Dilemma over house wwyd?

[Biglifedecisions]

Crunch decision to make and hoping you can help?

Dh and I are in stable professions and enjoy our jobs - although we are getting more tired, mid fifties with adult dc (18 and 21) We are about to downsize. Staying in the same area.

Would you:

a) Move to house A which is under budget, big enough for dc but not huge and potentially retire early and /or go very part time, and have a healthy savings pot. House is lovely but not exceptional.

b) Move to house B which is slightly over budget, much bigger with a really lovely garden, and it’s a pretty house. It means we will definitely have to work to 60, and in part time after that probably for a few years.

Option A gives us more freedom and options, option B would be a lovely home for us for many years. Wwyd?

YABU House A
YANBU House B

I'd go for option B, but I appreciate that A is a very tempting offer.

Similar age and I’d choose A.

We have just paid off our mortgage & I do like the freedom that gives us to reduce working hours whenever we decide we want to.

A for me. Or keep looking for something within budget that you like more.

I’d not want to be splashing cash for a little more space, aesthetics and a garden.

I’d prioritise space, ease of looking after the place and location - especially proximity to amenities and ease of access if you have health issues as you age.

Unless perhaps you have high confidence in maintaining your health and earning ability until 65 and love gardening!

A - DC will presumably move out soon, having extra time and funds for yourselves would be fantastic. Also what if your or DHs health impacts working longer long term.

Personally I'd go for A. House A is big enough, your kids will almost certainly be leaving home within the next 5-10 years (and even if they don't you still have room for them to come back/for guests to come). You have savings now, and more flexibility with life choices - you might decide to work past 60.

House B is bigger - what do you need bigger for? You can't tell what's round the corner and there is a significant change of circumstances e.g. you or family member became ill, you would potentially struggle to drop to PT work. However there may be other variables to house B that make it worthwhile to you...

Life is for living. Personally I'd go for A.
We were able to retire after downsizing at 58. It was the best decision we made.
This was 8 years ago and we have enjoyed every minute.

Similar age. I’d go with B. Hopefully you will have a long retirement and have many years to enjoy the new house.

A

Definitely A.

A. Without doubt.

Life in Europe is getting more and more expensive, and I can’t see prices falling in the foreseeable future. If you keep within your means, and with luck have some extra disposable income, you will be in a much better place ( pun intended) whatever happens.

If you hadn't ever seen house B, would you have been completely happy with house A?

Honestly If house A has everything you'd need, I'd go for A. It will be cheaper to maintain, heat etc, plus you're not stretching yourself financially.
As horrible as it is to think about, either one or both of you could become ill, have an accident, or die, and could the other spouse cover all of the costs of house B if that were to happen?

So interesting! Yes we have been thinking about health issues, as we have lost some friends and family, and it can not be taken for granted.

Option b is a really beautiful cottage, and yet I’m aware it might be a lot for us to manage in 10/15 years time.

And for those that have done this what did the extra money offer you? I know it might mean more travel etc but was it peace of mind?
We have a slow market here with hardly any new properties coming up, so we may not have other options if we go for neither one.

We did A. DH retired at 58 to follow his interests and I retired at 60. We were both in very demanding professions and really wanted to enjoy life before any old age illnesses etc kicked in.
It’s lovely to go away when and where you want, without crowds, follow previously untried hobbies and do something spur of the moment. Fortunately we are both very well and fit, this might not have been the case had we worked to our mid 60s or beyond.
Go for option A.

Depends on what you enjoy - are you mainly spending time at home or do you want to travel, drive flashy cars etc?

How much do you enjoy your job?

If it was me I’d go for B as I’d want as nice a home as possible and I enjoy my job. If you’re already mid-fifties then working until sixty isn’t long and you’ll have a more valuable asset that you can sell to downsize later on.

A without a doubt.

A definitely. Soon it will just be the two of you and that house will feel plenty big.

A. Freedom and options trump a nice house every time.

"Option b is a really beautiful cottage, and yet I’m aware it might be a lot for us to manage in 10/15 years time."

That swung it for me. If you can see yourselves having to move to somewhere easier to manage in 10-15 years (so, aged 65-70), then this is not a good choice.

House A - you describe as "big enough for dc but not huge ... lovely but not exceptional". 'Lovely' sounds good, and I don't need a house to be 'exceptional. You say you'd "have a healthy savings pot" if you went for that house - you could splurge some of it on making it even more lovely. And don't forget, your children will move out in 5-10 years, giving you two rooms to play with. And make even lovelier!

I'd choose A, for the long-term.

will it be your forever home? If so, it needs to have a room that could be a bedroom on the ground floor, and a decent bathroom with potential as a wet-room also on ground floor. What is the access in and out of the house like - are there 12 steps up to the front door? If so, that would rule a house out for me (thinking about future mobility issues).

if you think these are morbid questions, sorry! It’s just we are currently experiencing the above with both sets of parents - one set are in a house that is completely unsuitable, and mobility needs changed suddenly overnight (it is a nightmare), and the other set of parents did anticipate this, and mobility issues are now here - but they are in a much better place than the others.

we are in mid-late 50s, and I think will be moving in about 8-10 years to somewhere really accessible, to accommodate whatever mobility needs we may have.

A. You won't be able to enjoy B if you're knackered. Why not keep working for a bit longer and buy a holiday home somewhere?

We thought we might stay in the house either to the end of our lives if that happens sooner, or to age 75/80 and then move to a nearby retirement village if we were fortunate enough to live that long, so definitely 20 years or so.

It’s not a big house, but the garden is sizeable. I hope we will continue to work if we are well for many more years. I worry about mental and physical decline without the intellectual stimulation of work. It just feels like a gamble, as we would have a much bigger buffer if we choose option A but I don’t like the house as much.

i really appreciate all of your views, thank you, reading each one.

Downsizing and going over budget? Doesn't appear to make sense.

The suitability and practical benefits for you of House A will grow over time.

The suitability and practicalities for you of House B will diminish over time.

But decisions over which house to buy are more often than not based on emotional pull rather than strictly rational or practical so you may well end up going for the one you feel more attracted to at the moment.