Dream house or fantastic lifestyle

[Belindabelle]

What would you chose?

DH and I mid 50’s, planning to retire in 5-7 years considering buying a house to retire to. Intend to move there full time in 2-3 and sell our current family home once youngest child has finished university and settled. We already spend time in the area all year round so are confident that is where we want to be.

House 1 needs work but it is perfectly habitable without. Long term I would want to re model to make it more suitable for us and make the most of the view. The location, view, garden are perfect for us. We would never need to move again. Our retirement would be spent doing the garden (love it)and pottering around the local area. Limited funds for travel but short haul should be possible.

House 2 is smaller, still has 3 bedrooms and a reasonable amount of outside space. No potential to extend, no wow factor or sea view that House 1 has. It is however around £250k cheaper. This money could be the difference between a comfortable retirement and not having any money worries again.

Obviously this is a nice problem to have. I am not actually agonizing over this just interested to find out what people would do.

YANBU go for the dream house and enjoy the view
YABU it’s only a house keep the money

Id do dream house and work a bit longer assuming I didn’t hate work.

House 1 will give you joy every day unless you want to travel long haul (or your children emigrate) but you could if needed sell it and downsize if that scenario happens

Given your age, I'd go for the cheaper house and get stuck in to the next 10-15 years of travel, fab lifestyle etc. There will be plenty of time when you want to slow the pace a bit and choose a house with a fab garden, but for now you are young, so go for the lifestyle option.

Really depends on your priorities in life. I’d rather travel more to be honest.

I’d go dream house, if it comes to it, you can always downside to something 250 k cheaper in ten years if required.

House 1 I think. I think I'd be fine with less frequent holidays if my house was truly my dream house. I'm someone who really likes staying at home.

Dream house for the win for me. I once spent three years living with sea view out of my front room and the beach 3 minutes walk away. I didn't even feel like I needed a holiday in all these years.
I like to travel but travelling is a very small portion of a year. I'd take a nice home and a more modest lifestyle any day.

Dream house every single day of the week

I went for cheaper house better lifestyle.

Not regretting it so far but only 6 months in!

the questions to be asking yourself are:

is house 1 materially better to the tune of £250k than house 2?

what would you use the £250k for? how much joy would that bring you?

I’d absolutely LOVE to go on multiple gen family holidays somewhere nice in Europe and then do some amazing travelling with my husband also go to great restaurants and live well, Treat my family and just generally live it up.
But that would need to be tempered against house 2 as my environment is important so it couldn’t be too much of a compromise.

but if your idea of a great time is taking the dog for a walk then pottering in the greenhouse and a nice cup of tea in the conservatory with a few biscuits as you watch the sunset house 1 is prob the one for you…

At your age, choose the lifestyle and make the most of your years of good health. Do all the things you dream of doing, spend time and money with loved ones, travel. There’ll be time for sea views and pottering when you are quite a bit older.

To be fair though, everyone has different priorities and different things make them happy. When our kids need me less, I have every intention of shutting up our ‘dream’ family house for several months a year and living my best life in a bijou Barbican (okay, maybe Bow) flat. I can’t bloody wait!

I'd go for lifestyle but I like travel, eating out, treating family so I'd rather have more disposable.

Lifestyle every time

Personally I'd go for lifestyle, you're more likely to be able to travel and have a great time in your 60's before. health and /or mobility issues catch up with you. Travelling may be become more difficult then or less enjoyable.

Could you look for a different house - maybe a smaller, cheaper one with good views?

100% dream house.

Every day I love my house and quiet lifestyle. We have travelled less because the house stretched us but when I look out of window or sit by my fire irs do worth it.

Dream house - because of course you can always sell it if you need to or you are determined to travel or short of money.

I would be spending the money on experiences, making memories, and no money worries. It's what we try and do now but work keeps getting in the way ! Appreciate everyone is different though.

Buy the dream house but work a couple of days a week to fund the travel? I wouldn’t want to retire completely before 60.

Personally, I'd not be happy in the house thats "ok, a bit meh" but equally unhappy with being unable to travel etc., particularly as the expensive House 1 will forever annoy you because it needs work.
Also - if the price difference is £250k, is there not a big stamp duty difference too?
So, Id be inclined to buy neither and wait for the perfect one to come along.

Dream house if it's somewhere you would really love / not want to leave type place

Voted YABU as financial security is a priority for me.

What do you envisage yourself doing? Travelling or homebodies? May decide your decesion.

Option 3 - wait for something else to turn up? Do you have to decide now?

Could you get something like dream house 1 but with 2 bedrooms rather than three? If DC have flown the nest you only really need one spare room and a blow up mattress for the living room for guests/visiting DC. Then you'll have the extra income and the nice (but smaller) house with views etc

DREAM HOME.

When my parents had to make this decision they opted for the house that, upon their deaths, left more to their children. I’d do the same if I was ever in that position. It also meant more room when we visited at weekends with our children.