facing long difficult drives through nasty narrow lanes twice a day?
4- Whilst Devon is undeniably lovely and so much quieter are you putting your children into an isolated location with potentially no playmates for miles etc?

Other than that cheerful little list, good luck.

If you can jobs I would.

To answer a few questions:

Debts will be gone in 2 years so no issue on second school fees. Already paying them down.

I have seen the will ( I'm an executor) and there will be cash as well to cover inheritence tax. Appreciate the point though about relying on inheritence and will need to speak to him about his offer and what that would mean further down the line. I sound like a right grim reaper (!) but there is also other money coming to me soon as well so should have a good amount of savings in the bank to cover this.

For DF we will get paid home help in as we have already done with other family members rather than go down the care home route. But its a good point so also need to discuss this with him.

Private school nearby not too far away. Cottage is in a coastal village of good size.

As PP said was thinking we could do this whilst the kids are young and then build/upsize as they grow.

Getting a buy to let is a really good idea. Hadn't thought of that.

This is really useful feedback thank you!

Oh and DH is 100% on board and more exicited than I am!!

In terms of kids being isolated we would do extra clubs etc in the village so they get to make friends. I'm not worried about getting to know new people, I quite enjoy it! My friends are scattered across the UK and I've moved around most of my life.