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

I would look at the price range in between those 2 options, in order to enjoy the best of both options
£125,000 would buy a decent step up from house 2 and the rest can facilitate the lifestyle

Think about if you knew you had 10 years left. You’re lying on your deathbed. Would you look back on house renovations and gardening or travel and adventures?

there is none of us guaranteed a future beyond today

Dream house for me!

I enjoy travelling but it’s only a few weeks a year. My house gives me joy every day.

it’s depends on how much you love to though. I travelled extensively in my twenties and thirties - for fun and for work. I now get a bit irritated by the hassle of long haul! Never thought I’d say that 😂😂

Have you thought about which house is likely to let you stay there longest should either of you become infirm OP? Worth considering too.

House 2

I would want my dc to have a house deposit and enjoy some incredible family trips.

Given your current ages I would suggest another factor - could either house be adapted for single story living (temporary or long term) or fit a stair lift? For a forever home it's an important consideration. Similar aged here and we opted for cheaper but still lovely (we are one road across from "the view") so we can retire early and travel. Too many people we know have acquired illness or disability that means their "forever" lifestyle has been compromised

Lifestyle. 100%. Every time!

oh wow... sorry, my vote took it to 50/50 hahaha

I'd go for the amazing house, view and amazing garden, and enjoy every single day looking at the view and being in the space...

Work an extra year if needed or squirrel away some savings now.

The cheaper house or another one the same price. My DH and I are retired and are finding the more money we have for leisure activities, travel and fun stuff the better.

House 1 definitely. A better quality of life every single day rather than saving that for high days and holidays. Could you possibly rent it out while you travel a bit here and there to make a bit of money?

Could you do both? Rent out the dream house and travel on the income for a few years, then return. Don't spend every penny you have doing it up just make it rentable. Presumably this would rent for a good amount with sea views!

You're prob only a bit older than me (which is only middle aged). I would love to travel but I love travelling and I grew up abroad - so it's very much your character/ experiences. I love a good view on holiday but I get used to it quickly and don't 'see' it every day. Also, you don't know what will come up.

Don't be planning the rest of your life from now!

Maybe if you have grandchildren, you'd like to live near them. Maybe one of you will die and you'd like to be nearer settled children - which will be another move. Maybe one of you will get arthritis and a bungalow would be better. Make lots memories now while you're still pretty young and don't worry about a sea view till you're your late 70s!

Ps. My neighbours have done similar. They've moved to a small 3 bed, nothing special but near their daughter and granddaughter. They're always off on hols. My kids say, "Are Colin and Ann off on holiday AGAIN ? That's their 4th one this year!"

Surely a dream lifestyle includes having a lovely house? I would hate to be in a house I didn't love.
I'd go for the house for sure.

Probably keep looking. Although I admit I am torn if came down to a simple choice of view v money and everything else was exactly the same in both houses.
When thinking of older age - try to factor in things like maintenance. Could you clean your own gutter for instance? Can you decorate it yourself or will you need to outsource such things due to accessibility.
Also location - a nice view is great until you realise that you have a two mile walk to the nearest bus or an hours drive to a hospital - bear in mind that at some point you may not be able to drive or the finances, or be restricted to using a wheelchair/mobility aid. ( I am assuming that you may not wish to or have the finances in the future to move again. )

I'd go for a relatively small and modest house that would be easy to maintain, cheap to heat, etc, but that was very close to lots of amenities and didn't strain my finances too much. So maybe house 3 that's a bit better than house 2 but not as lavish as house 1? I don't enjoy gardening though (I consider it outdoor housework) and love to travel, go out for dinner, live music, theatre etc and would want to have plenty of disposable income for those things.

Ok drip feed! House 1 is a bungalow. Although we want to go up into the loft for the views but we would keep a master bed and bathroom downstairs.

No grandchildren yet but being the cool Granny with the house by the sea appeals.

The cheaper house is in practically the same location just doesn’t have the sea view. You can still hear the gulls and smell the sea but I would need to walk to the end of the street for the view.

In this area it seems to be either big house with sea view or small cute holiday home with not very much in between.

We have travelled extensively before having and with our children. Lived in the far East for a few years too. But the world is a big place and there are still places on my list. Having said that having a lovely environment everyday may be more desirable.

Still 50/50

I’d take lifestyle over a nice house any day. I’ve always been happiest living in a flat personally. I’d rather experiences / live a life. But obviously it differs for everyone

Hmm are there any cheaper bungalows available? If you can afford a bungalow I can see the attraction.

dream house with sea view. Get a caravan and then go tour places properly for months.

It’s such a personal question as you say.

Personally, I’d take the lifestyle and being financially free. But that’s because I’m trapped in a job I hate by a big mortgage on a house I love.

My parents would say the opposite. When they retired they had big dreams of travel and living a lovely lifestyle. They bought a small flat in a city, reasonably close an an airport. They enjoyed that lifestyle for 3 years or so. Then they developed some health problems. And then the pandemic hit, so they couldn’t travel. Then they had grandchildren, so they didn’t want to travel so much.

They’ve now bought a lovely house in a beautiful location. They hardly travel at all now - they take perhaps a couple of weeks’ holiday a year. They’re much happier now. But to be fair they are mortgage free on the lovely house - the flat in the city was worth more than the house where they live now.

My mum did say that the pandemic made her realise that it’s important for your home to be your happiest place.

So there you go - two differing and probably equally unhelpful perspectives!

Me too. Think of all the travel you could do with that extra 250k. How many gigs and shows you could see. And mountains you could climb. That;s hte life. Not sitting at home all day.

I grew up in a house that had sea views from the upper two storeys, as lovely as it was and the view was for miles I would not be spending 250k for a view of the sea.

Cheaper house, in the area you love, with the chance to have a lifestyle you want within reason. If all you can ever do for the next 30 years is potter around a garden and never go anywhere else, the garden would stop being quite so thrilling to me. Also on the view- guaranteed for ever? Not an area that ever could be developed? I'd choose lifestyle first (for me)

I agree. Be as active as you can for as long as you can. Gardening and pottering around your area are a recipe for madness.

Travel, have fun - you're too young to retire to a house and garden!