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

House A all day long.
DH and I did exactly this though our DCs slightly older and have own homes. Unexceptional house but perfect for us.
Retired early with decent pensions. I was 55.
We took a year out, lots of holidays, treated the DCs enjoyed lots of relaxing!
After a year I began volunteering and this led to a few hours a week paid job. I also volunteer with another charity. DH volunteers in two roles which he loves. We also help out with DGCs.
It’s very comforting to know we own our home outright and our pensions will keep coming which is probably the best feeling. I don’t think I have ever felt more content, and I know we are very lucky.
But DH and I did both work in stressful, mostly management roles for a combined total of 75 + years so we feel we’ve earned it!

I'd go C as well - find an 'A' that you love more

It would be no decision for me at all.

A all day.

I would use the extra money to help my kids out and reduce my work so I can enjoy life more and travelling.

Your kids are still quite young but in a few years they will have kids of their own and if it was me I would love to be able to help them out financially or with childcare etc

B. Because I'm 55 and the very thought of downsizing in preparation for retirement puts ten years on me. We're all different, but the thought of moving into a home to grow old in already depresses me beyond words. I'd prefer to think I had another dream home in me yet. Tbf though I love my job, will happily do it to 67 and beyond if my health holds. My DC are adults already so I've not a lot to do other than please myself, and I'm far from tired.

It depends on your work.

Do you love your work? Have you managed yourself into a position where you don't get huge amounts of stress? Does your work not really limit you to enjoying life (I.e you get left alone on your holidays and can do hobbies at weekends not having to stay late and do.over time).

Because then I would go with B.

Personally we sort of did A except we didn't move. I chose to retire (from.a very stressful role that was all demanding at times in the year and often at night) and go part time at 50 as we were mortgage free. I care for my Dad here at home, so I'm.hardly "free" but that's my choice. If Dad wasn't here we would travel.more.

So, yeah, what are your job roles like.

There is a huge freedom to being mortgage free. Albeit most of our mortgage free years have been extremely low interest rates.

Find a nicer house A.

I so hope that my home is a home where family and my grandchildren want to visit and have space to stay. My grandma had the most beautiful garden and my sister and I loved roaming around. And we’d stay for a week or so every summer and then our parents would join for a few days. Heaven

The as a teen I went there to revise and chill

basically because that is what I’d like my retirement to be… a hub for my family whenever they want or need me…. I would choose B

my decision probably helped by fact that I love my job!

Early retirement years are the best years you will ever have. People spend less almost every year in retirement (once the essentials have been covered) because "can't be arsed" creeps up on you. Get yourself mortgage-free and reduce your running costs, and stop working as soon as you can.

Also, whichever option you choose, have a humongous clean-out when you move. Give each DC one packing case in which they can keep childhood stuff, and everything else is going out. If we keel over tomorrow, our DC literally only have to take the contents of two small wardrobes to the Oxfam shop.

Retire. Enjoy healthy years to do what I want (ie: busier than if I worked full time but life is absolutely full of joy)

We are downsizing this year. We're 59/62.
We will spend £100k less.

Just over a year ago I became very ill. It's ment little income for me after a six figure salary. Nobody expects that to happen. I also can't manage the stairs in our three storey house.
We're going for our last house now with the intention of retiring in the next two years. It's very pretty with a good garden but manageable. It has a downstairs bedroom and wet room.
I'm not good at doing ordinary either!
I'd look for C.

Similar age and situation. Hope to downsize, release money, retire early and travel. And have an easy to look after house. Definitely A.

Do You really like house A? Or would you be simply buying it because it’s under budget? If so… go for house B.
Not as big a purchase obviously but the amount of times I’ve chosen something because it’s cheaper instead of saving for what I really want…. I always regret it.

Common sense leads me to vote A.. However I'm 56, 10 years post divorce, 3 adult children aged 25 27 29 none of whom are on the housing ladder and I'm forking out for a 4 bed house so they have somewhere to come back to. Middle child recently returned full time for the second time. Youngest child has lots of furniture here since moving from unfurnished flat to room in a furnished house.

Don't assume that your children will/will be able to afford to move out of home any time soon especially with the shit job market and ever rising house prices.

I wouldn't advise increasing your financial risk in your 50s. You may not want to go on working for years. I am early 60s and we have been retired for a while. The freedom to stop working and enjoy life is priceless.

@Biglifedecisions not sure what you mean exactly by house B being a cottage but if that in any way means that it’s very old, stone built or has a thatch roof then there can be a lot of associated costs, especially relating to heating. It could also imply less accessible, more steps, potentially uneven floors and low ceilings which are a hindrance if anyone develops mobility issues. Obviously you could mean it in the sense of it feels cottagey because of the look rather than in the traditional sense but personally I’d go smaller home with less costs however it comes down to what you value more.

What are your kids plans? Kids seem to stay at home/return home for longer to save for deposits etc. if that were to happen does A become a bit of a squeeze?
can you do B until the kids are fully independent and then find a house like A?
Or is it an option to stay where you are for longer and then find a house that makes you happier than A but without the financial burden of B?

Keep looking. There's no rush, is there? You don't need a big house, but you should have a house you love. If all goes well, you'll be spending a lot of time in it. Don't get overstretched financially, and you'll have more options in life.

Also look at all the practical things which might become issues if you develop health problems. Is there a downstairs room which could be a bedroom, and a downstairs bathroom (or could you put one in)? How easy is the property to maintain?

You don't want to be having to move house suddenly one day because one of you can't cope in your house.

We downsized from a larger house in the country where you couldn't go anywhere even to buy a pint of milk without getting in a car to a slightly smaller house in the city. We are older than you - 75 and 82 - and the upkeep on the large garden in the first house definitely got too much six or seven years ago. This house allows us access to public transport and has a supermarket a half mile walk away, and a much smaller garden. We have done a lot of renovation on it to make it the way we like it, having released some cash in moving, and it is now a house we could live in for a lot more years (if we have them!) In your situation I'd either go for house A or look for one in the same sort of vein that you either like better or you can see you could make better.

House A, without question!

It may not be exceptional now, but with the extra money you can decorate it anyway you like. You can even knock out a few walls and make it future proof in case you ever need to use a walker or wheelchair.

Go for convenience and enjoy spending your money (and time if you go part-time) on experiences. This is the only way money can actually "buy" you happiness.

Also, what an awesome position to be in. I envy you, OP.

I did A. Kept back enough money to do it up nicely too, which mattered to me.

option C keep looking

Keep looking - neither sounds right for you, what's the rush?

@5128gap B. Because I'm 55 and the very thought of downsizing in preparation for retirement puts ten years on me.

Totally agree. Posters often comment here as if 50 is the same as 75 and people should be thinking of mobility aids in bathrooms over all else.

Both DH and I retired at 50 and dip in and out of work when we want to. Go for whatever option gives you the most freedom. I often look at our properties and think they will be standing long after we are. After 50 with kids nearly grown and flown the nest (apart from a secure roof over your heads) what’s the point in it anyway? I love the fact that DH and I can take off for a few months if we choose to and not worry about work. Sometimes pick up work if it interests us. However both DH and I are adventurous people from our teens, always travelled, done extreme sports and generally like to try new things (our kids are the same). Depends on what you want out of life in that respect too.