To ask what you’d do? Property related.

[Merryoldgoat]

My DH and I moved away from an area we loved 5 years ago because we wanted to buy a house and couldn’t afford one there.

We bought a large 3 bed house and have a fair bit of equity. House supposedly now worth £550k ish.

We live in a not very fashionable London suburb in SW London. It’s ‘fine’. I’ve made some friends, kids are settled and life works fine. DH and I have reasonably secure jobs, haven’t been affected too much by Covid-19 and earn good money.

Youngest DS will be able to access 30 hours funding from next year which will free up around £600 per month.

So. These are our options.

1. Plough more money into the mortgage, pay off house much sooner and be mortgage free in 10 ish years.

1. Move back to a nicer area. We’d not really be able to get a better house but it would be in a much nicer area. We’d be looking at having to spend £800k ish for a house that would be suitable in this area.

1. Stay as we are and buy an investment property to rent out.

1. Extend our house into the loft - we have massive loft space and could add 2 double beds plus bathroom up there. Our house would then be 5 double bedrooms and 2.5 bathrooms. Prob worth something like £750k after that - it would cost £60k ish which wouldn’t really affect our mortgage massively.

I appreciate these are nice problems to have. But life isn’t all roses - both sons have SEN, I have some chronic health issues.

Where we are has great school provision for SEN but schools are generally better in the nicer area.

So what do you reckon?

I think I’m tempted by 4 but could be persuaded any way. DH thinks 3 or 4.

@onewhitewhisker

All of those points are really valid - I think the SEN provision will be the most important consideration really as my boys and their needs are paramount.

@Terrace58

I think that’s a good idea - We’d always planned to downsize around retirement but given the needs of our boys is uncertain we might need to keep the house.

Schools with good SEN provision are like gold dust. Worth more than a nice area where, as pp said, they can be crap at being inclusive.
But that may not be the case. You've got til Easter. So wait til October, request copies of the last academic year's Governor Meeting minutes for all the schools you might be interested in. See how SEN is referred to in those meetings.

Youngest may need a special school and there’s a good one on my doorstep.

This is the best reason for going nowhere. I would do 4, and try to combine with 1.

Your house sounds lovely - I’d either do 1 or 4.

Don’t do 3!

4!!!

@Osirus

Your house sounds lovely - I’d either do 1 or 4.

Don’t do 3!

Thank you! It does have potential but needs a bit doing to it. I might spend between now and Easter doing all the stuff I’d like to in other rooms so I’ve got a good ‘base’.

I've got dc with Sen. If you are confident that Sen provision near your is good then do not move!

When my kids were little I actively avoided ofsted outstanding primaries. Big generalisation I know but the two near us are appalling for Sen.

Not 3. No way, Been there, done that, it's not so easy being landlords, and some of the tenants you get are horrific. Definitely don't just fall into doing this, research it, and be sure you want to do it. there are other ways to invest your money!

I'd do 4. We made huge changes to our house, it cost £180k for the alterations but we saved the £60k on the stamp duty we almost paid (we had had an offer accepted on a much bigger house). If you can make your house really work for you I'd do it.

If your youngest does need a special school op then it's very likely you will struggle to find after school care for him as he gets older.

I would focus on getting the mortgage paid off in case one of you needs to significantly drop your hours or even become a full time carer.

Sorry to be depressing but I worked until my disabled son was 10, same employers for 10 years, all very supportive, got a new manager who was a competitive bitch and one day it all just went up in smoke.

Extra bedrooms/nice areas are not as important as security and having an easier life.

How would you afford 4? Do you have lots in savings already or would you be getting into debt? Which, given the current climate, may be risky

[quote Merryoldgoat]@Bluntness100

I live in an area between Sutton and Wimbledon that’s well connected to A3 & A24 And would ideally want to move towards Kingston upon Thames (Surbiton, Kingston, Hampton Wick, Thames Ditton etc).

It’s a really hard decision. I’m just not sure all the money is worth it to be in a nicer area when I just work anyway and I’m not far from there if I want to get there for coffee etc.[/quote]
Do you live in Mordon? I would just stay there as I don’t think being closer to Kingston is worth the effort of moving. Especially if you think your son might need to go to the SEN school.

I’d do 3. It will be a good income when you’re old and mortgage is paid off. It can top up your pension

I'm just the other side of Hampton Wick, and it is lovely, but I agree with the consensus that 1 or 4 is your best bet. Our DS has some SEN and is having a lovely time at a small state primary, but who knows about secondary.

@Merryoldgoat

My DH and I moved away from an area we loved 5 years ago because we wanted to buy a house and couldn’t afford one there.

We bought a large 3 bed house and have a fair bit of equity. House supposedly now worth £550k ish.

We live in a not very fashionable London suburb in SW London. It’s ‘fine’. I’ve made some friends, kids are settled and life works fine. DH and I have reasonably secure jobs, haven’t been affected too much by Covid-19 and earn good money.

Youngest DS will be able to access 30 hours funding from next year which will free up around £600 per month.

So. These are our options.

1. Plough more money into the mortgage, pay off house much sooner and be mortgage free in 10 ish years.

1. Move back to a nicer area. We’d not really be able to get a better house but it would be in a much nicer area. We’d be looking at having to spend £800k ish for a house that would be suitable in this area.

1. Stay as we are and buy an investment property to rent out.

1. Extend our house into the loft - we have massive loft space and could add 2 double beds plus bathroom up there. Our house would then be 5 double bedrooms and 2.5 bathrooms. Prob worth something like £750k after that - it would cost £60k ish which wouldn’t really affect our mortgage massively.

I appreciate these are nice problems to have. But life isn’t all roses - both sons have SEN, I have some chronic health issues.

Where we are has great school provision for SEN but schools are generally better in the nicer area.

So what do you reckon?

I think I’m tempted by 4 but could be persuaded any way. DH thinks 3 or 4.

I’m looking for an investor to buy the house I live in- you could be my Landlord! Situation is- when I needed to buy 12.5 years ago my credit was still affected by my ex-h (now deceased). My son and his wife therefore are on the mortgage For this property, therefore my landlords. They want to move from their house in the next couple of years and don’t want to be having the extra mortgage on their file when they do, so we are looking to sell. Either an normal sale and I’ll go elsewhere, or a new landlord. 3 bed semi, price £125k, rental income £600 pcm. If you do it as private landlords and pay 40% tax, you’re still netting £360 per month for your investment when a savings account would only be about £100! If you set up a company to do it and pay corporation tax it’s be £480 a month. Just saying lol! 😁😁😁

I'd move to the area you love. Location, location, location and all that!

I would do 4, and aim for 1 in your 50's as you've mentioned.

SEN provision is so varied from school to school. Finding good provision is worth it's weight in gold, especially close by.

Then once you are mortgage free, or when the school SEN provision isn't a daily factor, make your decisions about moving and long term suitability depending how your children's needs develop.

I wouldn't get into buy-to-let at the moment. So many people are losing jobs or cutting hours. More and more people are going to struggle with their rent and it's not a good situation to be in if you need the money to pay the mortgage on the btl

Have you been to see any houses in the areas you like? You might just find that you go off the idea. DH used to be near the Thames, we both rowed, kayaked etc. We did have a moment at some point of wanting to move back but a couple of viewings later + lots of traffic jams we went off the idea. We’re in agreement that our retirement London pad will be have river views, though Also, have you considered somewhere like Cheam Village? No river but feels pretty smart and Nonsuch Park is lovely but it’s cheaper than the riverside area.

Yabu.

100% and then move. I’d always prioritise location over house.