Which would you prioritise: Moving to a good area, or being mortgage free by 50

[CornerOfTheSky]

We currently live in a run down area. Lots of crime, the general area is pretty unloved, and the secondary schools are rough. That's on paper anyway, in actuality, we've found it an OK place to live so far, but we don't have teens yet.

For the longest time, our plan has been to move when the kids reach secondary school age, as we'd rather raise teens in a place where they can have more freedom and less worries about crime, etc. It would be better education-wise, too.

House-wise, we'd gain a little more space by moving. But to move to a 'naice' area (as mumsnet likes to say), we are looking at at the next price bracket up from where we are - it's a difference of around £100k for the same type of house we are in now. There are no cheaper options in between without moving very far away, which we are not prepared to do.

Staying put, we'd be mortgage free by 50. Moving would mean we'd likely be paying off a mortgage until closer to 70. The better financial decision is to stay put, but our hearts tell us moving is the right thing. What would you prioritise in this situation?

I’d move.

Move and downsize when the kids leave home (if you need to).

We have a smaller house in a nicer area. I would see if this is a possibility. Could have twice the house in the next borough along but wouldn’t want to live there. Equally, could have twice the house in this borough and be eating beans every night or terrified of losing an income etc. Area wins for us!

Move. But I'd try and do it while still at primary

Not sure how your voting options work but I would say you would be unreasonable not to move. Having more money to spend in a crappy area where the schools are rough? No. Move (and do it soon during the stamp duty holiday!)

We moved! We got the school.

I do regret the additional mortgage, but will downsize again.

I would move and then downsize once the kids have grown up. Presumably there is a lot of equity in your property so perhaps you could become mortgage free well before 70.

Going against the grain here, be mortgage free!
We have been mortgage free for the last 18months -in a nice but deprived area. It's been a God send in the current economic climate, one bill less to worry about.

Move and go smaller, we did and don’t regret it.

I'd go for mortgage free but with a slight twist.

Rent your house out and rent one in a better area whilst the kids are in high school. Move back to your original house once the DC have left school.

I would definitely move into a better location, rather than be mortgage free at 50 in a run down crime ridden area.

Move a d downsize when you are older

@Noconceptofnormal

Good God, move if you can. I would do anything to get my kids out of a bad environment, your wish to be mortgage free by 50 is selfish by comparison.

You don't need to be mortgage free by 50,we need to all get used to the idea of working in some capacity until late 60s and shed this relic of the past of 50 being old enough to retire or semi retire. 50 just isn't old anymore.

Absolutely this, particularly now many don’t buy houses and have children until their 30’s, at 50 there are at least 17 years until official retirement age and I expect it will be raised to 70 fairly soon. 50 is the new mid life now not retirement age so if you can improve your children’s future I would move.

We moved, kept the mortgage length the same but have been quite skint for last 10 years. I’m pleased we moved for teenagers, they’ve had a much better time living where we are.

I’m also much happier here. Hasn’t made much difference to dh in all honesty.

DH hates his job and when mortgage finishes in 3 years he’ll go part time - so that’s his main motivator.

Rent your house out and rent one in a better area whilst the kids are in high school. Move back to your original house once the DC have left school.

Quite possibly the worst advice possible!

Obviously hard to know how bad the area is etc.

But I'd move. Being mortgage free at 50 would be great but not like its going to massive you disadvantage you to extend it.

I think it really depends how bad the area you currently live in really is and how bad the schools are.

Generally I'd say being mortgage-free by 50, that give you options and you can support the kids at uni etc. But it depends on the above.

I would do anything to get my kids out of a bad environment, your wish to be mortgage free by 50 is selfish by comparison

The OP isn't finding it a bad environment, though. It's just on paper. And it's not selfish to prioritise financial security. No good being in a "naice" area if you can't pay the bills.

Definitely moving

Mortgage free at 70... that will be hard work. Smaller house nearer where you want to move? What sort of crime are we talking about? There’s good and bad everywhere.

@Bearbehind worked perfectly for me.

Move to the biggest house, in the nicest area, that you can afford. It will always be a win if you stay in them long enough. We have always really stretched ourselves at each move, eye wateringly so in some cases. However, over time, you get promotions, bonuses, maybe even an inheritance if you are lucky, and each and every time, use that extra to pay down the balance. Mid 50's we now only have 5% left to pay off, and a very nice house, which will hopefully be a fairly good asset when we need to sell and downsize.

I'd move for the kids secondary school time then potentially downsize (depending on whether kids still live with you) and/or move to a different area later on, maybe even move much further away to a cheaper area for retirement and pay off the mortgage at that point.

I'd also see what's available in your preferred secondary school area eg something smaller/that requires work/smaller garden so that you can make the move with as little extra spend as possible.

Move. If only for the sake of your kids. If the secondary school is that rough, then you could be blighting their lives. Getting them into a primary school where they can make friends before going to a decent secondary school has to be good.

I would never choose to have a mortgage until 70. The compromise is move now until the kids have flown the nest, then downside if needed.