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 choose house 1. You will feel like you are on holidays every day. It will always be a good investment.
I would do minimal work to it but keep it well kept.

Continue working for an extra two years and take some holidays while you are younger.
Once retired I would set up a guest bedroom or two and bathroom and have flexible holiday options.

• To join Home Exchange or similar
• To let out a room for a month at a time (or more) while you go travelling.
• To accept B&B type bookings when it suits

The lovely view will attract paying guests, keep the value of the property and give you joy every day.

Dream home. Then you live a wonderful lifestyle 24/7

We bought a house by the sea for us to sell up at home and retire eventually. We to use it as a holiday home currently. We are five mins walk to the beach so no sea view but the house is so special. It's an old property that we were able to renovate and it's quirky and we love it. It's affordable but really special.

I'd say you haven't found the right house yet. House 1 sounds too much to a stretch (would it effect your retirement plans?) and house 2 doesn't seem to have the 'it' factor.

We hope to retire by 60 and move there full time.

I'm a going out and doing stuff kind if person, so cheap house and loads of lovely meals out and travel for me. I don't really get much joy from a house, it's experiences for me, but it's a very personal decision depending on your likes and lifestyle.

Dream house but is that all your money?

What about the house you are in now if you aren't moving for 2-3 years ?

We are just about to spend a lot of our spare money on a house but we have lots in shares and massive pensions so I feel we are safe doing so .

Can you work part time doing something you love to get some extra income maybe ?

How close to the sea is the view?
You don't want half your garden to disappear over a cliff in a decades time due to errosion.

House 1. I wouldn’t enjoy the life stuff only to retire to somewhere ‘meh’.

House 1 if you would still have enough money to be able to heat and eat with no concerns. Still have enough left over for stuff like replacing cars, boiler repairs without worrying. If there’s any chance that with house 1 you could be worrying about money I wouldn’t buy it. If it just means you couldn’t have long haul holidays then I would.

but agree there could be something inbetween somewhere. I have a house with a massive garden which I doubt is even worth 250k.

also consider the heating costs of a larger house.

No money worries. Want a sea view? Walk out the house. How on earth is it worth 250k?

My friend lives one row back from the sea and although can’t see it she enjoys the lifestyle. She’s started a sea swimming group that meets three times a week, loves to walk her dog and watch the sunset and enjoys a cheeky half in the pub down the road with a lovely view.
She also travels abroad multiple times a year, loves to camp in this country and also to go away in her motor home or fly plus she goes to one or two festivals (80’s ones normally).

Personally I would choose life style especially as to get older. I really wouldn't underestimate being able to splash the cash to make your life easier as you get older.

I am so pleased that I posted this. You are all asking the questions and bringing up the same concerns that I have.

We have decided to tentatively proceed with a plan to buy house 1.

It really is a special house. It’s not just the view, there is also parking and a workshop for DH to potter. There is hardly any houses with ample off street parking in the village let alone a garage . To have that with the view and garden makes it perfect for us.

The house itself could be practically re modeled into whatever we want. As long as we get planning and have the money. It hasn’t been touched in years so I won’t feel like I have to put up with other peoples taste and choices, though I will have to make do initially. We have done large scale extensions and refurbs before. I did say never again but I think I have one more project in me.

For those asking it’s not all our money but it is a lot of money. We will have our family home to sell to bolster our pensions. We are 55 and 58 this year, both in good health and active. I work part time from home and probably could earn more. DH is a contractor (engineer) . He now says he has no plans to retire for at least 5 years when our pensions start to kick in and he is prepared to keep working for longer if required to get this house.

Anyway thanks again for all your views. I will let you know if we are successful.

But with the cheaper house they don't need to save for the high days and holidays. They have the money spare to enjoy themselves whereas in the more expensive house, likely they would need to scrimp a bit to have fun .

Seriously ? An extra £250,000 to see the sea from your loft rather than the end of the street ?

So you wouldn't actually be able to see it from your garden or living room if you become less mobile in future ?

Seen your update now. Sounds like you do have money for other things . Hope you enjoy your house. I admit a sea view would be my dream - just not at the expense of everything else!

I'd walk to the end of the street to look at the sea in order to live as full a life as possible.

Why do you need 3 bedrooms for a couple in a retirement property? And why do you need to potentially extend? Aren't people usually downsizing in retirement?

But I'm obvs in a different world to you as my retirement property budget (yet to be saved for) is around £250k in total! 😂

But to answer your question, both options sound good.