Bigger house or location? Stretch or small mortgage?

[PerpetuallyUnderwhelmed]

Would you stay in a smaller house in a great, desirable location; think great schools, loads of parks, green space but close to city centre for all amenities? Or move to a larger house with a big garden but have to drive to any amenities?

The smaller house we are currently in also has a comparatively small mortgage, well within our means. Moving would probably entail a much bigger mortgage for a less desirable location but much more space. We would sacrifice quite a lot of financial freedom and flexibility.

How much of a priority is a 'big' house for you vs location and financial freedom?

It’s depends on where you are in life, we are doing exactly that but we are early forties and view capital from our house as part of our pensions. Equally I love my family but I need “space” to escape at times so would prefer bigger house. We are not really into big holidays or expensive cars.

Location for me very time but I like to be within a 20 minute walk of town and coffee shops. I also like my teens to be able to come and go as they please.
We hardly use the car and it’s great

Location always comes first to me.

Location for me. We are a family of 4 in a small house but in a great location (like what you described in your OP). DH talks about moving somewhere bigger, but I know I would hate to sacrifice location for space.

It also depends on how secure your jobs are, health etc. I have health problems so we have a much smaller house and car then we can afford because the peace of mind if the shit hits the fan is very important to us.
If you go for the bigger house, make sure you have good insurances etc so if you get sick mortgage will be paid.

Great perspectives thanks. We have cash savings, good health and in a great position. Just wondering if we have been too risk averse with going for a bigger house.

We are early 30s, 1 child, hope for another. Don't do flash cars or holidays either but do like to eat out and some of the finer things in life!

I grew up in the countryside and hated it as a teen.

No advice OP, but I've been in the same situation for about 5 years and I don't think I'll ever decide what I really want! We are early 30s and have now got baby twins. It will be a few years before we're back in a position to move, but I still lose sleep over what the right decision is. I suppose staying put is playing it safe - it would be horrible to move and then regret it. I just can't ever settle properly with the "what if" hanging over us, I wish I could just stop thinking about it and be satisfied!

The teenager point is one I think about too. My kids are pre-teens, but I think the time for us to have moved was when they were younger for the big garden with a play frame etc. Now that they are getting older, I think it will be nice that they can walk into town on their own and not need me to taxi them everywhere or worry about public transportation etc. My son loves nothing more than being allowed to walk to Subway on his own for his lunch on Saturdays. The simple pleasures of an 11 year old boy!

I am in the young children stage now and a big garden would be great. But we go on walks and to the park everyday. We have the garden and playframe at grandparents. We have train links so no need to drive everywhere and the area is very popular with young families so easy to meet people socially. I am questioning whether I really just want a 'status' house because technically we could afford it...... but we don't need it and it would entail other sacrifices.

Grandparents view is that we would be mad not to go for a big house somewhere but I don't think they fully get it (and of course, their big houses cost a lot less years ago!)

My teen hates our rural location. She wants to move out "immediately" when she is 18 and be somewhere where she can walk to Tesco and have takeaway delivered. I don't think a job or where she is going to live factor in her thought process.

I'd stay put for a few years. Better to have a small mortgage and then if you have another child you can take more maternity and not stretch yourselves.

Smaller house all the way, location is key! As long as it is big enough for the family and you won’t need to move anytime soon. You’ll be thankful for the financial freedom compared to the big house

We moved from a small house to a bigger in same (for us - great) location early 40s. It's been so beneficial during lockdown but the size of the outstanding mortgage really scares me sometimes even though it's affordable.

Not really a like for like comparison but I wouldn't have compromised location to move to a bigger house in a worse location. The compromise was huge debt!

From what you’ve described I think you’d be happier where you are !
It would be my choice for sure in your circs. I’d prioritise happiness way over what anyone else might think I should do re buying a bigger property because I could.
Hell I live in a flat in the very heart of London through choice.

We moved to the big house. I had no idea how much extra cleaning, housework and upkeep and maintenance time it would eat up.
Once I'd be the first to agree that that deserves the world's tiniest violin -but if I went back now I'd change the decision.

Obviously not once!

Location, location, location! Extend?

good location every time. being able to walk to shops / parks / friends etc is marvellous.

I would wait until/if you have a second as you might find you don't need the space at all and if you end up with an only the location will possibly be even more important (as you say lots of families etc. are nearby). I have always put location first... although I have ended up with a big house too... and in many respects it is great but the costs are high and it needs lots of cleaning etc. I have already organised my downsize for when my DC are in their late teens...

I'd stay. We paid off our mortgage a few years ago. We've got an 8 and 4 year old, and only starting to now consider a bigger house. I'd like a dog, a spare bedroom and a bigger garden. It took us a while to get to this position though. We've saved lots of money in the time we've been mortgage free towards the move.

I would always take location over house personally. I think the mortgage thing is more of a personality thing, some people don't enjoy the feeling of too much debt, some don't mind.

We may change our mind yet. I'd like the 4 year old in school (September) , so I can start to get the house ship shape with a view to putting it on the market Spring 2022. In September I will have two days a week when I'm not working 9am to 3pm, to start the big sort out. DH works very long hours, including weekends. It's his own business. I therefore don't get the help.

Our neighbour recently had an asking price offer two weeks after putting their home on the market.

Isn’t there something in between? We have definitely grown into our mortgages so I think if you have secure jobs then it’s worth the stretch at some point. But living miles out can be a PITA.

We moved from a nice central location which was quite enclosed with small gardens to a much bigger house just three miles away. It didn’t compromise us other than a car or bus to school which we’d previously walked. I wouldn’t have wanted to go further still and get more. Don’t forget big houses and gardens need a lot more maintenance.

Thanks all. There really isn't an in-between because we live so close to the city centre, very few houses have gardens and they're basically all victorian terraces. I think we will extend a little if we stay, just deciding whether to do that or put the money into a bigger house