Sell and pay off mortgage

[Thecatwokemeup]

We bought in an untrendy area (at the time) and now our house seems to have gone up by 100K in value. I'm wondering if we sell, buy something outright in a less nice area, poorer state of repair and have £300 more per month that we desperately need to cope with the cost of living.
Factoring in stamp duty, is there anything else to consider?

It depends on how objectively “less nice.” If it’s the sort of place which would make you miserable because of not feeling safe after dark, or a lot of antisocial behaviour, then you’re as likely to find yourself a little financially better off but not feeling any better or less stressed for it.

If we’re talking a little scruffy or rough around the edges, not a bad thing: I’ve lived in a couple of deeply untrendy (at the time) parts of London and loved both of them. Have never regretted being able to pay off a mortgage in ten years by doing so.

Also - poorer state of repair may well equal higher utility bills if not as well insulated / poor quality windows and doors / older roof etc, so a point to be careful of checking if you want to be saving money.

Have you actually looked on right move to see what you can get for £X amount? House prices are mental at the moment so I can't see it would be worth it.

If it's in a worse state you may well need that £300 a month to fix it up

As well as stamp duty you need to consider estate agents and conveyancing fees, removal van costs.

long term a house in poorer repair will require money spent on it so a short term gain may be a long term loss. If the area is less desirable property prices may increase less in the future compared to your current house and may be harder to sell.