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

No one is promised tomorrow. Live for now.

The impression I got from you OP was that you’re very happy gardening and pottering at home and won’t be hankering after far-flung holiday destinations. So on that basis, I think that house 1 will mean you’re happier 😊

You lot are no help!

Actually this is very interesting because you have all articulated the various thoughts I have.

Are we too young for house 1. Although the garden will keep us fit I fear that lifestyle may make us old before our time. If we need the money we can in theory sell and downsize later but in my experience with parents and in-laws once you reach a certain age/stage change becomes difficult.

House 2 (or one like it) is a safe easy choice. I would be content but I worry DH will be bored as he likes a project.

Lots to think about. My gut feeling is that we keep looking. We don’t need to do anything for a few years but a house like number one doesn’t come along very often which has prompted all of this.

Neither of them. They are definitely not right for you. House one will eat your money. Renovation is WAY more expensive these days than it was a few years ago, with supplies and labour both hard to come by (that you Brexit) I'd fast tire of that lovely sea view if it took years negotiating with builders and left so little money in the pot that we couldn't travel or treat DC often.
Keep looking. The affordable house with a sea view that needs little work will come into the market.

Keep looking for a somewhere-in-between house

How many children do you have? I’d want to ensure that they always had space to come back and stay, particularly if they had families of their own and you all like each other!

The thing that’s missing is the house is a lifestyle. Both of them are a lifestyle . Lifestyle isn’t just going on holiday or out, it’s where you live, how you spend your time in that house.

becayse no matter how often you go on holiday or out to dinner or a show, the huge majority of your time is in the house, especially as retired. That’s your main lifestyle right there.

basically for lifestyle and picking house two you’re sating you’d give up the garden, rhe sea views, the area, to enable you to have a couple of long haul holidays a year. The other 320 days you will sit in the smaller house, with no garden, or views.

Amazing house. You'll add value AND have lifestyle/project you enjoy. Where are you wanting to visit anyway? Children and grandchildren will enjoy visiting more. You can always sell if it gets too much.

I’m in my 60’s retired and would choose lifestyle over a big house.
I try and keep healthy but there are more aches and pains daily and I’ve realised that my days of travelling etc are limited.
All very well saying you can downsize from a big house but how many people actually do? All my older relatives lived in family homes which became harder and harder to maintain and they just did not have the energy to move as they got older.
Enjoy life whilst you can; you never know what’s around the corner.

Option 2. I'd have to really love doing house renovations to be making plans based on doing them in my 60s, particularly if it were going to limit my leisure options elsewhere. I know you've said Option 1 is fine without any work, but the ability to remodel seems to be a big part of the attraction to you.

Well lifestyle for me every time.

You write you will be 250k worse off but would you be spending that money or would it sit in an account ?

I want a retirement of travel till I am too knackered and lots of dinners out and hill walking.

Chose your dream house, it will make you smile every day.

The money you may save in buying the compromise house won't last as long as you think it will and once it's gone there won't be much to smile about.

In terms of amenities/access is one house better than another?

Steps/steep roads in the vicinity. Distance to GP, public transport, good street lighting?

A big garden and a house that needs cleaning will be a burden in your twilight years.

My dad and his partner moved from your dream house to a small flat with a patio garden when they were 70. They could see the writing on the wall.

Lifestyle for me every time. But I'm not a "homely" person, my place is literally just somewhere for me to sleep. The outside world is far more exciting.

I would personally go for the No 1 house - assets are important

If you went for the No 2 house, most of the savings could be invested wisely (perhaps in a rental property) where the income could be used for nice holidays

sometimes when we are undecided about something it can be best to do nothing (as you say)

Keep looking

Thank you so much everyone for replying and giving you views. 50/50 at the moment which kind of echoes my thoughts on the matter. Pros and cons on both sides.

More discussions tonight when DH gets home. I think he wants to go for house 1.

Dream house. Retired people spend a lot of time at home so you better love the freak out of your home!

But also remember spending Christmas holidays at my grandparents. They had a house on the beach and all I remember is the walks on the beach, watching the storm and the waves, hearing the waves while falling asleep…. It was perfect for them AND the rest of the family when we visited.

Lifestyle. No question.

Dream house. My parents bought their own dream house when I was young (having inherited just enough money), and 40 years later my dad still loves living there (my mum unfortunately passed away, but she loved the house too). It was a great decision. They did the renovations slowly and there have always been some projects to do without it being overwhelming. It was a compromise for them too: we had very modest camping holidays and could have probably afforded much more if they'd bought a smaller or less "special" house, as older houses cost much more in heating, upkeep etc. But the house is so special, it has served each stage of our family life, and now it's the perfect place to go and stay with the (grand)kids. Everyone loves being there, and my dad will stay there until he's no longer able. It really has been perfect for all of us.

I'd consider working a little longer if it would allow you comfortably to retire to the dream house.

I've lived by the sea. You pay an awful lot for a sea view when you could just as easily live a few streets back and walk and see it for free every single day of the week. Also, in winter it can get a bit grim when the sky is grey and the sea is grey. And in summer, depending on where the house is located - mine was right on the beach - you have to contend with nosey bastards nebbing in and passing comment as they wander past. For some reason, when people are on hols, they assume you are too and that the house belongs to someone else and is fair game for their loudly voiced opinions. 🤔
Go for the dream house because you can remodel it and it has more outside space if gardening really is your thing, but i wouldn't recommend it just for the view. £250k is a huge difference.

Lifestyle every time - I value financial security and being able to spend money on having a nice time, certainly over a garden which in this country it’s too cold to sit in for most of the year anyway. But in order to properly answer your question, I’d need to know more about house 2 @Belindabelle - if it’s a nice house in a nice location, just not ‘wow’, I’d go for it. But not if it was a house that wasn’t that nice and/or in a location that didn’t make you happy.

Given the £250k difference I’d be tempted to find out what spending just 50 or 100k more than house 2 would get you? Maybe a slightly more exciting house than house 2 which still leaves you some disposable income.

Lifestyle first, dream house second. A lovely view of the sea can wait until I'm old and knackered and can't go anywhere.

Oooh nice problem. I would probably go dream house…. But depends how much you Lile to travel. I have travelled quite a lot and to be honest I prefer a nice view and a garden potter now….

Dream house